Equine Supplement Products Market to grow at a CAGR of 4.19% during 2024-2028
The Equine Supplement Products Market is expected to grow at a CAGR of 4.19% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 20.35 thousand. In the equine supplement products market, veterinary facilities encounter numerous operational challenges, including managing patient appointments, employee supervision, client adherence, and data maintenance. These hurdles create opportunities for IT systems to streamline daily operations within veterinary clinics. By integrating IT solutions, veterinary practices can become more agile and responsive to the evolving digital landscape. Veterinarians who swiftly adopt these technologies remain attuned to client expectations and effectively adapt to new methods of care delivery. Furthermore, IT adoption facilitates enhanced communication with equine owners residing in distant locations, as they increasingly seek veterinary practices capable of providing remote advice.
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Technavio analysts predict that the Joint health subsegment will lead the Application segment during 2024 and 2028 In the equine industry, the use of supplements to maintain optimal joint health is a crucial preventative measure. Glucosamine and chondroitin, two substances with an extensive history of usage in joint health supplements, are essential for combating inflammation, reducing cartilage damage, and promoting cartilage healing. Glucosamine, a naturally occurring substance found in healthy cartilage, works synergistically with chondroitin to enhance joint health benefits. Sodium hyaluronate, a glycosaminoglycan, is another crucial component. Its molecular weight significantly impacts the viscosity of synovial fluid, aiding in joint lubrication and digestion. By incorporating these supplements into equine diets, joint health can be effectively supported, preventing damage and ensuring optimal performance.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing focus on equine productivity and performance
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The Equine Supplement Products Market encompasses a wide range of nutritional supplements designed to enhance the health and performance of horses. These supplements include Joint Health Supplements, Digestive Health Supplements, and Amino Acid Supplements. Synthetic Ingredients and Natural Ingredients are used in the production of these supplements, with natural ingredients gaining popularity among horse owners and caretakers due to their perceived health benefits. The market for Equine Health Products experiences seasonal demand, with racing horses and older horses requiring more supplementation during training and competition seasons. Horse feeds alone may not provide all the necessary micro nutrients and amino acids, making supplements essential. Upper respiratory infections, Clostridial enteritis, Salmonellosis, Equine Infectious Anemia, and other higher metabolism infections pose significant health risks to horses. Veterinary hospitals and animal disease experts recommend various supplements to prevent and treat these conditions. Joint infections, for instance, may be treated with glucosamine and chondroitin supplements. Horse owners and caretakers invest in these supplements to maintain the overall health and wellbeing of their horses, ensuring they perform at their best. The market for Equine Supplement Products is expected to grow as more horse owners become aware of the benefits of supplementation and the risks of not providing adequate nutrition.
The equine supplement products market is a segment of the expansive global pharmaceuticals market, which falls under the healthcare industry umbrella. The pharmaceuticals market encompasses entities involved in research and development (R&D) or manufacturing of various offerings, including generic and non-generic drugs, veterinary medicines, and equine supplements. According to Technavio, the global pharmaceuticals market, which contributes to the larger healthcare industry, generated a revenue of USD1,495.51 billion in 2023. The market's growth is fueled by several factors, including the increasing global population aging, with the proportion of those over 60 years expected to rise significantly.
The Equine Supplement Products Market is experiencing significant growth, fueled by the increasing focus on equine productivity and performance. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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