South America Equine Supplement Products Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Supplements, Application, Distribution Channel
The South America equine supplement products market is expected to grow from US$ 4,743.48 thousand in 2021 to US$ 5,680.69 thousand by 2028; it is estimated to grow at a CAGR of 2.6% from 2021 to 2028.
The South America equine supplement products market is divided into Brazil, Argentina and rest of South America.The growth of the market in the region is estimated due to factors such as rising government support for the research and development activities for veterinary sectors, growing technological advancements that are resulting in various market consolidations, and rising adoption of pet animals across the countries.
In addition, the presence of the various market leaders functioning in the equine supplement products market is projected to influence the market growth during the forecast period.The region holds significant portion of the equine supplement products market at a South America regional level.
The growth of the market is driven increase in awareness about equine health care products, new product launch by market players, surge in government initiatives toward equine health in this region.
In case of COVID-19, in South America, especially Brazil, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of equine supplement products manufacturing activities.Downfall of other healthcare products manufacturing sectors has negatively impacted the demand for equine supplement products during the early months of 2020.
Moreover, decline in the overall supplements manufacturing activities has led to discontinuation of equine supplement products manufacturing projects, thereby reducing the demand for equine supplement products. Similar trend was witnessed in other South America countries, i.e., Argentina, Colombia, Peru, Chile and Ecuador. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
The overall South America equine supplement products market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the South America equine supplement products market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the South America equine supplement products market. A few of the key companies operating in the market are Boehringer Ingelheim International GmbH; Lallemand, Inc.; Plusvital Limited, Purina Animal Nutrition LLC; Vetoquinol SA; Virbac; Zoetis Inc.; and Cargill, Incorporated.