May 28, 2020

Last year, the global animal health market recorded US$73,798.33 million earnings and is seen to grow at 6.3% in the next seven years valued at US$119,570.99 million by the end of 2027, Globe Newswire reported.

Growth rendering factors such as increasing prevalence of zoonotic diseases, initiatives by governments and animal welfare associations, and an upsurge in need for proteinaceous food, are expected to drive the expansion of overall animal health market over the forecast period. However, high complexity and cost associated with animal drug production, and use of counterfeit medicines might deter the market growth in the upcoming years.

Holistic assessment of the overall business space in terms of individual market shares and sizes, growth rates, technological trends, and other qualitative and quantitative insights have also been drafted in the report along with elaboration of growth opportunities, sales volume, and revenue forecast. Technological trends across different geographies enlisted in the report has also been briefly specified in the given market report.

Increased urbanisation and transformation in lifestyle brings about a modification in patterns of food consumption, thereby leading to an increase in milk and meat consumption globally. In this regard, livestock products have emerged as a basic source of dietary proteins. Moreover, rapid consumption of animal products has urged the livestock industry to adapt to changing food consumption patterns while meeting the expectations of society with improved-quality products.

In fact, South Asia has been witnessing slow yet steady growth in the consumption of animal products, specially milk and poultry meat, meanwhile pork stands as a predominant product consumed in East Asia. However, eggs and poultry meat consumption in China gained momentum in the last decade itself.

According to the statistics by Our World in Data, the demand for meat all across the globe is massively rising over the past 50 years, while the meat production has more than quadrupled. The world now produces over more than 320 million tonnes of meat annually. Besides, in order to meet the demand for protein-rich food, the emphasis has been shifted towards the increasing production of farm animals. However, owing to increased risk of transfer of animal diseases to humans, need for animal healthcare products has gradually subsided at the global level.

Animal health market is potentially segmented into various domains including product, animal type, regions, and a robust competitive landscape.

In terms of the product segmentation, the global animal health market has been bifurcated into prescription and non-prescription products. Prescription segment is further sub-divided into pharmaceuticals, feed additives, vaccines, and diagnostics and had held a major stake in the overall market share, whereas the non-prescription segment is categorised into grooming products, supplements or nutrition, and parasiticides. The report states that non-prescription segment is likely to record substantial gains in the ensuing years.

Considering the animal type, animal health market has been characterised by production animal segment which seized a major portion of the market in 2019, meanwhile the companion animal segment is projected to accrue considerable gains over the forecast period.