The global animal health market is predicted to touch USD 38,500 million at a 5.7% CAGR over the forecast period (2018-2023), states the latest Market Research Future (MRFR) report. Animal health, simply put, is a branch of veterinary science that deals with monitoring and treatment of animal disease. It plays a crucial part in the safety and economy of the food supply of the country.
Various factors are propelling the animal health market growth. Some of these factors, according to the Market Research Future report, include rising pet insurance, increasing incidences of zoonotic diseases, growing pet population, and rising expenditure on animal health. Additional factors pushing market growth include rising pet ownership, increasing emphasis on food safety, improvement in productivity, rapid technological advancements, rising focus on animal welfare, and rising R&D activities in the veterinary industry. Moreover, the rising popularity of animal participation in sports such as team events, one-on-one, and racing, fighting, and hunting is increasing the need for best performance of animals in different sports activities that in turn is propelling better animal health care and pushing market growth.
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Market Segmentation
The MRFR report offers a wide segmental analysis of the animal health market on the basis of distribution channel, route of administration, product, and animal type.
Based on animal type, the animal health market size is segmented into companion animal and farm animal. The farm animal segment is again segmented into sheep and goats, cattle, swine, poultry, and others. The companion animal segment is again segmented into equine, cat, dog, and others. Of these, the companion animal segment will have the largest share in the market over the forecast period.
Based on product, the animal health market is segmented into feed additives, vaccines, and pharmaceuticals. The pharmaceuticals segment is again segmented into analgesics, anti-inflammatory, anti-infectives, parasiticides, and others. The vaccines segment is again segmented into inactivated vaccines, recombinant vaccines, DNA vaccines, live attenuated vaccines, and others. Of these, the vaccines segment will dominate the market over the forecast period.
Based on route of administration, the animal health market is segmented into topical, parenteral, oral, and others.
Based on distribution channel, the animal health market is segmented into retail, e-commerce, hospitals and clinics, veterinary, and others. Of these, the e-commerce and retail segment will lead the market over the forecast period.
Key Players
Leading players profiled in the animal health market report include Zoeti, Virbac, Vetiquinol SA, Merck Animal Health, Nutreco N.V., Eli Lilly, Elanco, Ceva Sante Animale, Boehringer Ingelheim GmbH, and Bayer AG, among others. Key players have used different strategies to strengthen their position in the market such as product launch and innovations, expansions, partnerships, mergers and acquisitions, research and development activities, and more.
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Email: [email protected]Animal Health Market
The global animal health market is predicted to touch USD 38,500 million at a 5.7% CAGR over the forecast period (2018-2023), states the latest Market Research Future (MRFR) report.
Animal health, simply put, is a branch of veterinary science that deals with monitoring and treatment of animal disease.
Some of these factors, according to the Market Research Future report, include rising pet insurance, increasing incidences of zoonotic diseases, growing pet population, and rising expenditure on animal health.
Additional factors pushing market growth include rising pet ownership, increasing emphasis on food safety, improvement in productivity, rapid technological advancements, rising focus on animal welfare, and rising R activities in the veterinary industry.
Moreover, the rising popularity of animal participation in sports such as team events, one-on-one, and racing, fighting, and hunting is increasing the need for best performance of animals in different sports activities that in turn is propelling better animal health care and pushing market growth.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/7163Market SegmentationThe MRFR report offers a wide segmental analysis of the animal health market on the basis of distribution channel, route of administration, product, and animal type.Based on animal type, the animal health market size is segmented into companion animal and farm animal.
The farm animal segment is again segmented into sheep and goats, cattle, swine, poultry, and others.
Animal Health Market: Information by Animal Type (Farm animal, Companion animal), Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral), Distribution Channel (Retail, E-Commerce)-Forecast till 2028Animal Health Market -OverviewThe intensification in the usage of veterinary services is appraised to push the animal health market in the impending period.
A 5.7% CAGR is estimated to define the development in the market.The care taken on pets has improved considerably in the past few years, and this is estimated to fuel the veterinary medicine market.
Also, the availability of pet insurance is estimated to guide the animal health market share.Segmental Analysis The segmental investigation of the animal health market has been conducted on the basis of the route of administration, product, animal type, and distribution channel.
Based on the regions, the animal health market has been segmented into Africa, Europe, Asia Pacific, the Middle East, and North America.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/7163 Detailed Regional Analysis The regional insight into the animal health market includes Africa, Europe, Asia Pacific, the Middle East, and North America.
Furthermore, the rising pet ownership and amplified medicalization for pets also fuelling the growth of the market in the forecast period.
The Asia Pacific region is anticipated to be benefited from the rise in the number of animal welfare programs.
The Animal Health Market is projected to reach a value of USD 22.1 billion by 2025 from USD 15.6 billion in 2020, at a CAGR of 7.2% during the forecast period.Factors such as the rapid rise in livestock population, increasing awareness about animal health, and rising frequency of animal disease outbreaks are expected to drive the growth of the APAC animal health market.However, restrictions on the use of parasiticides in food-producing animals, shift toward vegetarian diets, and the rising cost of storage of animal vaccines are expected to restrain the growth of this market.To know about the assumptions considered for the study, Request for Free Sample ReportAPAC animal health Market DynamicsDrivers: Rising demand of animal-derived food products According to FAO, South Asia is one of the major regions for dairy production and accounted for 20–25% of the global milk production in 2019.
In this region, India was the largest producer and consumer of milk, followed by China and Pakistan.
In 2020, the consumption of meat in India was found to be over 3.9 million metric tons; by 2030, this is expected to increase to 145.7 million metric tons.Restraints: Shift towards vegetarian dietThere is a significant rise in the prevalence of obesity and other chronic disorders.
The prevalence of obesity has increased more than twofold since 1980.
According to a journal published by Development Asia in 2018, two of five adults in the Asia Pacific region are found to be overweight or obese, and it is considered to be home to the largest absolute number of obese people, about 1 billion.To know about the assumptions considered for the study, download the PDF brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=106215485Opportunities: Lucrative growth opportunities in India an ChinaOver the last few years, companion animal ownership has experienced steady growth, especially in emerging markets such as China and India.
Rapid urbanization and growing disposable incomes are some of the key factors driving pet ownership in these countries.
