Veterinary excipients are pharmaceutical ingredients used in veterinary drug formulations, such as gelatin, flavors, preservatives, emulsifiers, and others. These excipients are used to stabilize drugs, increase shelf life, modify release properties, and improve palatability of veterinary drugs for various animals. Veterinary excipients are essential to develop safe, effective, and palatable dosage forms for small and large companion animals. 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 key trends:
Growing adoption of petsacross the world is one of the major trends fueling the demand for veterinary pharmaceuticals, and in turn veterinary excipients. According to the latest American Pet Products Association survey in the U.S., around 68% of American households, or about 85 million families, own a pet. Pet ownership is increasing in developing countries as well due to rising income levels and changing lifestyles. This rising pet population is generating significant demand for quality pet healthcare products and services globally, propelling the veterinary excipients market growth.
Strength: The rising animal healthcare expenditure and increasing pet adoption rates globally are boosting the veterinary excipients market.
Weakness: Stringent regulatory norms and long lead times required for approval processes hamper the market growth.
Opportunity: Launch of advanced veterinary excipients for novel drug delivery systems and focus on developing veterinary specific excipients present potential opportunities.
Threats: High competition among existing players and availability of alternatives to veterinary pharmaceuticals pose threats to the market.
The global veterinary excipients market is expected to witness high growth.
Regional analysis: Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising livestock population, increasing pet adoption, and growing per capita animal healthcare expenditure in countries like India and China.
Key players operating in the veterinary excipients are Amazon.com, Inc., Spotify AB, Apple, Inc., Soundcloud Limited, TuneIn Radio, iHeartMedia, Inc., Google Podcasts, Stitcher, and Pandora Media, Inc. These companies are focused on expanding their product portfolios and strengthening their distribution networks to gain higher market shares.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it