Rising awareness for pet health worldwide, increasing demand for livestock derived products, and increasing disposable income of people in emerging economies allowing people to spend on animals coupled with the rising prevalence of zoonotic diseases are the major factors which have driven the animal health market globally.
According to Ken Research The global animal health industry is one of the most thriving industries in the world. Over the past decade, the concept of animal health has gained major importance especially the health of farm animals, owing to the growing awareness of linkages that exist between animal health, human health, and safety. The livestock owners have started to display a keen interest in ensuring that proper care is being provided to their cattle. Factors such as inclining demand from consumers for safe and healthy food along with increased government pressure to build newer systems for animal health management has been leading the growth in demand for farm animal health products in this industry.
Lifestyle and preferences of consumers has experienced a shift as displayed by increasing rate of pet adoption across many regions including North-America, Europe and Asia. This change in lifestyle has been majorly guided by gradual improvement in economic conditions of countries. Pet owners worldwide have begun to regard their pets as a member of their family than just domestic animals. Additionally, people are now increasingly taking keen interest in the diet, health, and grooming of their beloved pets. In 2015, around 77.8 million dogs lived as pets in and around 65% of the US households owned pets and around USD 60 billion were spent on pets in US alone. Similarly in Australia, there were more than 25 million pets in 2013, with around 7.6 million household home to pet. UK also recorded high population of pet with one in every two household home to pet with around 20 million pets excluding fish in 2015. Moreover, the emerging economies have also come forward with increasing number of pet adoptions. In India, approximately 600,000 pets are adopted every year and pet products market was reported to grow at a CAGR of more than 20%. China also recorded to have registered 100 million pets in 2015. All these statistics clearly explain the increased adoption of pets consequently leading to increase in animal health products, According to Ken Research.
In 2015, on the basis of species, Livestock segment dominated the animal health market. Rising consumption of meat globally is the major factor which is responsible for high demand for animal health products among livestock animals. Companion animals followed livestock animal market owing to increasing trend of keeping pets especially in emerging economies coupled with the rising awareness among pet owners about the well being of animals. Dogs and cats segment dominated the companion animal health market attributed to the fondness of people towards these animals and their friendly nature.
The report titled “Global Animal Health Market Forecast to 2020 – Inclining Pet Adoption and Awareness among Animal Husbandry Farmers to Boost Animal Health Market” provides a comprehensive analysis of the animal health market. The report includes the market share contributed by the sales of livestock, companion animals and other animal health products globally for maintaining wellbeing of animals. Further, the market in the study is also differentiated by products which include parasiticides, biologicals, feed additives, and anti-infectives. The market is also segmented by five geographical regions across the globe – North America, Europe, Asia Pacific, Latin America, and Rest of the World. The stakeholders of this report includes the animal health market players, wholesalers, group purchasing organizations, companies involved in research and development activities, and the new entrant who wish to invest in animal health market in future, According to Ken Research.
Key Products Mentioned in the Report
Parasiticides, Ectoparasiticides, Endoparasiticides, Endectocides, Biologicals, Vaccines, Antisera, Feed Additives, Anti Infectives, Marbofloxacin, Beta Lactams
Key Market Players Covered in the Report:
Zoetis, MSD Animal Health, Merial, Elanco, Virbac, Vetoquinol, Bayer AG, Boehringer Ingelheim, Ceva Sante Animale