The global Veterinary Excipients Market is estimated to be valued at US$ 241.64 million in 2022 and is expected to exhibit a CAGR of 7.5% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights. This market is witnessing high growth owing to the increasing demand for animal healthcare products.
Market Overview:
Veterinary excipients are inactive substances added to animal healthcare products to enhance their stability and efficacy. These excipients play a crucial role in the formulation of various drugs, vaccines, and nutritional supplements for animals. They help in improving product quality, enhancing drug delivery, and ensuring safety for animal consumption. The need for veterinary excipients is driven by the growing pet population worldwide and the rising prevalence of animal diseases. These factors contribute to the growth of the veterinary excipients market.
Market Key Trends:
One key trend driving the growth of the veterinary excipients market is the increasing adoption of companion animals. Pet ownership has been on the rise globally, with more people seeking companionship from pets. This trend has led to a higher demand for veterinary healthcare products, including drugs and supplements. Moreover, pet owners are becoming more conscious about their pet's health and are willing to spend on quality healthcare products. This increasing adoption of companion animals is creating lucrative opportunities for the veterinary excipients market.
For example, in the United States, the pet population has been increasing steadily, with around 67% of households owning at least one pet. This growing pet population has resulted in a surge in demand for veterinary healthcare products, driving the need for veterinary excipients.
PEST Analysis:
Political: The veterinary excipients market is influenced by regulatory policies and guidelines related to animal healthcare products. Governments across the globe have implemented strict regulations on the manufacturing and distribution of veterinary drugs and supplements to ensure their safety and efficacy.
Economic: The economic factors influencing the veterinary excipients market include GDP growth, disposable income, and consumer spending on pet healthcare. Economic stability and increasing pet ownership contribute to the market's growth.
Social: The rising awareness about animal health and the increasing trend of pet humanization are driving the demand for veterinary healthcare products. Pet owners are now more willing to invest in high-quality products for their pets' well-being.
Technological: Advancements in pharmaceutical manufacturing processes and drug delivery systems have led to the development of innovative veterinary healthcare products. These technological advancements have improved the efficacy and convenience of administering medications to animals.
Key Takeaways:
- The Global Veterinary Excipients Market Demand is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period. The increasing demand for animal healthcare products, driven by the growing pet population, is the primary driver of market growth.
- North America is expected to dominate the veterinary excipients market due to the high pet adoption rate and increased spending on animal healthcare. Europe is also a significant market player, with strict regulations ensuring product safety.
- Key players operating in the global veterinary excipients market include BASF SE, Croda Health Care, JRS Pharma, Lipoid GmbH, Azelis, U.K. Vet Chem, Gattefoss, Synergy API, Anzchem, and Vantage.
In conclusion, the global veterinary excipients market is experiencing significant growth due to the increasing adoption of companion animals and the growing demand for animal healthcare products. Strict regulations, economic factors, social trends, and technological advancements also influence this market. With key players driving innovation in the industry, the veterinary excipients market is poised for further expansion in the coming
