Veterinary excipients are special additives added to veterinary medicines during production to serve important functions including making the medicine compliant for veterinary absorption, increasing shelf-life, and several other purposes. Some commonly used veterinary excipients include fillers, binders, diluents, lubricants, flavors, preservatives, and others. Rapidly increasing number of companion animals especially dogs and cats along with rising concerns pertaining to zoonotic diseases and animal health have increased demand for veterinary medicines. This has augurated lucrative prospects of growth for veterinary excipients across the globe. The Global Veterinary Excipients Market Size is estimated to be valued at US$ 299.25 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of rampant adoption of veterinary medicines is estimated to drive the veterinary excipients market substantially over the forecast period. Rising animal healthcare expenditure along with increasing awareness about animal health, safety, and nutrition are prompting pet owners to seek timely medical assistance for their companion animals. Further, increasing incidence of zoonotic diseases has amplified the usage of vaccines. This has augmented demand for effective and palatable veterinary formulations which spurs growth of veterinary excipients market. Escalating needs for taste masking and enhanced bioavailability properties in veterinary drugs also presents remunerative opportunities. Manufacturers are increasingly focusing on development of novel veterinary excipients with multifunctional properties and customized attributes to enable enhanced veterinary drug delivery which is another growth propeller.
Porter’s Analysis
Threat of new entrants: The veterinary excipients market requires high capital investment for research and development. Therefore threat of new entrants is moderate.
Bargaining power of buyers: The buyers have moderate bargaining power as there are a large number of excipients manufacturers.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to their technical expertise and differentiated products.
Threat of new substitutes: There is minimal threat from substitutes due to stringent regulatory standards for veterinary drugs.
Competitive rivalry: The market is quite consolidated with a few global players operating worldwide.
SWOT Analysis
Strength: High demand for veterinary drugs and growing animal healthcare expenditure. Innovation in excipients to boost bioavailability of drugs.
Weakness: High capital requirement and stringent regulatory approval process increases costs. Limited research on veterinary excipients.
Opportunity: Untapped emerging markets offer significant growth potential. Developing new functional excipients and delivery technologies.
Threats: Threat from local manufacturers offering lower prices. Supply chain disruptions during pandemic affect availability.
Key Takeaways
The global veterinary excipients market is expected to witness high growth during the forecast period of 2024 to 2031 supported by rising pet ownership and increasing expenditure on animal health.
Regional analysis indicates fastest growth is expected in the Asia Pacific region owing to rising disposable incomes, growing awareness about animal health and increasing penetration of multinational players in emerging Asian countries.
Key players operating in the veterinary excipients market are Archer Daniels Midland Company, BASF SE, DOW Chemical Company, Roquette, Evonik, Ashland, Lubrizol Corporation, Kerry Group, and FMC Chemical and Nutritional.
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