Animal Healthcare Market Projected to Expand at a CAGR of 4.3% Through 2027
Future Market Insights presents a revised forecast of the global animal healthcare market for a 10 year period 2017 – 2027. According to this report titled “Animal Healthcare Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017–2027,” the Animal Healthcare market is anticipated to expand at a CAGR of 4.3% during the forecast period in terms of value. Growing pet humanisation trend and focus on preventive healthcare are expected to drive demand for animal healthcare products such as feed additives, pharmaceuticals, and vaccines.
This report has broadly segmented the Animal Healthcare market on the basis of product type, animal type and region. Based on product type, the global Animal Healthcare market has been segmented into Feed Additives, Pharmaceuticals and Vaccines.
Feed Additives is the Most Lucrative Segment
Feed Additives segment is estimated to dominate the animal healthcare market by product type with 45% value share of the market by 2017 end. Feed additive segment is expected to reach US$ 25,386.9 Mn by 2027 end and will also grow with the fastest CAGR of 4.6% over the forecast period.
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Production Animals Segment Accounts for Higher Demand
Among the animal type segments, the Production Animal segment is expected to dominate the animal healthcare market with 61.8% value share in 2017. Production Animal segment is expected to reach a market value of US$ 35,041.9 Mn by 2027 end and will grow at a CAGR of 4.7% over the forecast period.
North America will Continue to Grow at an Exponential Rate
FMI has analysed the Animal Healthcare market in seven major regions: North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA). North America will dominate the market value share for Animal Healthcare and is expected to reach US$ 18,186.4 Mn by 2027 end. The Western Europe market is expected to be the second largest market followed by APEJ. North America and Europe collectively constitute more than 60% of market share over the forecast period. Japan is anticipated to be least attractive region for animal healthcare market owing to less adoption of pets.
Key Insights on the Animal Healthcare Market
- Demand for animal feed additives and vaccines is increasing in the factory farming industry, due to increasing need for milk, meat and egg production, which in turn is driving the growth of the global animal healthcare market.
- Growing incidences of foot & mouth disease, various flus and zoonotic diseases are affecting the production of farmed animals worldwide. This in turn translates into heavy losses for farm owners and companies.
- Increasing adoption of pets and growing humanisation of pets in developing and developed countries is driving demand for various drugs & vaccines in the companion animal segment
- Over the last decade, various independent entities have emerged as standalone animal healthcare companies to fulfil the ever-increasing demand for feed additives, veterinary drugs and vaccines
- Leading manufacturers are focussing on setting up manufacturing facilities in emerging markets to increase the chances of product movement, as there would be no import-export glitches
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Animal Healthcare Market: Key Players
Key competitors covered in the Animal Healthcare market report are Bayer AG, Boehringer Ingelheim GmbH, Ceva Santé Animale, Eli Lilly and Company, SeQuent Scientific Ltd., Koninklijke DSM N.V., Sanofi Winthrop Industrie, Cargill, Inc., Merck & Co., Inc., Virbac S.A., Zoetis Inc. Major animal feed additive manufacturers include Cargill Inc. (Provimi), Koninklijke DSM N.V., ADM Alliance Nutrition, and Evonik Industries AG.