Global Animal Health Market Projected to Grow Above USD 87.07 Billion by 2026

21-Apr-2021 | Facts and Factors

Facts and Factors have published a new market research report on the global animal health market. As per this report, the global animal health market was valued at USD 48.56 Billion in 2019, and it is further expected to generate revenue of around USD 87.07 Billion by end of 2026. This market is anticipated to witness a CAGR of around 8.7% between 2020 and 2026.

Due to animal mass slaughter, trade inhibits, and subsequent disease extermination attempts, animal disease outbreaks will cost the country millions of dollars. Animal health monitoring and epidemic prevention are critical to the economy and the protection of the country's food supply. Good livestock production contributes to a secure food supply and affordable consumer prices.

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Browse the full “Animal Health Market By Animal Type (Companion and Production), By Product (Diagnostics, Feed Additives, Pharmaceuticals, Vaccines, and Others), By Distribution Channel (E-commerce, Retail, and Hospital Pharmacy), By End-Use (Reference Laboratories, Veterinary Hospitals & Clinics, Point-Of-Care Testing/In-House Testing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/animal-health-market.

A huge increase in global consumption of protein food, as well as an increase in the incidence of zoonotic and food-borne diseases, is driving the market. Companies have been spurred to develop new vaccines and pharmaceuticals as a result of the exponential increase in disease prevalence. As a result of the high demand, there has been a rise in the number of companies making consistent efforts to manage pathogen contamination threats and food-borne diseases, which is helping to drive market growth. Furthermore, the overall demand is expected to be influenced by the increasing number of government measures to support animal health products. Increased production of animal-based food items would result in dramatic price reductions, allowing for quick access to nutritious food. Technological advances in veterinary health care are also driving the industry, and this is expected to provide potential growth opportunities.

Air quality affects animal health and disease. The beneficial effect of eliminating toxins from the air, in turn, is linked to air quality. Moreover, because of rapid technological advances and increased research and development in the veterinary pharmaceutical industry, the animal health industry is thriving. Data generated in veterinary clinics can then be released on the internet and communicated with other practitioners and researchers combined with advanced technological systems. This innovation also assists in the study of variations in disease incidence in real-time.

Demand for Animal-Derived Foods Is Growing

South Asia, according to the FAO, is one of the main dairy-producing regions, accounting for 20–25 percent of global milk output in 2019. India was the largest producer and user of milk in this country, followed by China and Pakistan. Meat consumption in India was estimated to be over 3.9 million metric tons in 2020, with a projected increase to 145.7 million metric tons by 2030.

In 2019, China had the highest share of total beef, pork, and livestock consumption of meat in the Asia Pacific region. By 2030, the global consumption of animal-derived packaged foods is expected to rise.

Companion animal ownership has increased steadily in recent years, particularly in emerging economies such as China and India. Pet ownership is on the rise in these countries, thanks to rapid urbanization and rising disposable incomes. In these countries, many pet owners are now prepared to spend more on companion animals, especially healthcare services.

The livestock markets in these countries are thriving. According to a Dairy Tech India post, India is on its way to become the world's second-largest poultry market, with annual growth of over 14%. India produces the most milk in the world. China leads the world for pork consumption, according to the US Meat Export Federation. Pork consumption grew from 28.3 kilograms per person in 2012 to 34.2 kilograms per person in 2019.

The Asia Pacific market is primarily driven by rising disposable income, increased understanding of animal welfare, increased demand for animal-derived food items, and increased adoption of companion animals.

COVID-19 Impact on the Global Animal Health Market

Coronavirus has infected over 4.4 million people in 215 countries and territories, resulting in nearly 300,000 deaths. The outbreak of COVID-19 began in a meat market, and it has had a negative impact on the consumption of animal-based foods. In a realistic scenario, it's possible that COVID-19 will have a limited impact on the animal health market. The largest end-user category for animal welfare, veterinary hospitals and clinics, livestock farming, and homecare environments, are projected to be significantly impacted in this scenario. This may be due to a lack of trade and transportation controls, which are intended to expand steadily in 2020 as most countries' trade ties return to relatively close.

North America Region Dominates the Global Animal Health Market

Because of the broad variety of definitive initiatives implemented by various government animal protection agencies that are actively striving towards actual improvement in animal health, North America gained the largest sales market share in the global market in 2020. Furthermore, technological advances, an increase in the number of pets, and the growing occurrence of zoonotic diseases are expected to drive market growth in this area. The regional market is expected to be driven by many joint initiatives by major firms to enhance the R&D capabilities and maintain high-quality standards. Furthermore, the bulk of the share can be traced to the region's high disease burden.

Employment, incomes, exports, and taxes are also directly supported by the animal health industry in the United States. Animal health products also help to sustain and enable other sectors, as well as improving the quality of life for millions of people in the United States. Animal health research leads to the production of vaccines and drugs for diseases like cancer, asthma, cardiovascular disease, and arthritis due to high levels of R&D investment.

Report Scope

Report Attribute

Details

Market Size in 2019

USD 48.56 Billion

Projected Market Size in 2026

USD 87.07 Billion

CAGR Growth Rate

8.7% CAGR

Base Year

2019

Forecast Years

2020-2026

Key Market Players

Merck Animal Health, Boehringer Ingelheim GmbH, Ceva Santé Animale, Kyoritsu Seiyako, Vetiquinol S.A., Nutreco N.V., Zoetis, Virbac, Bayer AG, Heska Corp., Elanco, and Others

Key Segment

By Animal, Product, Distribution, End-Use, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Top Market Players

Major players in the market are Merck Animal Health, Boehringer Ingelheim GmbH, Ceva Santé Animale, Kyoritsu Seiyako, Vetiquinol S.A., Nutreco N.V., Zoetis, Virbac, Bayer AG, Heska Corp., Elanco, among others.

The global animal health market is segmented as follows:

By Product:

Animal Type

  • Companion
  • Production

Product

  • Diagnostics
  • Feed Additives
  • Pharmaceuticals
  • Vaccines
  • Others

Distribution Channel

  • E-commerce
  • Retail
  • Hospital Pharmacy

End-Use

  • Reference Laboratories
  • Veterinary Hospitals & Clinics
  • Point-Of-Care Testing/In-House Testing
  • Others

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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