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The global equine supplement products market size is estimated to grow by USD 20,352.14 at a CAGR of 4.19% between 2023 and 2028.
Equine athletes have extremely high demands because the amount of stress they put their body through demands maximum physical performance. Both sweating and working their muscles consume a lot of calories, which is how they lose minerals. Considering the horse's requirements in light of its physical characteristics and intended use is important. Vitamins A, D, K, and E help the proper function of the digestive and metabolic systems. In addition, food supplements such as vitamins, trace elements, or phytotherapy can help racehorses and eventers perform at their best. These horses are typically fed raw materials such as oats, barley, and hay that are especially high in protein. Hence, sport horses have many nutritional needs and a growing focus on the nutritional needs of sport horses will drive market growth during the forecast period.
Technavio has segmented the market into Application, Type, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the joint health segment will be significant during the forecast period. Equine supplements designed to combat inflammation, lessen cartilage damage, and promote cartilage healing should be used to support optimal joint health preventively before symptoms of damage appear. Common substances having an extensive history of usage in joint supplements are glucosamine and chondroitin.
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The joint health segment was valued at USD 34,664.74 in 2018. There is evidence to show that combining these two chemicals yields more benefits than using them separately. A naturally occurring substance present in healthy cartilage is called glucosamine. Equine joint supplements deliver support to equines of all ages to allow them to continue with normal activity or competition. For example, Vetoquinol offers equine supplement products such as Flexadin UCII for joint health and mobility. Thus, such product offerings by the companies will drive the joint health segment and market in focus during the forecast period.
Equine vitamin supplements contain many nutrients that can support muscle health, digestion, coat, and hooves. The ingredients in equine vitamin and mineral supplements offer many benefits to keep equine healthy. Vitamin supplements contain multiple ingredients, such as calcium, zinc, biotin, flax seed, omega-3s, amino acids, vitamin E, and vitamin C. These nutrients can help maintain a healthy state in equine. A market player like Daniel offers equine vitamins and minerals from KAUFFMAN division. Therefore, such product offerings by the companies will drive the vitamins segment and market in focus during the forecast period.
Equines depend on certain electrically charged minerals (electrolytes) to maintain the balance and flow of important body fluids, the transmission of nerve stimulants, and the healthy function of the muscles and the circulatory system. Equine electrolytes have positive and negative charges that regulate the body's potential of hydrogen (pH) (acid/base) balance, as well as the movement of waste materials and nutrients into and out of cells. Equine electrolytes, for instance, control acid-base balance and fluid exchange between the body fluid compartments. Consequently, such applications of equine supplement products will drive the minerals/electrolytes segment and market in focus during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The US is the key market in North America, due to the presence of equine healthcare companies such as Zoetis and Land O Lakes, which are continuously focused on the development of novel equine supplement products for improving the quality of equine life. Furthermore, government initiatives toward enhancing animals, including equine health and the implementation of regulations for safety assurance, are benefiting the regional market.
In addition, the presence of leading market players like Zoetis, Kentucky Performance, and Alltech leads to various developments in the market in the region. For instance, In March 2023, Zoetis announced the addition of two new applications to its multifunctional diagnostic platform, Vetscan Imagyst: one for AI dermatology and another for AI equine FEC analysis. Thus, such market developments by the companies headquartered in the region will drive the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
ARK Equine: The company offers equine supplement products such as Respimin 800G.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
Increasing focus on equine productivity and performance is the key factor driving market growth. The increased emphasis on improving equine productivity and performance has become a key driver in the market. Equine supplement products are important components of well-balanced diets, contributing to faster growth rates, higher feed conversion ratios, and superior reproductive performance in equine. Equine supplements are the ideal means of maintaining equine optimal health and fitness.
Moreover, equine supplements come in a variety of forms, such as digestion aids, vitamins, and minerals to support general health and welfare, and behavioral supplements to soothe nervous equine. In addition, demand for equine supplement products is increasing and reflects fundamental awareness of their role in ensuring the general health and performance of equine. Therefore, the increasing focus on equine productivity and performance will drive market growth during the forecast period.
Increase in R&D expenditure by companies is the primary trend shaping market growth. In the realm of equine supplement products, market trends, and analysis play a pivotal role in forecasting growth. Notably, the global market is witnessing a surge propelled by escalating investments in Research and Development (R&D) and the seamless integration of new technologies by leading market players. Key market players, including Zoetis and Vetoquinol, actively engage in R&D activities, creating groundbreaking initiatives and collaborations.
Additionally, market players are investing in developing sustainable technologies to produce equine supplement products. They are investing in R&D to innovate and launch new equine supplement products at low costs. Moreover, most of the vendors in the global equine supplement products market have an in-house R&D division to come up with innovative products and sustainable technologies. This will complement the growth of the global equine supplement products market during the forecast period.
The negative impacts of equine supplement products is a challenge that affects market growth. Equines frequently take dietary supplements, which contain vitamins, minerals, amino acids, enzymes, herbs, and other substances. They are promoted extensively online, in periodicals, and physical stores. There is an assumption that because these substances are natural, they are harmless and can be used without risk. However, consuming supplements containing some of the naturally poisonous active chemicals may have unfavorable effects. If used excessively or for an extended length of time, even generally non-toxic chemicals could become poisonous.
Furthermore, it is crucial that nutrients are balanced. For other nutrients to be absorbed and function properly, some nutrients must be present. Nutrient toxicities or deficiencies can arise from consuming excessive or insufficient amounts of a particular nutrient. Unbalances can impair recovery, performance, and health. Inequalities in a feed or supplement can, at minimum, make a product ineffective. Thus, such negative impacts of equine supplement products will negatively impact their consumption and, in turn, will impede market growth during the forecast period.
The market report includes the adoption lifecycle of the market forecast, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Equine Supplement Products Market Customer Landscape
The equine supplement products market report forecasts market growth and forecasting by revenue at global, regional & country levels and analyzes the latest market growth and trends from 2018 to 2028.
Equine Supplement Products Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.19% |
Market Growth 2024-2028 |
USD 20,352.14 |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.97 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 34% |
Key countries |
US, Australia, UK, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alltech Inc., ARK Equine, Boehringer Ingelheim International GmbH, Daniel Baum Co. Inc., Equine America, Equine Products UK LTD., Hagyard Equine Medical Institute, Horse Guard, Kentucky Equine Research, Kentucky Performance Products, Lallemand Inc., Land O Lakes Inc., Plusvital Ltd., Science Supplements UK, Seahorse Supplements, Swedencare AB, Vetoquinol SA, Virbac Group, Vitapower Ltd., and Zoetis Inc. |
Market dynamics |
Parent market analysis, market growth analysis inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market research and growth for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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