Animal Health Market Size Expected to Reach USD 99 Billion by 2028 at a CAGR of 8.5%
Animal health market overview
the Animal health market the size is expected to reach USD 99 billion by 2028 at a CAGR of 8.5% during the forecast period (2021-2028). The increased prevalence of zoonotic diseases and the advent of e-commerce platforms have facilitated the growth of virtual stores and animal health care services. Many nonprofits have sprung up in recent years to educate the public about proper animal care. This element has contributed to the overall rise of the market in recent years. The growing popularity of online retailers, their ease of access, and cheaper products all contribute to the increased demand for pet-related items. In recent years, established and rising market companies have expressed a desire to increase their investment in the development of R&D in the market.
Increased government initiatives in countries such as Europe and the United States are creating profitable opportunities for the overall growth of the animal health market. Several NGOs apply their primary objective of providing adequate financial support to livestock farms and providing proper care for housed animals and rescued livestock. These factors also contribute to the overall growth of the market in developing countries.
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Rapid urbanization and the increase in available money have prompted a large population from various countries to adopt animals. In recent years, total expenses for pampering pets have increased dramatically. Due to social media and other circumstances, the need for emotional support and growing concern for pets and animals has increased.
The growing popularity of veganism and its evolution towards vegetarianism are cited as significant restraints on the growth of the animal health market. Globally, growing health concerns about the effects of unhealthy diets and high fat diets have prompted a large population to adopt a vegetarian diet. These problems are considered to be the main hindrances to the growth of the market.
The global animal health market has been categorized by animal type, product, route of administration, and distribution channel.
The market has been categorized by animal type into farm animal and pet.
The market has been segmented by product into drugs, vaccines and food additives.
The market has been divided by mode of administration into oral, parenteral, topical and others.
The market has been categorized by distribution channel into veterinary hospitals and clinics, retail, e-commerce and others.
Depending on the type of animal, the farm animal segment is expected to dominate the animal health market.
The Americas are expected to dominate the market throughout the projection period, due to increased demand for animal protein, technological advancements and the emphasis on food security. Additionally, increasing number of pet owners and greater medicalization of pets will drive market growth throughout the projection period.
Europe has had a huge impact on non-European countries thanks to its strict rules for the protection of farm animals, fisheries, pets and livestock. Their standards focused on slaughtering animals and shipping them to other places. They do, however, have generic criteria for the protection of wildlife and laboratory animals.
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On the other hand, the Canadian government has adopted important standards to protect animal health. Government initiatives include educational sessions that educate livestock owners about challenges in the agricultural industry, scientific surveys to identify potential animal welfare gaps, and inspections of dairy farms to ensure they are Comply with regulations regarding cleanliness, water supply facilities, and appropriate housing for animals, among other things. These activities have contributed to the region’s overall growth in animal health.
Some of the major players in the global animal health market are Bayer AG, Boehringer Ingelheim GmbH, Ceva Sante Animale, Elanco, Eli Lilly, Merck Animal Health, Nutreco NV, Vetiquinol SA, Virbac, Zoeti and others.
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