Global Veterinary Dietary Supplements Market by Animal Type (Companion, Livestock) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global veterinary dietary supplement market was valued at USD1.6 billion in 2020. It is projected to grow at an 8.2% compound annual growth rate (CAGR), between 2021 and 2028. Market growth is driven by the growing need to treat, prevent, or mitigate diseases in companion animals, livestock, and pets, as well as the increasing pet population and humanization. FONA International Inc.'s 2020 report shows that Gen-Z and millennials are driving humanization and premiumization trends within the petfood market. This includes veterinary dietary supplements.

Due to increasing pet health concerns, the COVID-19 pandemic has prompted a surge in demand for quality veterinary supplements. In 2020, veterinary dietary supplements to support immune health are expected to gain popularity. Pet owners are increasingly interested in new products and ingredients like CBD supplements, and they are looking for more detail in product claims. This opens up opportunities for veterinarian dietary supplement manufacturers to introduce products that have functional ingredients that have been proven safe and backed by sufficient research.

Pet parents are increasingly treating their pets like family members. Pet humanization is a growing trend that has led to increased pet spending and increased demand for safe and nutritious products to support their pets' health. To increase their market share, many companies are expanding their product ranges or expanding their reach in regional markets. Nutramax launched Cosequin ASU Pellets in July 2020. This expanded its joint health and veterinary dietary supplement portfolio for horses. According to the 2020 statement of Blackmores, an Australian company that makes health supplements, the company plans to increase its market share in the pet vitamins and supplement markets. The company also identified a new customer segment, modern women in China, and plans to enter India.

Premiumization of pet products, including pet food and supplements, is a way to make sure pets live a healthier life. Branded health ingredients and supplements can help market players build trust and transparency by providing a reference point for consumers while they shop on shelves. Market players are now listing specific ingredients with proven health benefits as consumers shift away from generic claims.

Due to increasing awareness and availability of products, the demand for condition-specific nutritional supplements to support joint, liver, and digestive health will continue to rise. A 2018 study in the Irish Veterinary Journal found that horse owners and their caregivers often use nutritional supplements to help balance their diet, ease a health problem, improve performance, and prevent any health problems from developing in horses. This study examined the survey results that showed 22% of respondents regularly fed their horses joint health supplements and 13% gave calming supplements.

Market for Veterinary Dietary Supplements: More than 40.0% increase in online pet supplements demand due to COVID-19

Supplements are mostly used in livestock to correct nutritional deficiencies. These can be due to medical conditions or genetic conditions. Increasing demand for livestock supplements is expected to be driven by the need to improve animal health, product quality and profitability. Dairy cows and other ruminating animals like dairy cattle often have difficulty consuming enough food to sustain an adequate amount of energy. Some farms might use molasses to supplement their energy needs. The market players offer a wide range of nutritional supplements to meet the needs of livestock animals. Virbac offers a range of feed supplements that support udder health and fertility as well as overall health.

Information on Animal Types

In 2020, the companion animal segment was the dominant market segment and held the highest revenue share at over 60.0%. This is due to the increasing market participation, pet population, humanization, and growing humanization. This segment will also see a 8.3% CAGR between 2021 and 2028. Ark Naturals Company is a U.S.-based company that specializes in nutraceuticals and companion animals. It uses human-grade raw material to create its veterinary nutritional supplements.

Over the forecast period, the livestock animal segment will also grow. To improve performance or balance the total ratio, supplements are added to livestock feed. You can mix it with any other part of the ration, or you can dilute it with other feeds. Segment leaders are expected to be driven by the need to improve profitability and protect the health of livestock assets.

Application Insights

In 2020, the largest market share was 22.0% for the joint health support segment. This large market share can be attributed to both the growing prevalence of chronic joint diseases in companion animals as well as livestock, and the increased awareness of the many joint health supplements that can help slow down or prevent these conditions. According to a study published in the Journal of the American Veterinary Medical Association in June 2020, joint health supplements could help prevent or slow down the progression of osteoarthritis in dogs and cats. Commonly, Omega-3 Fatty Acids and green-lipped mussel as well as glucosamine, chondroitin, and glucosamine are used as dietary components to improve osteoarthritis symptoms in companion animals.

The calming/stress/anxiety segment is anticipated to witness the highest CAGR of over 8.5% over the forecast period. Pet parents are becoming more aware of their pets' emotional and behavioral well being. According to Virbac some of the most common triggers for anxiety and nervousness in companion animals are unfamiliar people and pets, loud noises, changes, and car rides. Anxitane, an amino acid-based chewable product by Virbac, helps pets stay calm and relaxed.

Type Insights

Multivitamins and minerals dominated the market, accounting for 27.5% of the total revenue in 2020. These veterinary dietary supplements are increasingly being used in companion animals as well as livestock to provide balanced diets and support daily bodily functions. Advances in Animal and Veterinary Sciences published a review article in 2019 entitled "The Effect of multivitamin and amino acid supplements on average daily gain (AVD) in crossbred Holstein calves." These results showed a significant increase of ADG, which is an alternative method for managing calves with poor growth performance.

In the next few years, CBD is expected to see a notable increase of 11.0%. This is due to increasing awareness and interest in the psychological, behavioral and health benefits of Cannabidiol (CBD), in veterinary diet supplements, especially for companion animals. Veritas Farms introduced CBD Pet Calming Chews in February 2020 as part of their new line of pet CBD products, Veritas Pets.

Dosage form insights

Gummies and chewables dominated the market, accounting for 45.3% of the total revenue in 2020. The fastest expected CAGR for powders is 8.6% during the forecast period. This is due to the increasing efforts of market players in pet food, treats and supplements to improve animal palatability. The acceptance of a certain dosage form or preference between them is the basis for palatability studies. A 2018 study in the Open Journal of Veterinary Medicine found that dogs are more likely to take oral chewables if they have a pleasant taste, mouthfeel, or smell.

RestoraPet introduced bacon-flavored immune chews for dogs in October 2020. Vitalitrol is the company's key ingredient. It promotes mobility and vitality and overall wellbeing and has been researched for over 10 years. Nature's Best CBD launched a CBD-infused, vegan, gluten-free and vegan gummy product in November 2020.

Distribution Channel Insights

In 2020, the offline channel segment was dominant and earned 58.9% of the market's revenue. This is due to the large number of livestock farmers and pet owners choosing brick-and-mortar as their preferred channel. E-commerce and other online channels have been growing in popularity over the last few years. To increase sales, many offline shops offer customers the option of ordering online or offline.

The COVID-19 pandemic accelerated the adoption of e-commerce channels. This segment is forecast to grow at 9.2% CAGR over the forecast period. This will likely lead to more fragmentation in an already competitive market. Happy Go Healthy, for instance, launched Brilliant Bites, a line of premium dog products, on Amazon.com and Walmart.com in March 2021.

Regional Insights

North America was the dominant market for veterinary dietary supplements in 2020, accounting for more than 33.0% of the total revenue. Key factors behind the high market share in the region are the presence of key players as well as the growing trend towards pet humanization and premiumization. Nutramax, a world-renowned company that creates products for humans, companion animals, and dietary supplements, increased operations at its Lancaster facility in October 2018 with a USD 20.0million investment.

The market in Asia Pacific is expected to grow at 9.5% per year over the forecast period. Market growth is expected to be driven by the rising pet population and increasing awareness about pet health. The region's market players are involved with regional expansion and the launch of new products. Wai Yuen Tong Medicine Co., Ltd. launched a line of pet-friendly herbal supplements in August 2020. This allowed them to diversify into the market for pet supplements.

Market Share Insights & Key Companies

There are many small and large players in the market. To achieve their growth goals and increase market share, these players employ a variety of strategic initiatives. Key companies have a variety of initiatives, including product launches, partnerships and expansion of regional and local footprints, mergers and acquisitions, and even product launches. Beaphar, for example, launched a line of natural calming products, including spot-on, tablets and treats for companion animals in September 2020. These products promote calmness in dogs and cats without causing sleepiness. Natural plant extracts like Rosemary, Hop flowers and Limetree blossom are included in the ingredients.

There is some consolidation in the market. Wind Point Partners is an investment firm in private equity that has made more than 300 acquisitions over the past 30 years. These include Petmate, Targeted PetCare and Pestell Nutrition, among other pet products and consumer companies. Wind Point Partners purchased FoodScience Corporation, a company that specializes nutritional research and pet supplements in March 2021. The following are some of the most prominent players in the market for veterinary dietary supplements:

• Boehringer Ingelheim

• Virbac

• Ark Naturals Company

• Beaphar

• FoodScience

• NOW Foods

• Nutramax Laboratories, Inc.

• Nutri-Pet Research, Inc.

• Ceva

• Canna Companion

• Nestle

Up Market Research published a new report titled “Veterinary Dietary Supplements Market research report which is segmented by Animal Type (Companion, Livestock), By Players/Companies Boehringer Ingelheim, Nutri-Pet Research Inc, Virbac, Canna Companion, FoodScience, Nutramax Laboratories Inc, Beaphar, NOW Foods, Nestle, Ark Naturals Company, Ceva”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Veterinary Dietary Supplements Market Report Segments:

The market is segmented by Animal Type (Companion, Livestock).

Veterinary Dietary Supplements Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Veterinary Dietary Supplements Market

Overview of the regional outlook of the Veterinary Dietary Supplements Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Veterinary Dietary Supplements Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Veterinary Dietary Supplements Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Companion

                2. Livestock

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Veterinary Dietary Supplements Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Veterinary Dietary Supplements Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.