The global veterinary excipients market is projected to reach US$241.64 million in 2022, and is expected to exhibit a CAGR of 7.5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights. Veterinary excipients are pharmaceutical substances used in the formulation of veterinary medicines and health supplements to improve their stability, taste, and palatability. These excipients play a crucial role in enhancing the efficacy and safety of veterinary drugs.

The market for veterinary excipients is driven by the increasing usage of innovative veterinary medicines and health supplements for the treatment and prevention of various animal diseases. The demand for veterinary excipients is also fueled by the rising pet ownership worldwide, as pet owners are increasingly seeking effective and safe pharmaceutical products for their beloved pets. Furthermore, the growing veterinary pharmaceutical industry, advancements in drug delivery technologies, and increasing investments in veterinary research and development activities are expected to stimulate market growth.

Market Dynamics

1. Driver: Increasing Demand for Innovative Veterinary Medicines

The veterinary industry is witnessing a shift towards the usage of innovative medicines and health supplements for the treatment and prevention of animal diseases. This increasing trend is driven by a growing awareness among pet owners about the benefits of advanced pharmaceutical products and the need for better healthcare for their pets. Veterinary excipients play a crucial role in the formulation of these innovative medicines, as they enhance drug stability, solubility, and bioavailability. For example, excipients such as binders, disintegrants, and lubricants are used to improve the tabletting and encapsulation process, ensuring accurate dosing and consistent drug release.

2. Driver: Rising Pet Ownership

Pet ownership is on the rise globally, with an increasing number of individuals adopting pets for companionship and emotional support. According to the American Pet Products Association (APPA), around 67% of U.S. households own a pet. This growing pet ownership has resulted in an increased demand for veterinary medicines and health supplements. Pet owners are more willing to spend on high-quality pharmaceutical products to ensure the health and well-being of their pets. Veterinary excipients are essential in the formulation of these products, as they help in improving taste, palatability, and compliance for pets, making it easier for owners to administer medications to their animals.

SWOT Analysis

Strength:
1. Increasing demand for innovative veterinary medicines
2. Rising pet ownership

Weakness:
1. Lack of awareness about veterinary excipients among manufacturers
2. Limited availability of high-quality excipients in certain regions

Opportunity:
1. Growing investments in veterinary research and development
2. Expansion of distribution networks in emerging markets

Threats:
1. Stringent regulatory requirements for veterinary excipients
2. Intense competition among key players in the market

Key Takeaways

The Global Veterinary Excipients Market Demand is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period. This growth can be attributed to the increasing demand for innovative veterinary medicines and health supplements, driven by rising pet ownership and a growing awareness about the benefits of advanced pharmaceutical products for pets. The market is expected to benefit from investments in veterinary research and development activities, as well as the expansion of distribution networks in emerging markets.

In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the veterinary excipients market. The region has a well-established veterinary pharmaceutical industry, advanced healthcare infrastructure, and a high adoption rate of novel veterinary medicines. Some key players operating in the global veterinary excipients market include BASF SE, Croda Health Care, JRS Pharma, Lipoid GmbH, Azelis, U.K. Vet Chem, Gattefoss, Synergy API, Anzchem, and Vantage. These companies are focusing on strategic collaborations, product launches, and technological advancements to strengthen their market presence and gain a competitive edge.