The Animal Health is forecast to moderate growth over the next four years. According to the World Knowledge Information (WKI) “Global Animal Health Professional Survey Report 2021, Forecast to 2026”, due to the rising incidence of zoonotic diseases, expenditure on animal health, the increase in the number of pets and the increase in pet insurance, it is expected to promote the growth of the animal health industry market. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 5.8% base on WKI regression analysis model.
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“The lives of animals are equally important, and their health may also affect humans. Market participants must strictly control the safety of products. “said Mia, Senior analyst, Pharma & Healthcare Market Research Center in WKI. “Farmers may over-administer health-care drugs to animals in pursuit of greater production, but this is likely to harm animals and even end food consumers.”
Increasing urbanization and changing lifestyles have brought about changes in food consumption patterns, leading to an increase in global milk and meat consumption. In this regard, animal products have become the basic source of dietary protein. More and more consumers want to obtain high-quality products. In addition, most countries have formulated relevant laws and regulations on animal husbandry safety issues, so this will promote the development of the animal health industry on a large scale. Advances in veterinary healthcare technology have also promoted the development of the market, which is expected to provide future growth opportunities. These advancements include the emergence of efficient information management systems, mobile technology for animal owners, and vaccine libraries. The increase in the number of elderly people and the increase in DINK couples use pets to accompany themselves, which leads to an increase in the number of pets, which also promotes the development of the pet health care market.
Key market participants employ sustainability strategies, such as expanding product portfolio, to gain a competitive advantage. For instance, in April 2019, Merck acquired Antelliq Corp., operational in the field of digital animal identification, traceability, and monitoring solutions. This acquisition helped the former company improve its veterinary vaccines and pharmaceutical solutions portfolio. This WKI market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Animal Health companies that include CevaSantéAnimale, Merck Animal Health, Elanco, Boehringer Ingelheim, Zoetis and others.
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Segmentation of Animal Health Market:
Animal health products mainly include medicines, diagnostic agents, vaccines, feed additives, etc. The feed additives field occupies the highest market share. Mainly due to the continuous advancement of feed additives, including the use of metabolic regulators, enzymes, minerals and probiotics, it is expected to maintain its dominant position throughout the forecast period. Among them, the sales of nutritional additives are better. According to the type, the market is divided into production animals and companion animals. According to the Food and Agriculture Organization, in emerging economies, animal-based foods account for one-third of human protein consumption, thereby increasing livestock productivity, which is critical to meeting the dietary needs of a growing population. These factors cumulatively constitute an important share of the production animal part. According to distribution channels, the market has been segmented into veterinary hospitals and clinics, e-commerce and retail. Veterinary hospitals and clinics dominate the market. The significant share of this part can be attributed to the increasing number of hospital pharmacies, coupled with the large number of procedures due to the frequent adoption of pets for treatment, which supports the growth of this field.
Animal Health Market: Regional Analysis
In terms of geography, the global Animal Health market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Since various government animal welfare organizations have adopted a series of decisive measures, these efforts have been dedicated to improving animal health as a whole, so North America has the largest revenue share in the global market. Due to increased demand for animal protein, increased production, and emphasis on food safety, the United States is likely to dominate the region’s animal health market. The Asia-Pacific region is expected to be the fastest growing regional market during the forecast period. This growth is attributed to a variety of factors, such as consistent R&D investment by well-known companies in the animal health field, as well as increasing awareness of pet nutrition and supply, and rising disposable income levels, which are expected to promote market growth in the region.