by The 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 ingredients used to bind or dilute the active ingredients in animal medicines. They improve the effectiveness, safety, and manufacturability of veterinary pharmaceuticals. Common excipients include fillers, binders, disintegrants and lubricants. Excipients help ensure proper dosing and delivery of the active ingredients. They improve the shelf life and stability of veterinary products.
Market key trends:-
The growing awareness regarding animal healthcare has increased focus on providing quality treatment to pets and livestock. This is driving the demand for innovative veterinary medicines formulated using advanced excipients. Excipients help enhance the therapeutic efficacy, bioavailability and safety of veterinary drugs. They play a key role in developing palatable dosage forms like flavored tablets and chewable capsules for pets. Manufacturers are focusing on developing multifunctional excipients that simplify drug formulation while meeting stringent regulatory guidelines. Excipients that assist in targeted and controlled drug delivery are also gaining popularity. The market is witnessing major investments in R&D to expand the portfolio of excipients suitable for various dosage forms and veterinary applications.
Porter’s Analysis:-
- Threat of new entrants: The veterinary excipients market requires high initial investment for R&D and manufacturing facilities which create entry barriers for new players.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives, however quality and reliability of established manufacturers ensure loyalty.
- Bargaining power of suppliers: Suppliers have moderate power due to differentiated products and formulations requiring specific raw materials.
- Threat of new substitutes: Risk of substitutes is low as excipients have formulated products matched to animals’ physiology leaving limited scope for alterations.
- Competitive rivalry: Stiff competition exists between established players to gain higher market share through new product launches and expansions.
SWOT Analysis:-
- Strengths: Established brands and product portfolios. Adherence to stringent regulatory compliances boosts consumer trust.
- Weaknesses: High dependency on few key market regions hinders global expansion. Require significant investments in R&D for new product developments.
- Opportunities: Surging vet healthcare expenditure in developing nations presents lucrative prospects. Growing pet ownership and rural veterinary services boost demand.
- Threats: Stringent regulations and compliance procedures delay product approvals and market entry. Availability of cheaper alternatives from local manufacturers.
Key Takeaways:-
The Global Veterinary Excipients Market Growth is expected to witness high, exhibiting CAGR of 7.5% over the forecast period, due to increasing pet ownership and animal welfare spending globally. Regionally, North America dominated the market in 2023 with over 30% share owing to robust vet healthcare infrastructure and supportive government policies in the US and Canada. Meanwhile, Asia Pacific is anticipated to be the fastest growing region, expanding at 9% CAGR during the forecast period due increased adoption of pets, growing meat consumption, and investments towards animal health in India and China.
Key players operating in the veterinary excipients market are BASF SE, Croda Health Care, JRS Pharma, Lipoid GmbH, Azelis, and U.K. Vet Chem. Key players aim to strengthen their footprints through capacity expansions, acquisitions and new product launches catering to pet owners as well as farmers. For instance, in 2023 Croda Health Care inaugurated a new manufacturing plant in Halle, Germany to meet the surging demand for veterinary excipients across Europe.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
