Animal Health Market is expected to reach US$ 119,570.99 million by 2027

Published Date: 23 Apr 2020

Report : Animal Health Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product (Prescription and Non-Prescription) and Animal Type (Production Animal and Companion Animal)

Animal Health Market: Key Insights

 

According to our new research study on “Animal Health Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product and Animal Type,” the global animal health market size is expected to reach US$ 119,570.99 million by 2027 from US$ 73,798.33 million in 2019; it is estimated to grow at a CAGR of 6.3% during 2020–2027. The animal health market report highlights trends prevailing in the market and factors driving its growth. The animal health market growth is attributed to a few key driving factors such as increase in the incidences of zoonotic diseases, rise in demand for proteinaceous food, and initiatives by governments and animal welfare associations. On the other hand, high complexity and cost of animal drug development and approval processes may hinder the market growth.

 

North America accounted for the largest animal health market share in 2019 and is expected to continue with a similar trend over the forecast period. The North America animal health market is segmented into the United States, Canada, and Mexico. The market for animal health in the region is expected to grow owing to a wide range of effective measures adopted by government animal welfare organizations, growing technological advancements, presence of numerous animal health centers, rising need for diagnostic techniques to care for animals from various diseases, and an increasing number of pet owners in the countries, among others.

 

Rising Demand for Proteinaceous Food Fueling Global Animal Health Market Growth

Livestock products have emerged as a primary source of dietary proteins due to increased urbanization and changes in lifestyle, leading to the increased consumption of meat and milk. High living standards, growth in the population, and rapid growth in the consumption of animal products have forced the livestock industry to adapt to the change and meet society's expectations with improved-quality products. In addition, in South Asia, there has been steady growth in the consumption of animal products, predominantly milk and poultry meat, while in East Asia, pork is the predominant product consumed. As per Our World in Data, global demand for meat is growing: over the past 50 years, meat production has more than quadrupled. Worldwide more than 320 million metric tons of meat is produced each year. The global emphasis has shifted toward increasing the production of farm animals to fulfill the demand for protein-rich food, such as eggs, milk, and meat. However, due to the mounting risk of animal disease transfer to humans, the need for animal healthcare products has also surged at the global level. Such factors have aided the growth of global animal health market.

 

Animal Health Market: Segmental Overview

 

Product-Based Insights

The global animal health market, based on product, is segmented into prescription and non-prescription. The prescription segment is further sub-segmented as vaccines, pharmaceuticals, feed additives, and diagnostics. The non-prescription segment is further categorized into parasiticides, grooming products, and nutrition/supplements. The prescription segment accounted for a larger share in the animal health market in 2019. However, the non-prescription segment is expected to witness a faster growth during 2020–2027.

 

Animal Type-Based Insights

The global animal health market, based on animal type, is segmented into production animal and companion animal. The production animal segment held a larger share of the market in 2019. However, the companion animal segment is estimated to register a higher CAGR during 2020–2027.

 

Animal Health Market: Competitive Landscape and Key Developments

Merck & Co., Inc; Boehringer Ingelheim International GmbH; Ceva Santé Animale; Cargill, Incorporated; Zoetis Inc.; Bayer AG; Vetoquinol SA; Nutreco N.V; Virbac; and Elanco are among the leading companies in the global animal health market. Several companies are implementing organic strategies, such as products launch and expansions. The global animal health market size is anticipated to flourish with the development of new innovative products by market players. Inorganic growth strategies witnessed in the market were partnerships and collaborations. These growth strategies have aided market players in expanding their businesses, enhancing their geographical presence, strengthen their customer base, and increase the product portfolio.

 

  • In March 2020, Bayer AG launched Care4Pigs initiative in collaboration with the Farm Animal Welfare Education Centre (FAWEC) and the Korean Association of Swine Veterinarians (KASV). Under the collaboration, US$ 11,037 were granted to support innovation aimed at enhancing swine well-being.
  • In February 2020, Zoetis Inc. acquired the Diagnostic Science, a veterinary reference lab business. The acquisition enabled the company to strengthen its service portfolio.
  • In November 2019, Zoetis Inc. acquired ZNLabs, a full-service veterinary clinical reference laboratory company that has a wide network of labs across the US.
  • In September 2018, Boehringer Ingelheim International GmbH launched Semintra 10 mg/ml Oral Solution, to treat feline hypertension in cats. The medicine was available in selected European countries.

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