The Global Animal Healthcare Industry is on the brink of a remarkable transformation, as it steadily ascends to new heights. According to recent insights, the market is anticipated to reach a value of US$ 40.9 billion in 2023, and this figure is expected to soar to a staggering US$ 62.3 billion by 2033. This incredible growth is driven by a notable compound annual growth rate (CAGR) of 4.3%.
Several key factors are fueling the demand for Animal Healthcare, making it one of the most promising sectors in the global market. One of the driving forces behind this surge is the exponential growth of the Global Animal Healthcare Industry, which was estimated to be valued at US$ 42.3 billion in 2021. The market is projected to maintain its upward trajectory, expanding at a CAGR of 4.3% through 2027 and ultimately reaching US$ 54.5 billion by that year.
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Improved animal health is becoming a top priority for people and governments across the world since they have a vital contribution to maintaining the balance of the ecosystem. Billions of dollars are being spent on vaccines, pharmaceuticals, and feed additives every year in order to protect animals from a wide range of diseases.
Key Takeaways
- Surging demand for animal pharmaceuticals and vaccines will therefore continue to boost the growth of the Global Animal Healthcare Industry during the forecast period.
- A huge variety of pharmaceuticals are being used to treat production and companion animals such as antibiotics, antiparasitics, anti-inflammatories, analgesics, and fertility drugs. Increasing awareness about animal care is set to spur growth in the animal healthcare market.
- The rapid surge in animal healthcare product sales like pharmaceuticals is acting as a catalyst for the growth of the animal healthcare market and the trend is likely to continue in the future.
- The increasing consumption of meat and dairy products, the rising prevalence of foodborne and zoonotic diseases, growing trend of pet adoption across the globe are some of the primary factors fueling demand in the animal healthcare market during the forecast period.
- The account of rising pet adoption rates growing awareness about maintaining the proper health of animals, and surging demand for animal pharmaceuticals for enhancing the immunity system of animals over the last few decades have led to an increase in spending on animals significantly.
- North America and Europe are projected to dominate the animal healthcare market, accounting for more than 60% of the market share and North America alone will command a market value of US$ 18.2 billion.
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Competitive Landscape
Bayer AG, Cargill, Inc., Eli Lilly and Company, Boehringer Ingelheim GmbH, Ceva Sante Animale, Zoetis Inc., Merc & Co., Inc., Virbac S.A., and SeQuent Scientific Ltd. Etc. are some of the key companies profiled in the full version of the report.
Leading market players operating in the Global Animal Healthcare Industry are constantly increasing in research and development for introducing new products at low costs. Besides this, they are adopting growth strategies such as partnerships, acquisitions, price reduction, and moving towards online platforms to expand tehri global footprint.
More Insights into the Global Animal Healthcare Industry
The Global Animal Healthcare Industry falls under the seven major regional segments such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA).
North America is leading the Global Animal Healthcare Industry, accounting for the maximum market share and the revenue is expected to reach US$ 18,186.4 Mn by 2027 end. The Western Europe market is expected to account for the second largest market value share during the forecast period.
With the rapid expansion of the pet care market and surging demand for animal pharmaceuticals, North America and Europe will collectively constitute more than 60% of the market share over the forecast period.
Asia Pacific region is expected to grow at a phenomenal pace during the forecast period owing to the rising adoption of pets, expansion of the animal feed additives market, and penetration of new veterinary healthcare market entrants in countries like India and China.
On the basis of animal type, the Global Animal Healthcare Industry has been segmented into production animals and companion animals.
The production animals segment is projected to grow at the fastest CAGR over the forecast period, reaching around US$ 35,041.9 Mn by 2027 end. The companion animals segment, on the other hand, is projected to grow at a CAGR of 3.6% over the forecast period.
Increased focus on protecting both production and companion animals from lethal diseases will continue to push the animal healthcare product sales during the forecast period.
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Market Segmentation
Based on Product Type:
- Feed Additives
- Pharmaceuticals
- Vaccines
Based on Animal Type:
- Production Animals
- Companion Animals
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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