June 26, 2020
According to the research report titled ‘Animal Health Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product; Animal Type, available with Market Study Report LLC, global animal health market size accounted for USD 73,798.33 million in the year 2019 and is predicted to expand with a CAGR of 6.3% during the forecast period, subsequently generating revenues worth USD 119,570.99 million by the year 2027.
Growing demand for protein rich food products along with favorable initiatives by public and private entities towards animal welfare are prime factors fueling the growth of animal health market. Focus towards R&D activities in order to develop innovative animal healthcare products is also aiding the market growth.
Growing population and rising standards of living have increased the consumption of animal based products. In fact, according to Our World in Data, worldwide demand for meat has quadrupled in the past 50 years. Hence, emphasis towards enhancing the production of farm animals in order to meet the escalating demand for protein rich food is stimulating the industry outlook.
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Rapid urbanization and evolving consumer lifestyle have impelled the demand for meat & milk products across the globe. Livestock products have been gaining popularity as a major source of dietary proteins. Additionally, high occurrence of zoonotic diseases is fostering the demand for animal healthcare products. However, high cost as well as complexities associated with animal drug development along with rising concerns regarding counterfeit medicines may hinder the overall market expansion.
As per product type, animal health market is split into prescription and non-prescription. The prescription segment is further classified into diagnostics, feed additives, pharmaceuticals and vaccines. The report states that although the prescription segment accounted for a significant market share in the year 2019, the non-prescription segment is expected to register substantial growth in the forthcoming years.
In terms of animal type, the market is bifurcated into companion animal and production animal, in which the latter segment held a majority market share in 2019. However, companion animal segment is anticipated to witness considerable growth in the subsequent years.
The major companies in global animal health market are Elanco, Virbac, Nutreco N.V., Vetoquinol S.A., Bayer AG, Zoetis Inc., Cargill Inc., Ceva Santé Animale, Boehringer Ingelheim International GmbH and Merck & Co., Inc. among others.