The global animal antimicrobials and antibiotics market size is expected to reach US$ 6830.2 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 4.7% CAGR between 2019 and 2029. According to the report, the rising demand for animal protein product will stoke growth in the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
The increasing demand for livestock products will aid the expansion of the market. Also, rising awareness about various diseases threatening animals is aiding in the growth of this market. However, the use of in-feed enzymes and stringent regulations are limiting the growth of this market. The increasing demand for pets and their spending towards health insurance is creating growth opportunities for the market.
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It includes in-depth insights into the animal antimicrobials and antibiotics market. Some of these are:
- The estimated value of the market was at US$ 4314.9 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, North America has emerged as a key market for animal antimicrobials and antibiotics.
- Europe and Asia will remain steady as key markets for animal antimicrobials and antibiotics.
- Due to sudden outbreak of Coronavirus worldwide it will hamper the growth of the market.
- Consumers are now focusing more on sanitization and cleanliness in their daily routine and more inclined towards health even of the pets due to this outspread. This is likely to fuel the demand for animal antimicrobials and antibiotics in the market
- Key players are likely to focus on product innovations and business collaborations to stay relevant in developed markets.
“The rising incidence of various diseases among animals, rising livestock population and favourable economic conditions of emerging markets such as China, India, and Brazil, are driving the market for animal antimicrobials and antibiotics.,” said a lead analyst at FMI.
Increasing Use of Milk, Meat and Related Animal Products Worldwide will Surge the Growth of the Market
The rising global demand for milk, meat, and other animal products is aiding growth of the market. The rising demand for a variety of meats diet and the rapid adoption of Western eating habits across the globe are fuelling the demand for animal antimicrobials and antibiotics across the globe. Factors such as increasing animal population, rising demand for animal-derived food products, increasing incidence of zoonotic diseases, implementation of regulations for preventing the spread of animal diseases, and rising demand for pet insurance and growing animal health expenditure are key factors driving the global animal antibiotics and antimicrobials market.
Who is Winning?
Some of the leading players operating in the animal antimicrobials and antibiotics market are Bioniche Animal Health, Fort Dodge Animal Health, Bayer Animal Health, Elanco Animal Health, Ceva Sante Animale S.A., Merck Animal Health, Virbac Animal Health, Zoetis, Inc., Merial, Phibro Animal Health Corp., and Novartis Animal Health.
As a result of the rising demand for animal protein products and the rising trend of ownership of pet animals the market will gain impetus. Companies intend to expand their regional footprint through strategic collaborations.
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Get Valuable Insights into Animal antimicrobials and antibiotics Market
Future Market Insights, in its new report, presents an unbiased analysis of the global animal antimicrobials and antibiotics market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. In terms of product, the market can be segmented into penicillins, fluoroquinolones, tetracyclines, aminocoumarin, fusidic acid, phenicols, sulfonamides, aminoglycosides, cephalosporins, bicyclomycin, and macrolides. Based on application the market can be segmented into food-producing animals, and companion animals. Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA