The Veterinary Excipients Market is estimated to be valued at US$ 259.76 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Veterinary excipients are inactive substances used as carriers for the active pharmaceutical ingredients (APIs) in veterinary drugs. These ensure proper delivery and enhance stability, absorption, and bioavailability of APIs. Common veterinary excipients include emulsifiers, preservatives, antioxidants, viscosity agents, solubilizers, diluents, coating agents, flavoring agents, and buffers. They are used to manufacture tablets, capsules, suspensions, solutions and other dosage forms for treating diseases in animals. Growing animal healthcare industry and demand for convenient dosage forms are boosting growth of the veterinary excipients market.
Market Dynamics:-
The veterinary excipients market is driven by rising rates of pet adoption across the globe and increasing awareness about animal care. According to the 2017-2018 National Pet Owners Survey by the American Pet Products Association (APPA), 67% of households in the U.S. own a pet. Also, pets are increasingly seen as companions rather than productive assets. This is increasing spending on pet health and wellness. Furthermore, advancement in veterinary pharmaceutical formulations to ensure effectiveness, stability and palatability of drugs is also fueling demand for veterinary excipients. For instance, preservatives are required in multi-dose formulations to prevent microbial contamination while extending shelf life. Solubilizers and surfactants are added to enhance absorption and bioavailability of APIs. Enhanced veterinary formulations are improving treatment outcomes which is supporting market growth.
Segment Analysis:-
The veterinary excipients market can be segmented into fillers, diluents, binders, coatings, disintegrants, and lubricants. Among these, fillers dominated the market in 2022, accounting for over 30% share. Fillers are widely used in capsules and tablets as they increase the bulk weight of formulations required for commercialization. Their use allows for accurate weight and volume consistency in formulations. Major fillers used include lactose, mannitol, sorbitol, and microcrystalline cellulose.
PEST Analysis:-

• Political: Regulations governing the use of excipients in veterinary medicines are well defined by authorities like FDA, EMA, and others to ensure safety. This provides regulatory stability.
• Economic: Rising animal healthcare spending per pet along with growing meat consumption is improving the economic prospects of the veterinary excipients market.
• Social: Increasing pet ownership and humanization of pets is expanding the market size for various veterinary medical services and products.
• Technological: Continuous R&D is aiding the development of excipients specifically tailored for veterinary oral solid dosage forms through improved properties like taste masking and controlled/sustained release.

Key Takeaways:-
The Global Veterinary Excipients Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period of 2023 to 2030, due to increasing pet population and expenditure on pet care. The market size for 2023 is estimated to be US$ 259.76 Mn.
North America is expected to remain the largest as well as the fastest growing regional market during the forecast period due to rising livestock population in countries like the US and prevalence of major players. Europe is also projected to register significant growth owing to increasing meat consumption coupled with stringent regulations regarding animal welfare.
Key players operating in the veterinary excipients market are BASF SE, Croda Health Care, JRS Pharma, Lipoid GmbH, Azelis, U.K. Vet Chem, Gattefoss, Synergy API, Anzchem, and Vantage. Major players are focusing on expanding their regional presence and capabilities in veterinary excipient development through collaborations and acquisitions.
 
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