Veterinary Excipients Market To Witness A Significant Growth Of USD 1.49 Billion By 2030

Posted by Neha Bora on March 13th, 2024

San Francisco, 13 March 2024: The Report Veterinary Excipients Market Size, Share & Trends Analysis Report By Application (Biologics, Pharmaceuticals, Medicated Feed Additives), By Animal Type, By Chemical Group (Polymers, Alcohols, Lipids), By Function, By Region, And Segment Forecasts, 2024 - 2030

The global veterinary excipients market size is expected to reach USD 1.49 billion by 2030, registering a CAGR of 4.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is driven by increasing complexity of formulations, sourcing of ingredients from third-party manufacturers, growing importance of animal health, and initiatives by the key companies.There has been a growing demand for excipients tailored to specific formulations and drug delivery systems in the veterinary sector. This includes formulations or dosage differing for different animal species thus needing specialized formulations. This is also expected to support the market growth.

The market’s growth was notably impeded by a slowdown in growth rate due to supply chain hurdles and limited access to veterinary care. It was further impacted by the macroeconomic headwinds of 2022. Croda International Plc, for example, reported an increase of about 23% for its raw material costs in 2022. The company also reported increase in operating costs such as energy and labor. However, as the underlying drivers such as advancements in veterinary medicine and its demand remain unchanged, the market is expected to grow significantly over the forecast period.

Technological advancements enabling the development of more sophisticated excipients with enhanced functionalities. For instance, excipients that improve the bioavailability of drugs or facilitate controlled-release formulations. There has also been an increasing preference for natural and organic excipients in veterinary medicine. Also, with the rise of biopharmaceuticals in both human and veterinary medicine, there is a growing need for excipients suitable for these complex formulations. This includes excipients that can stabilize and enhance the delivery of biologically derived drugs. All of these factors support market growth.

Access Research Report of Veterinary Excipients Market https://www.grandviewresearch.com/industry-analysis/veterinary-excipients-market-report

Veterinary Excipients Market Report Highlights

  • Based on chemical group, the polymers segment dominated the market with a revenue share of about 45% in 2023. The lipids segment is anticipated to grow at the fastest CAGR of 5.6% from 2024 to 2030
  • Based on animal type, the production animals segment held the highest revenue share in 2023. The companion animals segment is expected to register the fastest CAGR from 2024 to 2030
  • Based on application, the pharmaceuticals segment accounted for the highest revenue share in 2023. The biologics segment is projected to grow at the fastest CAGR over the forecast period
  • Based on function, the solubilizers/ solvents segment held the highest revenue share in 2023. The others segment, comprising disintegrants, humectants, wetting agents, lubricants/ glidants, flavoring agents & sweeteners, is estimated to grow at the fastest CAGR in the forthcoming years
  • North America held the largest revenue share of about 33% in 2023. Asia Pacific, on the other hand, is anticipated to grow at the fastest CAGR of about 5% from 2024 to 2030
  • Globalization has led to more complex and extended supply chains in the veterinary pharmaceutical industry. Excipient manufacturers are increasingly adapting to these changes by optimizing their supply chains, ensuring a reliable and efficient flow of materials to meet the demands of diverse markets. This is expected to propel the market growth

Veterinary Excipients Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 1.17 billion

Revenue forecast in 2030

USD 1.49 billion

Growth rate

CAGR of 4.1% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

List of Key Players in the Veterinary Excipients Market

  • Croda International Plc
  • JRS PHARMA GmbH & Co. KG
  • Colorcon
  • Quality Chemicals S.L
  • IOI Oleo GmbH
  • Lipoid GmbH
  • Gattefossé Group
  • Azelis Group
  • Ashland Inc.
  • Spectrum Chemical Mfg. Corp

Access Press Release of Veterinary Excipients Market @ https://www.grandviewresearch.com/press-release/global-veterinary-excipients-market

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Neha Bora

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Neha Bora
Joined: September 16th, 2019
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