Homeopathic Veterinary Medicines Market: Introduction
According to the report, the global homeopathic veterinary medicines market was valued over US$ 100 Mn in 2020. It is projected to expand at a CAGR of ~5% from 2021 to 2031. 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.
Europe held a major share of the global homeopathic veterinary medicines market in 2020. Europe, being home to several key players of the market, is a prominent market for homeopathic veterinary medicines. High acceptance and usage of superior quality homeopathic veterinary medicines, feed additives, and vaccines are major factors fueling the growth of the homeopathic veterinary medicines market in the region.
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Moreover, high investments by farmers in health management of livestock, especially feed additives and vaccines, have fueled the homeopathic veterinary medicines market in Europe. The homeopathic veterinary medicines market in Asia Pacific is expected to expand at a high CAGR of 6.1% from 2021 to 2031. Rapid increase in per capita income and high expenditure on animal products are estimated to boost the homeopathic veterinary medicines market in Asia Pacific.
Increase in Demand for Complementary and Alternative Medicine (CAM) Globally to Drive Market
According to research studies, the use of complementary and alternative medicine (CAM) has increased over the previous decade. Homeopathy is an alternative or supplemental medicine (CAM). This implies that homeopathy differs significantly from therapies used in mainstream Western medicine. In 1810, German physician Samuel Hahnemann created homeopathy, and the therapy of ailments using around 3,000 homeopathic medicines was based on a golden principle known as “Like cures like” (similia similibus curentur). This technique encourages the body to recover itself by boosting the immune system.
Remedies are made from a variety of plants, animal components, and minerals, and are tailored to the specific needs of each animal. People have begun to take their dogs to holistic veterinary professionals for help in the past few years, with a variety of illnesses and disorders, including chronic concerns such as digestive troubles, skin irritations, arthritis, and respiratory concerns.
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Homeopathic medicine may also be used to treat acute diseases such as diarrhea, bites, and stings. Therefore, an increase in preference for homeopathic medicines for veterinary treatment over conventional medicine has been observed, which, in turn, fuels the global homeopathic veterinary medicines market.
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.
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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.
Growth Strategies of Key Players
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.
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