Rising Milk and Meat Consumption Helping in the Growth of the Animal Healthcare Market

Posted on 2019-07-19 by P&S Intelligence in Food & Beverage, Small Business // 0 Comments

Increasing milk and meat consumption and growing incidents of food-borne zoonotic diseases are driving the animal healthcare market across the world. According to P&S Intelligence, the animal healthcare market is projected to generate $42,926.7 million by 2023. Geographically, the market is expected to see the fastest CAGR in Asia-Pacific (APAC) during the forecast period (2018–2023). Country wise, China is predicted to have the highest CAGR globally, followed by India and Brazil.

With the rapid increase in human population, the demand for milk and meat has risen. As the demand for pure milk and meat can only be fulfilled from the animal’s end, it is vital for animals to be completely healthy in order for people to get safe milk and meat.

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The animal healthcare sector comprises products that cater to the medical as well as nutritional requirement of animals. These products majorly consist of medicines, nutritional supplements, vaccines, and drugs. The food consumed by the animals plays an important role in keeping us healthy, as what they eat affects our health indirectly. So, the quality of animal food is of utmost importance, resulting in the requirement of additives.

Feed additives are products that are used to improve the quality of animal food. It a kind of food supplement given to animals that are unable to get enough nutrients from the provided meal. These include vitamins, antioxidants, amino acids, antibiotics, and feed enzymes. Pharmaceutical companies, such as Técnica Ganadera SL (TEGASA), Nutriad International, and Prinova Europe Limited, prospered in the historical period by offering feed additives.

With an increase in incidents of diseases in animals, there has been a rise in the production of medicines. Every year, a lot of animals are diagnosed with diseases, the most common being melioidosis, Nipah virus (NiV) infection, bluetongue, and porcine reproductive and respiratory syndrome (PRRS). Pharmaceutical companies operating in the animal healthcare market are actively participating in the development of medicines or vaccines that help in treating such diseases. For instance, Elanco Animal Health launched its Prevacent PRRS vaccine in 2018.

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Veterinary hospitals, pharmacies and drug stores, veterinary clinics, and others are the various distribution channels for drugs and other animal health products, among which veterinary hospitals contributed the largest revenue share (39.0%) to the animal healthcare market in 2017. Apart from introducing new drugs and vaccines, the key players are also focusing on mergers, acquisitions, and partnerships to fulfill the rising demand and increase their profits.

Therefore, we see that while the animals will benefit from new and advanced healthcare products, the market players will prosper due to the domain growth.

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