Veterinary Excipients Market Analysis

Veterinary Excipients Market Analysis

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Based on the product type, the market is categorized into binders, disintegrants, viscosity agents, fillers and diluents, flavoring agents, lubricants and glidants, emulsifiers, preservatives, and other product types. The binder segment is expected to sustain its leading position, generating revenue of around USD 250 million in 2023 with an estimated growth rate of 3.4% during the analysis period.

• The surge in demand for oral medications in veterinary practice has led to extensive utilization of binders across a wide range of formulations for various animal species. These binders play a crucial role in ensuring the cohesion and integrity of the dosage form, thereby improving efficacy.

   

• Their critical function in ensuring dosage form, efficacy and stability, positions binders as key components driving the market.

Based on formulation, the veterinary excipients market is classified into oral, injectable, topical, and other formulations. The oral formulation secured the largest business share of 51.5% in 2023.

• Oral formulations have emerged as the dominant segment in the market due to their convenience, ease of administration, and versatility. These formulations involve several types, including tablets, powders, drenches, and solutions, catering to various animal species and medical conditions.

   

• Further, factors such as improved palatability, controlled-release technologies, and the ability to modify dosages contribute to the popularity of oral medications among veterinarians and pet owners. As a result, excipients used in oral formulations command a significant share of the veterinary pharmaceutical market, driving innovation and demand for high-quality veterinary active pharmaceutical ingredients.

   

Based on animal type, the veterinary excipients market is classified into livestock animals and companion animals. The livestock animals segment is anticipated to grow at 4% CAGR over the forecast timeline.

• The influence of veterinary pharmaceuticals is underscored by the significant livestock population base worldwide. According to the Food and Agriculture Organization (FAO) estimates, there were approximately 1.5 billion cattle, 0.9 billion pigs, 26 billion chickens, 1.3 billion sheep, and 1.1 billion goats in 2022. These vast numbers highlight the substantial demand for veterinary medicines to ensure the health and well-being of these animal populations.

   

• Additionally, the emphasis on livestock health and welfare, coupled with regulatory measures to ensure safety and biosecurity, has highlighted the significance of veterinary medicines and excipients in safeguarding animal health and preserving food sources.

   

Based on application, the veterinary excipients market is classified into drug formulation, feed additives, and biologics. The drug formulations segment is projected to reach around USD 1 billion by 2032.

• Outsourcing excipient manufacturing presents cost-saving opportunities for pharmaceutical companies, allowing them to allocate resources to core activities like drug discovery and marketing. In addition, as the pharmaceutical companies prioritize efficiency and quality, the market is poised for growth, with an escalating need for reliable suppliers offering specialized expertise and high-quality excipients. This trend is anticipated to drive demand for specialized excipient manufacturers capable of delivering top-quality ingredients.

   

• The industry is anticipated to experience growth propelled by collaborations between key players and innovations shaping the veterinary service landscape.

In the veterinary excipients market, North America accounted for a substantial market share of 37.5% in 2023.

• The region’s dominance in the market can be attributed to its advanced veterinary healthcare infrastructure, high rates of pet ownership, and significant investments in R&D activities for veterinary care.

   

• The surge in pet adoption in the U.S. is set to drive market expansion. Notably, around 70% of U.S. households own pets, as per the National Pet Owners Survey 2021-2022. This trend, along with strategic initiatives is expected to augment the regional market growth. For instance, in August 2022, the California Animal Welfare Funders collaboratively granted USD 30,000 to 19 organizations, emphasizing the growing focus on veterinary care including proper feed, medicines, and diagnostics as required.