Animal Healthcare Market: Introduction
According to the report, the global animal healthcare market was valued at US$ 34.5 Bn in 2020 and is projected to expand at a CAGR of 7.2% from 2021 to 2028. The global animal healthcare market is driven by increase in animal population of both types: companion and production. Companion animals are those, which people tame or adopt for companionship, house/office guards, and production animals are raised for meat and milk-related products.
The animal healthcare market is quite competitive, with the top players accounting for about major share of the market and every company focusing on research & development to produce better pharmaceutical and vaccine products for the existing diseases.
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Increase in Global Consumption of Meat and Milk Drives Market
Changing lifestyle, increase in per-capita income level, and surge in population have led to an increase in meat consumption globally. The demand for protein rich food such as meat, eggs, and milk is rising, which increases the number of animal farms globally. Healthcare expenditure in farms is increasing due to rise in number of animals and growing concern about their health.
According to the Food and Agriculture Organization (FAO) of the United Nations, the global meat production is expected to increase from an estimated 272.2 million tons in 2015 to 341.1 million tons in 2030. In developing countries such as China, India and Brazil, it is expected to rise from an estimated 164.2 million tons to 224.1 million tons during the same period. The demand for animal protein is also rising, resulting in an increased production of milk and eggs.
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Feed Additives Segment to Dominate Market
In terms of product type, the global animal healthcare market has been divided into feed additives, pharmaceuticals, and vaccines. The feed additives segment dominated the global animal healthcare market in 2020 and the trend is projected to continue during the forecast period. The animal-farm owners are expected to include more feed additives in their animal healthcare budget with the purpose of animal nutrition, which fuel the growth of the segment. Increase in restrictions on antibiotics is likely to move sales away from the pharmaceuticals to the feed additives segment.
Production Animals to be Highly Lucrative Segment
Based on animal type, the global animal healthcare market has been classified into production animals and companion animals. The production animals segment dominated the global animal healthcare market in 2020. Increase in meat consumption and booming trade of meat products have led to the rise in the population of production animals globally. This has increased the incidence of zoonotic diseases, which in turn is likely to propel the animal healthcare market during the forecast period.
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Factors such as soaring demand for improved nutrition, particularly animal protein, and increase in focus on food safety for production animals are anticipated to boost the animal healthcare market during the forecast period.
North America to Dominate Global Market
In terms of region, the global animal healthcare market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global animal healthcare market in 2020, followed by Europe. The dominance of these two regions can be attributed to increase in animal population, rise in number of animal diseases, and presence of major players in these regions.
Emerging markets in Asia Pacific hold immense growth potential due to increase in income levels in countries such as India and China, which is leading to a rise in healthcare spending. Moreover, technological advancements, increase in access to health care services, and presence of leading companies are the other factors likely to fuel the market in the region during the forecast period.
The market in Asia Pacific is expected to grow at a rapid pace due to increase in livestock production and animal rearing. Moreover, the fundamental approach of treating and preventing various infections in animals in veterinary facilities augments the market in Asia Pacific.
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Rapid expansion of the market in the region can be attributed to the government initiatives undertaken to improve the health care infrastructure. Increase in population and income levels in China and India are encouraging pet adoption as part of the western culture among the middle- and upper-class population in these countries. This presents opportunities in the animal healthcare market in the region.
The global animal healthcare market is fragmented in terms of number of players. Key players in the global market include Zoetis, Inc., Merck & Co., Inc., MERIAL Limited, Bayer AG, Novartis Animal Health, Inc., Virbac SA, Ceva Santé Animale, Boehringer Ingelheim GmbH, Elanco Products Company, and Vétoquinol SA.
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