New report finds animal health care market growing quickly
Persistence Market Research has released a new market report, “Global Market Study on Animal Healthcare: Feed Additives to Witness Highest Growth by 2019,” showing the global animal health care market was valued at $27,861.2 million in 2013 and is expected to grow at a CAGR of 7.1 percent from 2014 to 2019, to reach an estimated value of $41,929.1 million in 2019.
Increasing population of companion and production animals is driving the global animal health care market.
The new types of diseases in animals and their transfer to humans via their product consumption and companionship are escalating the animal health care market globally. However, some challenges in the form of regulations have emerged against the excess use of antibiotics in production animals, and legislations and protest of animal activists and institutions against animal research.
The animal health care market is very competitive, with the top 10 players accounting for about three-fourths of the market. The companies are focusing on their research and development activities to produce better pharmaceutical and vaccine products for the existing and newly diagnosed diseases.
Increasing per-capita income level, changing lifestyle, and growing population has increased global meat consumption.
The number of animal farms is also increasing globally due to increasing demand for protein rich food such as meat, eggs and milk. The health care expenditure in such farms has been increasing, due to the growth in animal numbers in the farms and increasing concern for their health.
Feed additives had the largest share among the product segments in the animal health care market. The other two segments included pharmaceuticals and vaccines. While the feed additives market is growing mainly due to the increasing production of animal population, the pharmaceuticals and vaccines segments are being driven by the increasing incidence of animal diseases and increasing concern for animal immunization against diseases.