The global Veterinary Excipients Market is estimated to be valued at US$ 259.76 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Veterinary excipients are chemical compounds used in veterinary medicinal formulations to enhance bioavailability, provide bulk and consistency to the product. Common veterinary excipients include fillers, preservatives, bulking agents, wetting agents, antioxidants and emulsifiers. These excipients allow easier delivery of active ingredients in capsules, granules, injections and other dosage forms. They play a vital role in optimizing the quality, safety, consistency and effectiveness of veterinary drugs. The rising demand for accurate dosing and companion animal care is driving demand for compounded veterinary medications which rely on excipients for quality formulations.
Market key trends:-
One of the key trends in the veterinary excipients market is the rising adoption of Veterinary Compounded Medications. Compounded medications allow flexibility in dosage forms and strengths required for proper treatment of animals with complex medical needs. However, they require using approved excipients to ensure consistency and safety as per regulatory standards. This is driving demand for high quality excipients especially used for manufacturing veterinary compounded drugs. Manufacturers are focusing on developing novel excipients as well as innovating new drug delivery forms for veterinary compounds using approved excipients.
Porter’s Analysis:-
- Threat of new entrants: The threat of new entrants is moderate as setting up manufacturing facilities requires high initial capital investment and compliance with various regulatory requirements. However, ease of raw material availability and growing market attract new players.
- Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and manufacturers trying to procure more buyers. Buyers can opt for alternatives easily if offered competitive prices.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials are commoditised and sourcing options are many. However, Meeting stringent regulatory standards pose compliance challenge for suppliers.
- Threat of new substitutes: Threat from substitutes is low as animal excipients do not have close substitutes. However, continuous innovation and advancements in veterinary formulations can introduce alternatives.
- Competitive rivalry: The competition in the market is high owing to presence of large multinational corporations and local players engaging in pricing wars and product differentiation strategies.
Key Takeaways:-
The Global Veterinary Excipients Market Demand is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing pet adoption and growing animal health expenditure. The market size for 2023 is estimated to be US$ 259.76 Mn.
Regional analysis: North America dominates the global veterinary excipients market and is expected to continue its dominance over the forecast period supported by growing pet healthcare expenditure and availability of advanced veterinary services in the region. Asia Pacific exhibits the fastest growth due to rising livestock population, increasing meat consumption and growing dairy industry.
Key players operating in the veterinary excipients market are BASF SE, Croda Health Care, JRS Pharma, Lipoid GmbH, Azelis, U.K. Vet Chem, Gattefoss, Synergy API, Anzchem, Vantage. Key players are focusing on product innovation and expansion in emerging markets through partnerships.
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