Statistics:
The global Animal
Healthcare Market is estimated to account for US$ 61,168.3 Mn in terms of
value by the end of 2027
Global Animal Healthcare Market:
Drivers
Increasing number of pet and
companion animals is expected to boost growth of the global animal healthcare
market over the forecast period. For instance, according to 2017-2018 U.S. Pet
Ownership & Demographics Sourcebook of American Veterinary Medical
Foundation (AVMF), 38.4% of household in the U.S. owned dogs compared to 36.5%
in 2012.
Global Animal Healthcare Market:
Restraints
The recent pandemic of COVID- 19,
which is reportedly linked to a large seafood and animal market is expected to
lead to low consumption of meat, thereby hindering growth of the global animal
healthcare market. For instance, as of March 31, 2020, COVID-19 led to 786, 063
cases and 37, 826 deaths, according to Worldometer.
Key Takeaways:
Production Animal market segment
was valued at US$ 26,374.5 Mn in 2019 and is forecast to reach a value of US$
39,159.9 Mn by 2027 at a CAGR of 5.1% between 2019 and 2027. The growth of the
segment is attributed to increasing consumption of meat, milk and other animal
byproducts during the forecast period.
Feed additives segment held
dominant position in the global animal healthcare market in 2019, accounting
for 49.2% share in terms of value, followed by pharmaceuticals, respectively.
Increasing demand for protein from animal source, along with increasing
strategic collaboration for development of nutritionals products for animals is
anticipated to drive the feed additive segment during the forecast period
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Market Trends
Increasing veterinary expenditure
per animal in the U.S. is expected to aid in growth of the market. For
instance, according to 2017-2018 U.S. Pet Ownership & Demographics
Sourcebook of American Veterinary Medical Foundation (AVMF), the veterinary
expenditure per animal in the U.S. was US$ 227 in 2012, which increased to US$
253 in 2017-2018.
Increasing demand for specialty
and exotic animals as pets is also expected to aid in growth of the market. For
instance, according to 2017-2018 U.S. Pet Ownership & Demographics
Sourcebook of American Veterinary Medical Foundation (AVMF), the number of
rabbits per 1,000 households in the U.S increased from 1,408 in 2012 to 1, 534
in 2017-2018.
Regulations
China
Since 2011, the use of
beta-agonists such as ractopamine, clenbuterol and salbutamol (growth promoters
in swine) is banned in China
Smithfield Foods – the world’s
largest pork producer – since its acquisition in 2013 by Shuanghui
International Holdings – a China-based company – is focused towards
ractopamine-free production of pork
China is the largest consumer of
antibiotics in animal feed. The country lacks proper regulations and guidelines
regarding the usage of antibiotics in the animal healthcare market.
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The country has imposed
restrictions on the import of zilpaterol-fed beef due to concerns about side
effects related to it
Global Animal Healthcare Market:
Competitive Landscape
Major players operating in the
global animal healthcare market include, Bayer AG, Boehringer Ingelheim GmbH,
Cargill, Inc., Ceva Santé Animale, Eli Lilly and Company, Koninklijke DSM N.V.,
Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent
Scientific Ltd., Virbac S.A., Vétoquinol S.A., and Zoetis Inc.
Global Animal Healthcare Market:
Key Developments
March 2020: Cadila Healthcare
approved the transfer of its animal healthcare business on a going concern
basis to its wholly-owned arm Zydus Animal Health and Investments Ltd (ZAHL) as
part of its internal restructuring exercise
2018: Boehringer Ingelheim
launched LastMile program in partnership with Global Alliance for Livestock
Veterinary Medicines (GALVmed) to respond to critical challenges in animal
health of sub-Saharan Africa region
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