Animal Health Market Share is Estimated to Witness Healthy Valuation of USD 75.02 Billion at a 7.6% CAGR by 2030

Animal Health Market Research Report Information by Animal Type (Farm Animal, Companion Animal), by Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral, Topical), Distribution Channel (Veterinary Hospitals & Clinics, Retail, E-Commerce), and by Region (North America, Europe, Asia-Pacific, Middle East, and Africa)—Forecast till 2030

The animal health market size was valued USD 35.9 billion in 2021 and is projected to reach USD 75.02 Billion by 2030 at 7.6% CAGR during the forecast period 2022-2030.

Competitive Analysis

The key market players are Merck & Co., Inc. (US), Boehringer Ingelheim International GmbH (Germany), Chanelle Pharma (Ireland), Ceva (France), Nutreco N.V. (Netherlands), Vetoquinol SA (France), Virbac Group (France), Zoetis Inc. (US), Heska Corporation (US), Elanco (US).

Market Outlook

Online veterinary clinics and pet supply stores have become increasingly popular in response to the rise of zoonotic diseases and the proliferation of e-commerce sites. Many charitable groups have surfaced in recent years to spread the word about animal welfare. This has contributed to the expansion of the global animal health industry in recent years.

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The rise in demand for pet supplies may largely be attributed to the proliferation of online pet supply retailers, the convenience of their extensive product selection, and their competitive pricing. In recent years, both established and new competitors in the industry have signaled a willingness to raise their R&D spending.  The development of information systems and the spread of new technologies have also contributed to the rise of the animal health sector.

Demand for animal healthcare goods is predicted to rise as a result of rising public concern about animal health, more restrictions, and a greater emphasis on preventing epidemics that may have their origins in animals. These reasons are driving rapid expansion in the global veterinary healthcare industry.

Fast-growing cities and improved economic conditions in many nations have resulted in a surge in pet adoption. The total amount spent on doting on pets has gone up by a huge margin in recent years. Social media and other reasons have raised the demand for emotional support and the number of people concerned about the welfare of pets and animals.

Market Segmentation

Based on Vaccines, the market is segmented into Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Other Vaccines.

Based on Feed Additives, the market is segmented into Amino Acids, Binders, Vitamins, Minerals, Feed Acidifiers, Other Feed Additives.

Based on Growth Promoter, the market is segmented into Acidifiers, Hormonal Growth promoters, Prebiotics & Probiotics, Feed Enzymes, Phytogenics, Other Growth Promoters, Other Pharmaceuticals.

Based on Animal Type, the market is segmented into Food-Producing Animals, Companion Animals.

Based on End-User, the market is segmented into Veterinary Hospitals & Clinics, Animal Farms, Homecare.

Browse In-depth Market Research Report (178 Pages) on Animal Health: https://www.marketresearchfuture.com/reports/animal-health-market-7163

Regional Analysis

In 2022, North America’s share of the animal health industry’s total income was over 30 percent, making it the industry’s undisputed global leader. The government and animal welfare organizations have taken a variety of concrete steps toward improving animal health, and this is a major contributing factor. The demand in this region is expected to increase as a result of several joint initiatives by large corporations to improve their R&D skills to guarantee high quality standards.

The animal health market in Asia and the Pacific is forecast to grow at a healthy CAGR of approximately 10% over the next few years. Consistent R&D investments by major companies in the animal health industry and their efforts to launch branded and generic treatments at very low prices are seen to be the driving force behind the region’s significant growth. The skyrocketing expansion may be attributed to a combination of factors, including rising consumer awareness and spending on pet food and supplies.

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