The global homeopathic veterinary medicines market value reached over US$ 101 Mn in 2020 and projected to surpass US$ 202 million by 2030, expanding at a CAGR of 5.1% from 2021 to 2030.
Veterinary homeopathy is gaining popularity, with many doctors and veterinarians throughout the world adopting it. Most veterinarians choose homeopathy, as several animal diseases are chronic and recurrent. The goal of employing homeopathy is to boost an animal’s immunity and cure the ailment at its source. Rise in awareness, technological developments, and increase in demand for complementary and alternative medicine (CAM) are major factors expected to drive the global homeopathic veterinary medicines market during the forecast period.
The report provides an elaborate executive summary, including a snapshot of various segments of the homeopathic veterinary medicines market. It also provides elaborate information and data analysis of the global homeopathic veterinary medicines market with regards to segments based on source of origin, type of animal, distribution channel, and region.
The overview section of the report provides a detailed qualitative analysis of drivers and restraints, and opportunities that impact the global homeopathic veterinary medicines market.
Additionally, the report includes company profiles which provide information about their business, product portfolios, and competitive landscape in the homeopathic veterinary medicines market
The report on the global homeopathic veterinary medicines market offers market attractiveness analysis of the regions and segments.
The last section of the report comprises quantitative and qualitative analysis on market share/position of key players operating in the global homeopathic veterinary medicines market. It analyzes the key competitive strategies adopted by the major industry players, thereby presenting a thorough understanding of the competitive scenario in the global homeopathic veterinary medicines market.
Short Training Courses for Farmers Contribute to Efficient Animal Health Management
The homeopathic veterinary medicines market is projected to cross US$ 202 Mn by 2030. However, there is a need to improve farmers’ knowledge regarding the use of homeopathic medicines and prevention methods. Improvements in observational skills and alternative medicines are emerging as new ways for veterinarians to work with farmers. The changing role of veterinarians on dairy farms is contributing toward the efficient animal health management.
Increased demand from citizens and consumers for better management of livestock health and greater respect for farm animal welfare are translating into revenue opportunities for healthcare stakeholders in the homeopathic veterinary medicines market and veterinarians. Veterinarians are encouraging farmers for short training courses offered by agriculture-related organizations.
Evidence-based Homeopathy Overcome Antimicrobial Resistance Problem in Animals
The stakeholders in the Europe homeopathic veterinary medicines market are gaining awareness about evidence-based homeopathy and veterinary homeopathy & its potential to help overcome the antimicrobial resistance problem in domestic & companion animals.
Physicians and veterinarians Dr. Petra Weiermayer, Prof. Michael Frass, Dr. Thomas Peinbauer, and Dr. Liesbeth Ellinger published a conventional peer-reviewed journal highlighting the importance of evidence-based homeopathy and veterinary homeopathy & its potential to help overcome the antimicrobial resistance problem. Companies in the homeopathic veterinary medicines market are taking cues from such findings to evaluate the potential of homeopathy and phytotherapy for the reduction of antibiotics usage in animals. Such trends have the potential to increase the number of organic farms throughout Europe.
EU Legislation Boosting Importance of Homeopathic Veterinary Medicines
There is a growing preference and awareness about homeopathy and phytotherapy in organic farms as compared to conventional medicines, including antibiotics. The application of these complimentary medical treatments in the sense of integrative veterinary medicine i.e. the combination of complementary and conventional medical therapy procedures is emerging as an innovative and proactive approach.
The guarantee of the EU legislation over the quality and safety of homeopathic medical products is grabbing the attention of stakeholders in the homeopathic veterinary medicines market. Current national laws in Germany, Switzerland, and Austria pertaining to the homeopathic veterinary medicines are translating into revenue opportunities for stakeholders. Moreover, companies in the homeopathic veterinary medicines market are finding out that homeopathy is helping to reduce the dependence on antibiotics.
Plant-derived Veterinary Medicines in High Demand
In terms of source of origin, the global homeopathic veterinary medicines market can be classified into plant-derived, animal-derived, and minerals. The plant-derived segment dominated the global homeopathic veterinary medicines market in 2020, and the trend is projected to continue during the forecast period. Nux vomica is the common name for a homeopathic medication from the Strychnos nux-vomica tree. This natural remedy uses the seeds of the tree as its main ingredient. A 2015 study found that the extract from nux vomica leaves is used for digestive problems, loss of appetite, liver disease, low back pain, and helps clear the side effects from drugs in veterinary homeopathy.
Domestic Animals to Lead Homeopathic Veterinary Medicines Market
In terms of type of animal, the global homeopathic veterinary medicines market has been bifurcated into domestic animals and companion animals. The domestic animals segment accounted for a major share of the market in 2020. The segment is projected to register a significantly high market attractiveness index by 2031. The rapid increase in production of livestock animals to meet the global demand for animal food drives the segment.
Veterinary Clinics to be Major Distributors
Based on distribution channel, the global homeopathic veterinary medicines market has been categorized into retail pharmacies, veterinary clinics, and online pharmacies. The rise in pet ownership has increased the number of companion animal visits to veterinary clinics. This is expected to propel the segment during the forecast period.
Europe to Dominate Global Market; Asia Pacific to Offer Significant Incremental Opportunity
In terms of region, the global homeopathic veterinary medicines market has been divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Europe is projected to account for a leading share of the global homeopathic veterinary medicines market during the forecast period. The increase in expenditure by the population in the well-being of their pets as well as domestic animals propels the homeopathic veterinary medicines market in Europe. According to the European Pet Food Industry Federation, over 75 million households in Europe own a pet each. The number is expected to rise exponentially over the next few years, which is likely to drive the demand for homeopathic veterinary medicines. The homeopathic veterinary medicines market in Asia Pacific is projected to expand at a rapid pace over the next few years. India, China, and Japan are expected to be lucrative markets in the near future, owing to the increase in pet ownership and rise in per capita income of the people in Asia Pacific.
Key players operating in the global homeopathic veterinary medicines market are animalEO, Dorwest Herbs Ltd., Freemans Homeopathy Pharmacy, Goel Vet Pharma, Guna SPA, Helios Homeopathy Ltd., Hivet, Omida AG, CURE WELL HOMOEO PHARMACY, Dr. Reckeweg & Co. GmbH, and Biologische Heilmittel Heel GmbH. These companies engage in research & development activities to develop novel products in order to expand product offerings and customer base.
The Homeopathic veterinary medicines market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Homeopathic veterinary medicines market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Homeopathic veterinary medicines market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Homeopathic veterinary medicines market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Homeopathic veterinary medicines market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Homeopathic veterinary medicines capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Homeopathic veterinary medicines by regions (countries) and application.
In this study, the years considered to estimate the market size of Homeopathic veterinary medicines are as follows:
· History Year: 2017-2020
· Base Year: 2020
· Forecast Year 2021 to 2030
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the Homeopathic veterinary medicines market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the Homeopathic veterinary medicines market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Homeopathic veterinary medicines market.
Market Segments: This part of the report discusses about product, application and other segments of the Homeopathic veterinary medicines market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The study objectives of this report are:
· To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
· Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
· Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
· To define, describe and forecast the market by type, application and region.
· To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
· To identify significant trends and factors driving or inhibiting the market growth.
· To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
· To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
· To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
· To strategically profile the key players and comprehensively analyze their growth strategies.