Statistics:
The global AnimalHealthcare Market is estimated to account for US$ 61,168.3 Mn in terms ofvalue by the end of 2027
Global Animal Healthcare Market:Drivers
Increasing number of pet andcompanion animals is expected to boost growth of the global animal healthcaremarket over the forecast period. For instance, according to 2017-2018 U.S. PetOwnership & Demographics Sourcebook of American Veterinary MedicalFoundation (AVMF), 38.4% of household in the U.S. owned dogs compared to 36.5%in 2012.
Global Animal Healthcare Market:Restraints
The recent pandemic of COVID- 19,which is reportedly linked to a large seafood and animal market is expected tolead to low consumption of meat, thereby hindering growth of the global animalhealthcare market. For instance, as of March 31, 2020, COVID-19 led to 786, 063cases and 37, 826 deaths, according to Worldometer.
Key Takeaways:
Production Animal market segmentwas valued at US$ 26,374.5 Mn in 2019 and is forecast to reach a value of US$39,159.9 Mn by 2027 at a CAGR of 5.1% between 2019 and 2027. The growth of thesegment is attributed to increasing consumption of meat, milk and other animalbyproducts during the forecast period.
Feed additives segment helddominant position in the global animal healthcare market in 2019, accountingfor 49.2% share in terms of value, followed by pharmaceuticals, respectively.Increasing demand for protein from animal source, along with increasingstrategic collaboration for development of nutritionals products for animals isanticipated to drive the feed additive segment during the forecast period
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Market Trends
Increasing veterinary expenditureper animal in the U.S. is expected to aid in growth of the market. Forinstance, according to 2017-2018 U.S. Pet Ownership & DemographicsSourcebook of American Veterinary Medical Foundation (AVMF), the veterinaryexpenditure per animal in the U.S. was US$ 227 in 2012, which increased to US$253 in 2017-2018.
Increasing demand for specialtyand exotic animals as pets is also expected to aid in growth of the market. Forinstance, according to 2017-2018 U.S. Pet Ownership & DemographicsSourcebook of American Veterinary Medical Foundation (AVMF), the number ofrabbits per 1,000 households in the U.S increased from 1,408 in 2012 to 1, 534in 2017-2018.
Regulations
China
Since 2011, the use ofbeta-agonists such as ractopamine, clenbuterol and salbutamol (growth promotersin swine) is banned in China
Smithfield Foods – the world’slargest pork producer – since its acquisition in 2013 by ShuanghuiInternational Holdings – a China-based company – is focused towardsractopamine-free production of pork
China is the largest consumer ofantibiotics in animal feed. The country lacks proper regulations and guidelinesregarding the usage of antibiotics in the animal healthcare market.
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The country has imposedrestrictions on the import of zilpaterol-fed beef due to concerns about sideeffects related to it
Global Animal Healthcare Market:Competitive Landscape
Major players operating in theglobal animal healthcare market include, Bayer AG, Boehringer Ingelheim GmbH,Cargill, Inc., Ceva Santé Animale, Eli Lilly and Company, Koninklijke DSM N.V.,Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuentScientific Ltd., Virbac S.A., Vétoquinol S.A., and Zoetis Inc.
Global Animal Healthcare Market:Key Developments
March 2020: Cadila Healthcareapproved the transfer of its animal healthcare business on a going concernbasis to its wholly-owned arm Zydus Animal Health and Investments Ltd (ZAHL) aspart of its internal restructuring exercise
2018: Boehringer Ingelheimlaunched LastMile program in partnership with Global Alliance for LivestockVeterinary Medicines (GALVmed) to respond to critical challenges in animalhealth of sub-Saharan Africa region
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