The global animal healthcare market was estimated to be valuedat US$ 42.3 Billion in 2021. The market is likely to grow at a CAGR
of 4.3% through 2027, reaching US$ 54.5 Billion by 2027.
Along with animal health care, the rapid expansion of theanimal feed additive market has also been witnessed with an expected compound
annual growth rate (CAGR) of 4.6% through 2027, surpassing a valuation of
around US$ 25.3 Bn, whereas, the production of animal segment, by animal
type, is expected to grow at 4.7% CAGR, reaching around US$ 35 Bn by
2027.
Improved animal health is drastically becoming a toppriority 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 animal healthcare market 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.
Competitive Landscape
Bayer AG, Cargill, Inc., Eli Lilly and Company, BoehringerIngelheim 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 animalhealthcare market 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 Animal Healthcare Market
The global animal healthcare market falls under the sevenmajor 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 healthcaremarket, 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 surgingdemand 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 phenomenalpace 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 healthcaremarket has been segmented into production animals and companion animals.
The production animals segment is projected to grow at thefastest 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 companionanimals from lethal diseases will continue to push the animal healthcare
product sales during the forecast period.
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