Animal Health Market

The global animal health market size is expected to grow from USD 36.31 billion in 2020 to USD 49.28 billion by 2026 at a CAGR of 5.2%.

Based on the product, the global animal health market is divided into parasiticides, antimicrobials and antibiotics, vaccines, feed additives/nutritional products, growth promoters, and other pharmaceuticals. The vaccines segment is expected to have the highest growth rate during the forecast period due to the growth of animal-related diseases in Asian countries.

By animal, the global animal health market is divided into food-producing animals and companion animals. By 2020, food-producing animals accounted for the major part of the global animal health market size. A large part of this phase is due to the increase in livestock and the growing demand for animal-derived food products.

By end-user, the market is divided into veterinary hospitals & clinics, animal farms, and homecare. In 2020, the animal farms segment accounted for the largest share in the global animal health market. This is due to a large number of livestock in developing countries in the Asia Pacific, the growing demand for animal feed products, and the increasing numbers of zoonotic diseases.

The global animal health market is divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. These are also analyzed at the country level. The Asia Pacific market is expected to witness the highest growth rate during the forecast period. The regional growth is driven primarily by increased revenue, growing awareness of animal health, increased demand for animal feed products, and increased adoption of associated animals.

The major players of the market are Merck & Co. (US), Boehringer Ingelheim (Germany), Zoetis (US), Elanco (US), and Dechra (UK).

Factors such as the rapid increase in livestock numbers, the increase in animal health awareness, and the increase in the frequency of animal diseases are expected to further the growth of the global animal health market. However, restrictions on the use of parasiticides in food-producing animals, switching to a vegetarian diet, and the rising cost of keeping animal vaccines are expected to hinder the growth of this market.

Coronavirus has spread to 215 countries and territories and has infected more than 4.4 million people, with an estimated 300,000 deaths. The epidemic has had many social and economic consequences in various industries and industries. As of 28 October 2020, there have been 44,235,263 reported cases of COVID-19 (Source: Worldometer) from Africa, Asia Pacific, the United States, Europe, and Oceania. The virus has resulted in 1,171,288 deaths. The actual number of people infected with the disease can be much higher than the official amount, as a large number of cases have no symptoms and are not diagnosed. It can be assumed that there is a dramatic change in the size of the global animal health market. The outbreak of COVID-19 occurred in the meat market in Wuhan (China), which negatively affected the use of animal products derived from animal sources. In reality, it can be assumed that it will have a partial impact of COVID-19 on the global animal health market. In this context, the vast majority of end-users of global animal health, i.e., animal hospitals and clinics, animal farms, and home care settings, are expected to have a moderate impact. This may be due to a shortage of trade and transport restrictions, which are expected to slowly recede in Q4 by 2020 as trade relations in many countries reach almost normal.

According to the FAO, South Asia is one of the largest dairy regions and account for 20-25% of global milk production by 2020. In this region, India has been the largest producer and buyer of milk, followed by China and Pakistan. By 2020, meat consumption in India was found to be more than 3.9 million metric tons; by 2030, this is expected to increase to 145.7 million metric tons.

China had the largest share of pork, beef, and poultry consumption in the Asia Pacific region by 2020. Consumption of animal-based food products is expected to increase by 2030.

There is a significant increase in the prevalence of obesity and other chronic diseases. Therefore, few people switch to a vegetarian diet from a non-vegetarian diet. Obesity has more than doubled since 1980. According to a magazine published by Development Asia in 2018, two in five adults in the Asia Pacific region are found to be overweight or obese and are considered home to older people. the total number of obese people, about 1 billion.

The prevalence of obesity in the Asia Pacific ranges from less than 5% in India to 60% in Australia. Although growth in China is one-third of that in Australia, population growth in China over the past 20 years has been 400% compared to 20% in Australia.

Over the past few years, parallel animal ownership has continued to grow, especially in emerging markets such as China and India. Rapid urbanization and growing lost incomes are some of the key drivers of pet ownership in these countries. Many pet owners in these countries are now willing to spend a lot of money on pet care, especially health care services.

These countries have strong livestock markets. According to an article by Dairy Tech India, India emerges as the world's second-largest poultry market, with annual growth of more than 14%. India is the largest dairy producer in the world. According to the US Meat Export Federation, China ranks first in the world for pork consumption. Pig consumption increased from 28.3 kg per person in 2012 to 34.2 kg per person in 2019.

Prolonged use of certain parasiticides and antibiotics creates parasite resistance, which is a hot topic in the animal health market. Several farmers and pet owners often reduce the number of parasiticides or change the parasiticides used to fight resistance. However, this can be dangerous over time and can lead to the development of many drug-resistant parasites.