Global Horse Supplements Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Horse Supplements Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Horse Supplements refer to a range of dietary supplements and nutritional products specifically designed for horses. These products are formulated to enhance the overall health, performance, and well-being of horses by providing them with essential nutrients they may be lacking in their daily diets. Horse supplements come in a variety of forms such as powders, granules, liquids, and treats, and are widely used by horse owners, trainers, and breeders. Horse supplements are designed to meet the specific nutritional needs of horses, which can vary based on factors such as age, breed, activity level, and health. These horse supplements are formulated to provide additional vitamins, minerals, amino acids, and other essential nutrients to support all aspects of horse health including joint health, digestive function, coat and hoof quality, immune system strength, and overall performance.

Market Overview:

The latest research study on the global Horse Supplements market finds that the global Horse Supplements market reached a value of USD 823.93 million in 2022. It’s expected that the market will achieve USD 1121.4 million by 2028, exhibiting a CAGR of 5.27% during the forecast period.

Influence of COVID-19 Outbreak on Horse Supplements Industry Development

A recession is a period in the business cycle when economic activity declines (usually measured as a decline in gross domestic product or GDP growth). A recession is usually defined as two consecutive quarters of decline in GDP. A recession leads to higher unemployment, lower incomes, lower consumer spending, higher rates of business failures, and a lower stock market. Recessions come from many different sources, including financial bubble bursts, credit crunches, and pandemics, such as the COVID-19 pandemic.

There are two kinds of normal economic goods, necessities and luxuries. Normal goods are those for which demand increases when income increases. The growth rate of demand determines whether a common good is a necessity or a luxury. When income increases, demand for luxury goods increases at an increasing rate; however, when income decreases (such as during a recession), demand decreases at an increasing rate. Therefore, industries involving luxury goods are more volatile than those involving necessities. In an economic sense, the horse market is like a luxury market and therefore more volatile.

The immediate impact of the COVID-19 closures has been felt mainly in tournaments and sales, and perhaps to a lesser extent in the boarding and training business. The closures have resulted in the cancellation or postponement of local, regional, national, and international equestrian events, including the postponement of the 2020 Olympics and the cancellation of more than 2,900 FEI events in the three months since COVID-19 restrictions were imposed. Losing these games has many negative consequences, including loss of regional economic development, loss of personal income, and loss of organizational income. The closures have also resulted in a clogging of the pipeline in the horse market as sales have been canceled, delayed, or drastically reduced.

Boarding and training businesses around the world are facing various restrictions. In some areas, horseback riding is banned and barns are closed to all but essential workers. There was a time when many equestrian professionals were unable to teach, coach, and guide in competition. Equine veterinary clinics temporarily postponed elective surgeries when COVID-19 restrictions began. With restrictions gradually lifted, they are now able to operate close to normal, with human protection still in place. The hay and forage market, which is more sensitive to weather changes, appears to be unaffected in the early days, but mid-late in the COVID-19, there are labor shortages, availability issues, and/or price increases in that market. As the horse market has been hit harder during the COVID-19 pandemic, the horse supplement market has also been in a downturn.

The rising incidence of equine diseases is expected to drive global horse supplements market growth

The incidence of equine disease worldwide has increased over the past few years. Joint infections, microbial infections, and hypermetabolic infections are common infections in horses, and horses in North America can suffer from equine infectious anemia, salmonellosis, clostridial enteritis, and other diseases. Equine inflammatory viral infections and animal diseases are the main equine diseases reported in horses in Europe. According to the USDA, encephalitis (EEE), Japanese equine infectious anemia (EIA), equine viral arteritis (EVA), and West Nile virus (WNV) are among the most frequently reported equine diseases in the country. Additionally, horse owners and caregivers are increasingly recognizing the importance of optimal nutrition for the overall health and well-being of horses. This growing awareness is also expected to drive the demand for horse supplements.

The benefits horse supplements provide to horses are expected to boost their market growth

Horse owners and caretakers often use horse supplements to add extra nutrients to their horses' diets. These supplements help prevent electrolyte, vitamin, and mineral deficiencies, and improve the overall health of horses, balancing their diets to enhance their athletic performance. Horse supplements are of great importance as nutritional food due to benefits such as mitigating health problems, preventing their occurrence, and modifying the behavior of horses. Nutrients such as methionine, biotin, and zinc support equine health with probiotics that improve digestive health. In addition, consuming horse supplements improves cutin, making your horse's coat and skin healthier by enhancing collagen and keratin production. Additionally, some specific types of supplements can help improve joint health and improve synovial fluid support. High-performance horses are constantly expending energy and require higher-than-normal levels of protein, which ordinary feed cannot provide. Therefore, high-quality horse supplements, allow the horse to restore its stores of adenosine triphosphate (ATP), the main molecule that stimulates muscle contraction in horses. Hence, the advantages afforded by the balanced consumption of horse supplements are likely to account for the market growth over the forecast years.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Alltech is one of the major players operating in the Horse Supplements market, holding a share of 11.96% in 2022.

Alltech is an animal health and nutrition company. It provides natural nutrition products, solutions, and technical information and support to the animal nutrition and feed industries. The company's product and service portfolio includes yeast cultures and extracts, enzymes, organic minerals, bioactive proteins, flavors, and direct-fed microorganisms for the treatment of mastitis, health, and immune problems. These products can be used in animal reproduction, productivity, and fecundity of pigs, poultry, horses, aquaculture products, dairy cows, and more.

HYGAIN has grown to become the world's leading authority on horse nutrition. As a horse-only feed mill and manufacturing facility, HYGAIN® is dedicated to the horse and its specific requirements, providing outstanding nutritional solutions that truly improve the health, performance, and well-being of horses.

Segmentation Overview:

Among different product types, Joint supplement segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Veterinary Hospital Pharmacies segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Horse Supplements market covered in Chapter 3:

Vetoquinol
Kentucky Equine Research
Vets Plus, Inc.
Plusvital
Zoetis
Hygain Group
Finish Line Horse Products
Lallemand Animal Nutrition
Boehringer Ingelheim International
Virbac
Purina Mills
Mars Horsecare (Buckeye Nutrition)
Alltech

In Chapter 4 and Chapter 14.2, on the basis of types, the Horse Supplements market from 2018 to 2029 is primarily split into:

Skin & Coat horse supplements
Calming horse supplements
Joint supplement
Digestive supplements
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Horse Supplements market from 2018 to 2029 covers:

Veterinary Hospital Pharmacies
Retail Pharmacies
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)