The market is estimated to grow with a CAGR of 3. 8% from 2021 to 2028. Key factors that are driving growth of the market are benefits offered by equine supplement products and increase in prevalence of diseases in equines.
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However, adverse effects exhibited by improper consumption of equine supplements are likely to hinder the market growth.
A deficiency in nutritional requirement in terms of protein, caloric intake, calcium, phosphorous, sodium chloride, copper, and selenium may result in nutritional diseases among equines.The signs of nutritional deficiency are usually non-specific, and the diagnosis is generally complicated.
Various non-specific metabolic changes among equines may result from maldigestion, inadequate intake, or malabsorption.Some of the internal organs in horses also exhibit some atrophy.
According to the World Organization of Animal Health (WOAH), a total of 1,151,584 equine anemia (EIA) tests were conducted, which resulted in the detection of 89 positive horses for equine anemia (EIA) in 2019.
Moreover, growth, performance ability, and reproduction rates are also hampered in equines due to the shortage of nutritious feeds.In case of protein deficiency, the equines result in poor-quality hair coat and hoof growth, as well as inappetence and loss of weight.
Horses of all ages that are fed with pasture or grass hay and supplemented with large amounts of grain-based concentrates and wheat bran are most profound to develop relative or absolute calcium deficiencies resulting in nutritional secondary hyperparathyroidism. This indicates the need for appropriate nutrient provision to the horses in the form of external supplements, which, in turn propels the growth of the equine supplement products market during the forecast years.
Based on supplements, the equine supplement products market is segmented into electrolytes/minerals, vitamins, proteins/amino acids, enzymes.In 2021, the electrolytes/minerals by supplement segment accounted for the highest share of the market.
Growth of this segment is attributed to demand for herbal equine supplements, increase in incidence of equine diseases, and surge in government initiatives. The same segment is estimated to register higher CAGR during the forecast period.
COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread to more than 100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency.The global impacts of COVID-19 are being felt across several markets.
The pandemic is straining animal nutrition industry globally, interrupting and delaying supplies for many kinds of animal feeds and supplements. Due to the pandemic and lockdown, the supply chain of the raw ingredient has impacted the consumption and production patterns worldwide.
The European Medicine Agency (EMA), European Union (EU), Organization for Economic Co-operation and Development, Equestrian Centres in the Netherlands (ECN), Centers for Disease Control and Prevention (CDC), and Brazilian Sport Horse Association (BSHA) are among the secondary sources referred to while preparing the report on the equine supplement products market.
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