Veterinary Excipients Market To Reach $1.49 Billion By 2030

Veterinary Excipients Market Growth & Trends

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.

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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 Segmentation

Grand View Research has segmented the global veterinary excipients market based on application, animal type, chemical group, function and region:

Veterinary Excipients Application Outlook (Revenue, USD Million, 2018 - 2030)

• Biologics

• Pharmaceuticals

• Medicated Feed Additives

Veterinary Excipients Chemical Group Outlook (Revenue, USD Million, 2018 - 2030)

• Polymers

• Alcohols

• Lipids

• Mineral Salts

• Others

Veterinary Excipients Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

• Production Animals

• Companion Animals

Veterinary Excipients Function Outlook (Revenue, USD Million, 2018 - 2030)

• Solubilizers/ Solvents

• Binders

• Stabilizers

• Coating

• Diluents & Fillers 

• Others

Veterinary Excipients Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Denmark

  • Norway

  • Sweden

  • Rest of Europe

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

  • Australia

  • Thailand

  • Rest of Asia Pacific

• Latin America

  • Brazil

  • Mexico

  • Argentina

  • Rest of Latin America

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • Kuwait

  • UAE

  • Rest of MEA

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