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.
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
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.
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
Scope of the report