The North America equine supplement products market is expected to grow from US$ 38,620.83 thousand in 2021 to US$ 50,929.11 thousand by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028.
The North America equine supplement products market is divided into the US, Canada, and Mexico.The region is expected to hold a dominant share among all the regions.
The growth of the market in the region is estimated due to factors such as rising government support for the research and development activities for veterinary sectors, growing technological advancements that are resulting in various market consolidations, and rising adoption of pet animals across the countries.In addition, the presence of the various market leaders functioning in the equine supplement products market is projected to influence the market growth during the forecast period.
In the United States, the presence of strong players, with continuous development in the region, is further augmenting the market growth.For instance, Zoetis Inc is among the market leaders, which is involved in the development, manufacturing, and marketing of veterinary nutritional supplements and consumables.
The company is focused toward direct its growth by incorporating various inorganic strategies. In July 2019, Zoetis Inc. acquired Platinum Performance, a leading nutrition-focused animal health business for Equine and Petcare Markets. This acquisition is expected to strengthen and diversify Zoetis’ portfolio in the equine supplement products markets.
In case of COVID-19, in North America, especially the US, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of equine supplement products manufacturing activities.Downfall of other healthcare products manufacturing sectors has negatively impacted the demand for equine supplement products during the early months of 2020.
Moreover, decline in the overall supplements manufacturing activities has led to discontinuation of equine supplement products manufacturing projects, thereby reducing the demand for equine supplement products. Similar trend was witnessed in other North America countries, i.e., Mexico, Canada, Panama and Costa Rica. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
Based on application, the market is segmented into performance enhancement/recovery, join disorder prevention, and others.The join disorder prevention segment is expected to grow at the fastest CAGR during the forecasted period.
Horses are naturally energetic creatures who need to be exercised frequently.Too much of the same sort of physical activity, on the other hand, might cause joint tissue injury and degradation.
Many performing horses will develop a joint injury or Degenerative Joint Disease in the future (DJD).Proper training and the inclusion of a joint horse supplement to the diet, as well as adequate veterinary care, can help to reduce joint deterioration.
DJD, commonly known as osteoarthritis, causes lameness in horses, especially those who have been rigorously trained like athletes. By adding an effective equine joint supplement to your horses’ diet, you may prevent DJD. Preventing a horse from developing a persistent, worsening ailment is far easier and less expensive than treating it in the long run.
The overall North America equine supplement products market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America equine supplement products market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America equine supplement products market. A few of the key companies operating in the market are Boehringer Ingelheim International GmbH; Kentucky Equine Research; Lallemand, Inc.; Plusvital Limited, Purina Animal Nutrition LLC; Vetoquinol SA; Virbac; Zoetis Inc.; and Cargill, Incorporated.
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