Some multinational corporations (MNCs) have diverted their resources to less profitable divisions and prospects which drives the China companion animal health market. Zoetis announced that favourable market conditions, combined with its promotional and instructional initiatives, resulted in higher sales of companion animal products in China during the third quarter of 2020. Pet ownership is also on the rise in the United States. In the future years, this is expected to increase demand for pet medicines and diagnostic products. Pet owners in China spend an average of USD 784.18 each year on their pets, and this trend is expected to continue. This feature, together with industry players' increasing initiatives, is likely to drive market expansion. According to Virbac, the companion animal industry in China had essentially no local competition in 2016, making it a perfect market for the company to enter. Virbac concentrated on driving a direct distribution model to vet clinics in China as part of their expansion plan. With the entry of additional international livestock medicine businesses branching into the pet medicine industry and the release of generics by local companies, competition has grown over time. However, market prospects exist as a result of rising demand for pet treatment choices and rising pet spending. Furthermore, infectious disorders produced by virulent microorganisms can have a significant impact on an animal's quality of life and lifetime. With increased pet health awareness, demand for various preventative treatment options, such as vaccines and medications, is expected to rise. Many veterinarians and physicians advise that pets be screened for infectious diseases once a year. This can help in early detection of communicable diseases, treatment, and potentially the prevention of complicated cases. The rising prevalence of zoonoses, pet health concerns, and market players' product improvements are projected to drive segment growth. The Witness Lepto point-of-care test for acute leptospirosis in dogs was introduced by Zoetis in April 2017.
Region Analysis:
In China, pet ownership is on the rise, resulting in increased demand for veterinary services. Owners have been more concerned about their pets' health and well-being. 70 percent of China's 1.1 million animal clinics are run by families, with the balance being primarily tiny medical institutes. China's enormous market and quick economic development continue to fuel robust growth in the companion animal healthcare market, resulting in continuing advancements. According to the China Pet Products Association, there were 50 million registered dogs in China in 2018, with pet ownership increasing at a rate of 15% per year. To accommodate the demand, pet stores and commercial breeding establishments known as dog farms have sprung up.
Key Development:
· Delvigent will open a new feed additives plant in China in February 2021. The first phase of the state-of-the-art facility has a capacity of 60.000 metric tonnes per year for the manufacturing of feed additives containing short- and medium-chain fatty acids and essential oils, with the capacity to grow to 120.000 metric tonnes per year in the future.
· Evicto, a selamectin-based parasiticide for cats, dogs, kittens, and puppies, was launched by Virbac in February 2020. To prevent environmental flea infestations in areas where the pet has access, Evicto delivers adulticidal, larvicidal, and ovicidal flea protection.
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Segmentation:
The China Companion Animal Health Market accounted for US$ 965.34 million in 2020 and is estimated to be US$ 2871.33 million by 2030 and is anticipated to register a CAGR of 11.50%.The China Companion Animal Health Market is segmented based on Product Type, Animal Type and region.
· Based on Product Type, the China Companion Animal Health Market is segmented into therapeutics and diagnostics.
· Based on the Animal Type, the target market is segmented into dogs & cats, horses, and other companion animals.
Competitive Analysis:
The key players operating in the China Companion Animal Health Market includes Boehringer Ingelheim, Zoetis, Bayer Healthcare, MSD Animal Health (Merck), and Virbac.
