Transparency Market Research (TMR) recently reported that the vendor landscape for the global horse healthcare market is estimated to have got largely fragmented. There is a tough competition between players due to a large number of industries manufacturing the same product range. The global equine healthcare market can greatly benefit by expanding geographically and targeting regional markets. This will give promising growth opportunities for developing regions such as the Asia Pacific.
Some leading players in the global equine healthcare market include Vetoquinol S.A., Sanofi (Merial), Eli Lilly and Company (Elanco), EQUINE PRODUCTS UK LTD, and Ceva Santé Animale. Minerals and vitamins show high nutritional supplement demand, based on supplemental feed additives segmentation. North America and Europe, the regions that hold larger shares in the market, are leading the global equine healthcare market. The reason is the significant expenditure, increased equine adoption rates as per household, and high-interest equine healthcare in the region.
China Emerging as the Leading Player by Providing Equine Nutritional Supplements
Horse racing trend in some countries is fuelling the market in spite of several government restrictions. A lot of horse owners are interested in taking part in equine events such as horse racing, and shows, increasing the demand for quality breed horses that are even exported to countries like China due to their breed standards providing high prices to traders. China might emerge as the leading market for equine healthcare products such as drugs, vaccines, and nutritional supplements for the horses.
Especially in the regions of North America, horse riding has become a popular trend among grown-ups. Because of this, there is a steady increase in the equine industry of medical welfare of the horses. This is the positive factor that will help the equine healthcare market growth in the coming years.
The Decrease in Number of Equine Species Due to Lack of Supervision
In spite of so much care and concern, there is still a decline in the number of equine species. The reason may be the lack or excess of water intake, proper nutrition, more training to the horses and less resting time that make the equines get tired and exhausted. Some other reasons might also remain unknown. Because of the decrease in the number of equine species over the world, the market might face problems in the long run.
However, there is a rise in demand for pet insurance worldwide, that is likely to open new scope for the global equine healthcare market in the coming years.