Asia Pacific Equine Supplement Products Market
Published On: Jul 2021
Published On: Jul 2021
Electrolytes / Minerals Segment to Dominate Asia Pacific Equine Supplement Products Market during 2021-2028
According to a new market research study on “Asia Pacific Equine Supplement Products Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Supplements, Application, Distribution Channel and Country,” is expected to reach US$ 25,563.10 thousand by 2028 from US$ 19,061.11 thousand in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific equine supplement products market along with the drivers and restraints pertaining to the market growth. Benefits associated with equine supplement products and increments in the prevalence of diseases in equines are the major factors driving the growth of the Asia Pacific equine supplement products market. However, the adverse effects of improper consumption of equine supplements may hinder the growth of Asia Pacific equine supplement products market.
In case of COVID-19, in Asia Pacific, especially India, 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 Asia Pacific countries, i.e., Japan, China and Australia. 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.
The market for Asia Pacific equine supplement products is segmented into supplement, application, distribution channel and country. Based on supplements, the market is segmented into electrolytes/minerals, vitamins, proteins/amino acids, and enzymes. In 2020, the electrolytes / minerals segment held the largest share in Asia Pacific equine supplement products market. Based on application, the Asia Pacific equine supplement products is divided into performance enhancement/recovery, join disorder prevention, and others. The join disorder prevention segment is expected to be the fastest growing segment over the forecast period. As per distribution channel, the market is bifurcated into veterinary hospital pharmacies, retail pharmacies, and others. In 2020, the veterinary hospital pharmacies segment held the largest share in Asia Pacific equine supplement products market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific equine supplement products market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for equine supplement products.
Boehringer Ingelheim International GmbH, Kentucky Equine Research, Lallemand, Inc., Plusvital Limited, Purina Animal Nutrition LLC, Vetoquinol SA, Virbac, Zoetis Inc. and Cargill, Incorporated are some of the leading companies in the Asia Pacific equine supplement products market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The report segments the Asia Pacific Equine Supplement Products Market as follows:
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