Animal Health Market Size Worth $55.2 Billion By 2025 | CAGR: 5.2%
Published Date : 25 / 07 / 17 | Report Format: PDF
The global animal health market is expected to grow at growth rate of 5.2% to reach USD 55.2 billion by 2025.
According to the Centers for Disease Control and Prevention (CDC), more than thousands of people in the U.S. get sick due to zoonotic disease spread between people and animal. In addition, as per the United States Department of Agriculture, an animal disease outbreak can cost million or dollar to the country due to trade halts, and slaughters. Thereby, monitoring animal health as well as preventing disease outbreak has become an important factor over the past few years.
The animal health market is primarily driven by favorable government initiatives and aggressive expansion strategies adopted by key players through mergers and acquisitions. For instance, in March 2017, Merck acquired Vallée S.A. This acquisition was aimed to expand the company’s animal health product portfolio and its presence in Brazil. Similarly, Ceva Santé Animale inaugurated its new European vaccine production facility in July 2017, to increase its animal vaccine production capacity and meet customer demands. On the other side, increasing number of counterfeit medicines hampers the market growth to great extent. These medicines are commercially available at an inexpensive cost and are developed without adequate clinical testing. This will increase the risk of serious side effects in animals, hence restrains the market growth.
- Of the different products, feed additives recorded highest revenue share. Feed additives are categorized into nutritional and medicinal products.
- Growing use of advanced animal feed additives such as enzymes, probiotics, minerals, and metabolic modifiers helped this segment to grow consistently
- Based on the animal type, production animals accounted for the highest (i.e. over 60%) share of the global market. Cattle, poultry, swine, sheep, and fish were considered under this type.
- Of these, poultry accounts for the largest share and also identified as the top investment area by key players owing to the rising demand for poultry products coupled with growing awareness regarding high-quality animal food.
- Companion animals comprise of a cat, dog, and horses. Owing to the rising number of dog owners, the demand for animal therapeutics for this companion is anticipated to increase over the forecast period.
- Regionally, North America accounted for the highest revenue share. Key players such as Zoetis, Merck and Elanco captured significant revenue share of the total North America market. Of these, Zoetis and Boehringer Ingelheim emerged as the leading players with more than 20% revenue share in 2017.
- Aggressive strategies to expand their presence in North America helped these companies to capture significant revenue share. For instance, Zoetis expanded its supply and manufacturing facility in Kalamazoo, Michigan in May 2017. The company aims to enhance its abilities to meet customer demand through such expansions.
KEY BENEFITS OF THE REPORT:
- The report presents a macro and micro-level outlook regarding the industry. Thus, it becomes easy for our clients to perceive the business landscape and take a glimpse of their own standing in it.
- A thorough analysis of relevant statistical data to estimate the market paradigms
- Exceptional understanding of the region and country-specific markets. The report will answer some of the toughest questions regarding the market shares, sizes, forecasts segmentations, and growth specific to the countries.
- Well-designed strategic framework analyzes the market movements including regional expansion, mergers & acquisitions, and new product developments
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
- Feed Additives
MARKET, BY ANIMAL TYPES
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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