Global Veterinary Nutraceuticals Market
Veterinary Nutraceuticals Market: The use of pet food supplements and nutraceuticals is a recent trend in veterinary medicine. Increased spending on pet health and rise in the adoption of companion animals across the globe is expected to accelerate the market over the forecast period.The dramatic changes in perception of pet lovers, nutraceuticals are safer and alternative to the pharmaceuticals. Nutraceuticals or supplements are offer health benefits and supplements are safe. Increased R&D, with the advent of technological advancements, enables offers new pet food supplement and nutraceutical formulas to the market. For instance, Steadfast Canine is an advanced supplemental formula, specially designed to support total bone & joint health and mobility, and to ease discomfort.
Increasing demand for canine and feline food supplements majorly drives the global pet food industry. Rising awareness regarding various animal health issues, increased disposable income coupled with spending on veterinary health is expected to create demand for veterinary neutraceuticals market in future.Stringent regulations in Europe, limited awareness in low-income countries are expected to diminish the market.
Veterinary nutraceuticals market has been segmented on the basis of ingredients, animal type.
Based on product type, veterinary nutraceuticals market has been segmented into the following:
- Omega-3-fatty acids
Based on the animal type, veterinary nutraceuticals market has been segmented into the following:
Based on application, veterinary nutraceuticals market has been segmented into the following:
- Immune system
- Weight management
- Digestive health management
- Pain management
Pet food supplements or neutraceuticals are defined as either therapeutic or dietary supplement. Dietary nutrients or supplements are substances added to petfoods in order to make them nutritionally completely balanced. Therapeutic supplements are added to offer health benefits, to prevention or treatment of disease. Rising awareness, availability of pet nutraceuticals and increased health checkups are expected to create demand for pet food nutraceutical market.
Geographically market has been segmented into following regions Viz. North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.The manufacturers & suppliers of nutraceuticals for companion animals and wildlife joined together to establish a non-profit organization, i.e., National Animal Supplement Council (NASC), associated with AAFCO, and FDA-CVM to establish regulatory guidelines serve the best interests of animals.U.S. veterinary nutraceuticals market is expected to account major market share over the forecast period. Increased pets are driving factors of the market. For instance, 72.9 million homes are having at least one type of companion animal.Canadian pet food nutraceutical market is expected to grow due to an increased number of pet food suppliers coupled with increased spending on animal food.Germany veterinary nutraceuticals market is expected to expand at robust CAGR over the forecast period, increased awareness is creating demand for veterinary nutraceuticals market.
China veterinary neutraceuticals market is expanding at significant growth rate, owing to changed demographics coupled with rising companion animal adoption in middle-income countries, and spending on veterinary healthcare are majorly driving the market.Middle East countries are majorly driven by increasing pet adoption coupled with rising veterinary spending.
Global Veterinary Nutraceuticals market is dominated by key players such as DSM, Diana group, BASF, Merial, V, and Nutraceutical International LLC.
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