Global Animal Healthcare Market to Expand at 7.1% CAGR due to Rising Populations of Companion and Livestock Animals
Among the regions, North America was the global leader in 2013 with 31.7% share, followed by Europe and Asia-Pacific. North America is expected to retain its leadership by 2019.
New York, United States – July 24, 2015 /MarketersMedia/ —
Persistence Market Research (PMR) has announced a new publication, an analytical research report on the global animal healthcare market. All relevant aspects of the market, such as the market’s drivers and restraints, key trends emerging in the market, and the market’s competitive landscape, are described in detail in the report.The report, titled ‘Global Market Study on Animal Healthcare: Feed Additives to Witness Highest Growth by 2019′, is available for sale on PMR’s website.
The global animal care market is expanding due to the rising demand for both livestock animals as well as companion animals. The market was worth US$27,862 million in 2013 and, at a 7.1% CAGR, is expected to rise to US$41,929 million by 2019.
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Rising demand for a wide variety of meats from all over the world has resulted in growing numbers of livestock of all kinds. Cattle, pork, poultry, and goats/sheep are the major segments of livestock animals. The need to keep these animals healthy, for the purpose of both higher commercial gains and avoidance of zoonotic diseases, has led to rising demand from the global animal healthcare market.
On the other hand, growing disposable incomes in Asia-Pacific, Latin America, the Middle East, and Eastern Europe has allowed many families to purchase pets and other companion animals. While North America and Western Europe have traditionally been the major markets for companion animals, they are on the brink of saturation.Demand from these unexplored regions is thus majorly helping the growth of the global animal healthcare market. Establishment of animal healthcare clinics and centers is on the rise in China and India in particular, leading to enhanced demand for animal care products and services.
The near-universal demand for companion or production animals has also made the competitive landscape of the animal healthcare market fragmented, with the top 10 players in the market accounting for close to 75% of the market. Consolidation through M&As and R&D partnerships is expected to be a major trend in the global animal healthcare market in the years to come.
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The ban on the usage of antibiotics in animal feed in several countries has posed a challenge for the animal healthcare market in recent years. However, the emergence of new animal diseases could counteract the negative effect of the ban and rejuvenate the global animal healthcare market. The notoriety of certain zoonotic diseases such as mad cow disease has further helped the market for animal healthcare products since eradication and further prevention of the diseases helps boost sales of the end product.
The global market for animal healthcare products is segmented into feed additives, pharmaceuticals, and vaccines. All three categories are used on both categories of end users – companion and production animals – which is leading to a steady growth of the animal care market.Among these, the feed additives segment is expected to grow at the highest rate in the forecast period, due to their ease of use.
In terms of geography, the report segments the global animal healthcare market into North America, Europe, Asia, and Rest of the World. The broad regional segments, as well as the major national markets therein, are detailed in the report, to provide a granular overview of the global animal healthcare market. Key national markets studied in the report are the U.S., the U.K., Germany, Italy, France, India, China, Australia, and Brazil.
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