The animal health market is projected 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% from 2020 to 2027.
The growth of the animal health market is primarily attributed to the factors such as increasing incidences of zoonotic diseases, rise in demand for proteinaceous food, and initiatives by governments and animal welfare associations.On the other hand, the use of counterfeit medicines, and high complexity and cost of animal drug development and approval processes are likely to restrain the market growth during the forecast period.
The increase in the R&D activities are to serve significant growth opportunities for the market during the forecast period.
Increased urbanization and changes in lifestyle alter patterns of food consumption and are the major factors leading to the increase in meat and milk consumption, globally.Livestock products have emerged as a primary source of dietary proteins.
With population growth and elevated living standards, rapid growth in the consumption of animal products has forced the livestock industry to adapt to this change and meet the expectations of society with improved-quality products.In addition, in South Asia, there has been a slow, but steady growth in the consumption of animal products, predominantly milk and poultry meat, while in East Asia, pork is the predominant product consumed.
However, in China, the consumption of poultry meat and eggs has increased in the last decade.As per Our World in Data, the global demand for meat is growing: over the past 50 years, meat production has more than quadrupled.
The world now produces more than 320 million tonnes of meat each year. Moreover, to fulfill the demand for protein-rich food, such as eggs, milk, and meat, the global emphasis has shifted over increasing the production of farm animals. However, due to the mounted risk of transfer of animal diseases to humans, the need for animal healthcare products has also surged at the global level.
The animal health market, based on product, is segmented into prescription and non-prescription.The prescription segment is further segmented into vaccines, pharmaceuticals, feed additives, and diagnostics.
Whereas the non-prescription is subsegmented into parasiticides, grooming products, and nutrition/supplements.The prescription segment held a larger share of the market in 2019.
However, the non-prescription segment is estimated to register a higher CAGR in the market during the forecast period.
The animal health market, based on animal type, is further segmented into animal and companion animal.The production animal segment held a larger share of the market in 2019.
Whereas the companion animal segment is estimated to register a higher CAGR in the market during the forecast period.
A few major primary and secondary sources for the animal health market included in the report are Ministry of Agriculture, European Pet Food Industry Federation, Centers for Disease Control and Prevention, Japanese Animal Hospital Association, and World Health Organization.
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By Asia Market Information & Development Company
• Jun 2020
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