The world of pet care has been on a continuous transformation and pet parents have come a long way from taking their companion animals to regular check-ups and vaccinations to getting them fancy diet food and wearables. Companion animal health has thus been garnering a lot of attention worldwide. With rising pet population, and expanding pet culture, global companion animal health market is expected to witness a healthy growth outlook in future. A new Fairfield Market Research study states that the market for companion animal health will exhibit notable progress in long term, with the rate of pet ownership seeing a marked rise. Favourable government initiatives taken toward raising the awareness about animal health and welfare will further catalyse market growth, says the report.
However, some of the longstanding challenges prevail as the key barriers to rapid market growth, including high diagnostic costs, expensive surgical treatments, frequently recorded instances of pet product recalls, and the negligibly low rate of pet insurance.
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Nutritional Supplements Sought-after, Vaccines Remain in Demand
As the nutrition intake continues to be a prime area of concern among pet owners, businesses in industry are compelled to pay greater heed to introducing functional food options in the pet food category. Dietary supplements, and nutritional feed additives are thus likely to remain the most in-demand product segments in companion animal health market. Given the growing prevalence of the various diseases among companion animals, the report also foresees an upsurge in demand for medicinal feed additives. Vaccines will continue to be the most sought-after category among therapeutics.
E-commerce Expansion Instrumental to Market Growth
Evolving consumer lifestyles have been allowing individuals to own a pet or two, and generously spend on them. Pet health, food, grooming, accessories, and entertainment have thus been gaining stronger ground across local markets. The e-commerce expansion has however transformed the conventional shopping ways for consumers, adding value to companion animal health market. Globally leading brands in online pet supplies like Petco, Petsmart, and Chewy, and the world’s biggest online retailers like Amazon, and Walmart+ continue to enjoy exceptional profits through proliferating online demand. E-pharmacies like VetRXDirect, and 1-800-PetMeds are also benefiting from the trend of purchasing pet medicines online.
Market in Asia Pacific Reflects Higher Growth Potential
Petpedia’s findings indicate that the US pet industry reached a whopping US$99 Bn in 2020. With the world’s largest pet industry, North America’s lead in companion animal health market prevails. Research suggests that the European market will also be crucial in terms of revenue generation as the key European nations continue to witness escalating pet adoption, and growing awareness and spending on pet care leveraging the government tax relief. Ascending demand for a wide range of veterinary services over the recent past is further expected to work in favour of companion animal health market in Europe. On the other hand, the flourishing pet culture across fast-developing Asian nations is likely to push prospects of companion animal health market in Asia Pacific. The consistently rising rate of pet adoption, and soaring awareness among pet parents about pet care are collectively expected to shape the market here.
Pet supply companies, and pet healthcare providers are projected to discover ample opportunities in the most lucrative Asian markets, i.e., China, India, and Indonesia. While Indian market will particularly gain from its remarkable dairy production, initial findings also indicate higher attractiveness of Japan, and Australia as they represent a favourable social culture, and complementary spending patterns for the development of companion animal health market. Government initiatives around the public education and awareness about adoption and healthcare of pets and other companion animals is likely to be instrumental to companion animal health market in Asia Pacific. Growing awareness regarding zoonotic disease risks, vaccination, and companion animal health surveillance is also expected to elevate growth prospects of companion animal health market.
Global Companion Animal Health Market Competition
Bayer AG, Merck & Co, Zoetis, Ceva Sante Animale, Agrolabo S.p.A, Nutreco N.V. Inc, Virbac, Elanco Animal Health Incorporated, IDEXX Laboratories Inc, Perrigo Company Plc., DRE Veterinary, and C.H. Boehringer Sohn AG & Co. KG constitute some of the major competitors in global companion animal health market.
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