DUBLIN--(BUSINESS WIRE)--The "Equine Supplement Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Supplements; Application; Distribution Channel and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to reach US$ 115.9 million in 2028 from US$ 89.4 million in 2021. The market is estimated to grow with a CAGR of 3.8% from 2021-2028. Key factors that are driving growth of the market are benefits offered by equine supplement products and increase in prevalence of diseases in equines. However, adverse effects exhibited by improper consumption of equine supplements are likely to hinder the market growth.
The Equine Supplement Products market, by application, is segmented into Performance Enhancement/Recovery, Join Disorder Prevention, Others. The performance enhancement/recovery segment held the largest share of the market in 2021 and join disorder prevention segment is anticipated to register the highest CAGR in the market during the forecast period.
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The equine supplement products market is characterized by the presence of various small and big companies. The market players are adopting the strategies such as new product launch, regional expansion, and technological advancements to increase their market share. Market players are investing in R&D to develop advanced technologies and gain more revenue share. For instance, in June 2020, Cargill Animal Nutrition has launched Empower Digestive Balance supplement to its Nutrena product lineup. Empower Digestive Balance is a pelleted topdress that brings multiple nutritional technologies into one product to support the health of the digestive tract of horse. Similarly, in February 2020, Equine Products UK Ltd launched No More Bute-a complementary feed supplement for horses containing bioavailable Curcumin. It has up to 185 times more bioavailability than native sourced turmeric and curcumin. Further, in September 2019, Purina Animal Nutrition has launched Purina Omolene line for wholesome nutrition in horse. Purina Omolene horse feed line contains outlast gastric support supplement. This feed line provides gastric support in every meal of horse. The market players are also likely to enter strategic ventures for bringing in new products to the market. For instance, in August 2020, Plusvital entered into partnership with Texas-based EnviroEquine company to supply Plusvital's scientifically based range of supplements in US equine markets.
COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread to more than 100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are being felt across several markets. The pandemic is straining animal nutrition industry globally, interrupting and delaying supplies for many kinds of animal feeds and supplements. Due to the pandemic and lockdown, the supply chain of the raw ingredient has impacted the consumption and production patterns worldwide.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the equine supplement products market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global equine supplement products market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
- Benefits Offered by Equine Supplement Products
- Increase in Prevalence of Diseases in Equines
- Adverse Effects Exhibited by Improper Consumption of Equine Supplements
- Market Growth in Untapped Economies
- Consistent Launch of New Equine Supplement Products
- Boehringer Ingelheim International GmbH
- EQUINE PRODUCTS UK LTD.
- Kentucky Equine Research
- Lallemand, Inc.
- Plusvital Limited
- Purina Animal Nutrition LLC.
- Vetoquinol SA
- Zoetis Inc.
- Cargill, Incorporated
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