Market Insights on Animal Healthcare covering sales outlook, demand forecast & up-to-date key trends
The global Animal Healthcare Market is expected to be worth US$ 42.3 billion in 2021. The market is expected to increase at a CAGR of 4.3% through 2027, reaching US$ 54.5 billion.
Along with animal health care, the animal feed additive market is expected to grow at a compound annual growth rate (CAGR) of 4.6% through 2027, surpassing a valuation of around US$ 25.3 Bn, whereas the production of animal segment, by animal type, is expected to grow at a CAGR of 4.7%, reaching around US$ 35 Bn by 2027.
Improved animal health is drastically becoming a top priority for people and governments across the world since they have a vital contribution to maintaining the balance of the ecosystem. Billions of dollars are being spent on vaccines, pharmaceuticals, and feed additives every year in order to protect animals from a wide range of diseases.
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Key Takeaways
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Competitive Landscape
Bayer AG, Cargill, Inc., Eli Lilly and Company, Boehringer Ingelheim GmbH, Ceva Sante Animale, Zoetis Inc., Merc & Co., Inc., Virbac S.A., and SeQuent Scientific Ltd. Etc. are some of the key companies profiled in the full version of the report.
Leading market players operating in the global animal healthcare market are constantly increasing in research and development for introducing new products at low costs. Besides this, they are adopting growth strategies such as partnerships, acquisitions, price reduction, and moving towards online platforms to expand tehri global footprint.
More Insights into the Animal Healthcare Market
The global animal healthcare market falls under the seven major regional segments such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA).
North America is leading the global animal healthcare market, accounting for the maximum market share and the revenue is expected to reach US$ 18,186.4 Mn by 2027 end. The Western Europe market is expected to account for the second largest market value share during the forecast period.
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With the rapid expansion of the pet care market and surging demand for animal pharmaceuticals, North America and Europe will collectively constitute more than 60% of the market share over the forecast period.
Asia Pacific region is expected to grow at a phenomenal pace during the forecast period owing to the rising adoption of pets, expansion of the animal feed additives market, and penetration of new veterinary healthcare market entrants in countries like India and China.
On the basis of animal type, the global animal healthcare market has been segmented into production animals and companion animals.
The production animals segment is projected to grow at the fastest CAGR over the forecast period, reaching around US$ 35,041.9 Mn by 2027 end. The companion animals segment, on the other hand, is projected to grow at a CAGR of 3.6% over the forecast period.
Increased focus on protecting both production and companion animals from lethal diseases will continue to push the animal healthcare product sales during the forecast period.
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Market Segmentation
Based on Product Type:
Based on Animal Type:
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Jan 06, 2023