The Middle East and Africa Animal Healthcare Market, by Product Type (Vaccines, Pharmaceuticals, and Feed Additives), by Animal Type Livestock Animals (Bovine, Porcine, Ovine, and Poultry), and Companion Animals (Canine and Feline), by Route of Administration (Oral, Topical, and Parenteral), by Distribution Channel (Veterinary Hospitals & Clinics, Retail Pharmacies, and Online Pharmacies), and by Region (Middle East and Africa), was valued at US$ 3,332.0 million in 2017 and is projected to exhibit a CAGR of 5.5% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.
Increasing demand for animal-based products and increasing government initiatives to provide improved animal healthcare augments the market growth
Increasing demand for animal-based products for dietary use in the Middle East and Africa is expected to propel growth of the market over the forecast period. The significant increase in animal farming in the Middle East and Africa region has led to rising demand for more efficient animal health services for improving food safety. According to the United States Department of Agriculture (USDA), chicken meat production in Saudi Arabia was expected to reach 650,000 MT in 2018 and 700,000 MT in 2019.
Increasing government initiatives to provide improved animal healthcare in the Middle East and Africa region and product approvals for treatment of zoonotic diseases in animals are expected to drive growth of the market. According to the Ministry of Agriculture and Fisheries, Government of Oman, US$ 77.0 Mn was invested for development of one of the biggest vaccine production facilities in Oman to provide veterinary medicines, livestock serum, and vaccines for the treatment and prevention of diseases in animals. The facility is expected to be completed by 2019.
Moreover, increasing product approvals and rising awareness of animal healthcare is expected to boost the market growth. For instance, in January 2017, Elanco Animal Health received FDA approval for Itrafungol for dermatophytosis of cats caused by Microsporum canis.
Browse 48 Market Data Tables and 32 Figures spread through 235 Pages and in-depth TOC on ‘Animal Healthcare Market’- Middle East and Africa Forecast to 2026, by Product Type (Vaccines, Pharmaceuticals, and Feed Additives),by Animal Type Livestock Animal (Bovine, Porcine, Ovine, and Poultry), and Companion Animals (Canine, and Feline), by Route of Administration (Oral, Topical, and Parenteral), by Distribution Channel (Veterinary Hospitals & Clinics, Retail Pharmacies, and Online Pharmacies), and by Region (Middle East and Africa)
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Furthermore, increasing number of livestock animals in Middle East and Africa is expected to drive the market growth. In 2018, according to the Food and Agricultural Organization of the United Nation reports published, over 80% of the global sheep and goat population are present in Africa, Middle East, and Asia Pacific.
Key players in the market are focusing on partnerships and acquisitions to enhance their product portfolio. For instance, in 2018, Boehringer Ingelheim Animal Health collaborated with Kamraan Veterinary Medicine Co. Group, a veterinary medicine wholesaler and retailer in U.A.E, for marketing veterinary medicines. Moreover, in 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.
Key Takeaways of the Middle East and Africa Animal Healthcare Market:
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