Animal Health Market at CAGR of 8.5% to hit USD 99 Billion by 2028
Research Reports
Mar 21, 2022
The Animal Health Market size is projected to reach USD 99 Billion by 2028 at 8.5?GR during the forecast period (2021–2028). Increased prevalence of Zoonotic disease and the advent of e-commerce platforms have facilitated the growth of virtual stores and animal health care services. Numerous non-profit organisations have stepped forward in recent years to educate the public on proper animal care. This element has contributed to the market’s overall rise in recent years. The growing popularity of internet retailers, their ease of accessibility, and cheaper products all contribute to the increased demand for pet-related items. In recent years, both established and rising market companies have expressed a desire to boost their investment in R&D development in the market.
Increased government initiatives in nations such as Europe and the United States are creating profitable chances for the animal health market’s overall growth. Several NGOs are applying their principal objective to provide adequate financial support for animal farms and to provide suitable care for sheltered animals and saved cattle. These factors also contribute to the market’s overall growth in developing countries.
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Rapid urbanisation and rising disposable money have prompted a sizable population in various nations to adopt animals. In recent years, the total expense of pampering pets has climbed dramatically. Due to social media and other circumstances, the need for emotional support and growing concern for pets and animals has increased.
Veganism’s growing popularity and moves toward vegetarianism are cited as important restraints on the animal health market’s growth. Globally, growing health concerns about the effects of an unhealthy diet and a high-fat diet have prompted a large population to adopt a vegetarian diet. These issues are believed to be the key restraint on the market’s growth.
Segmental Analysis
The Global Animal Health Market has been categorised by animal type, product, administration route, and channel of distribution.
The market has been categorised by animal type into farm animal and companion animal.
The market has been segmented by product into medications, vaccines, and feed additives.
The market has been divided by method of administration into oral, parenteral, topical, and others.
The market has been categorised by distribution channel into veterinary hospitals & clinics, retail, e-commerce, and others.
According on animal type, the farm animal segment is predicted to dominate the animal health market.
Regional Overview
The Americas are expected to dominate the market throughout the projection period, owing to increased demand for animal protein, technological advancements, and a focus on food safety. Additionally, rising pet ownership and greater medicalization of pets will drive the market’s growth throughout the projection period.
Europe has had a considerable impact on non-European countries through its stringent rules for the protection of agricultural animals, fisheries, domestic animals, and cattle. Their standards focused on slaughtering animals and shipping them to other locations. They do, however, have generic criteria for the protection of wildlife and laboratory animals.
On the other side, the Canadian government has enacted significant standards to safeguard animal health. The government initiatives include educational sessions that inform cattle owners about the agricultural industry’s challenges, scientific investigations to identify potential gaps in animal welfare, and inspections of dairy farms to ensure they are complying with regulations regarding cleanliness, water facilities, and appropriate animal housing, among other things. These activities have contributed to the region’s overall growth in the animal health business.
Competitive Dynamics
Some of the key players in the global animal health market are Bayer AG, Boehringer Ingelheim GmbH, Ceva Sante Animale, Elanco, Eli Lilly, Merck Animal Health,Nutreco N.V., Vetiquinol SA, Virbac, Zoeti, and others.
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