The Future of Asia-Pacific Animal Health Market

The vaccines will have the highest growth rate, by product type, during the forecast period

Coronavirus has spread across 215 countries and territories and affected more than 4.4 million people, with close to 300 thousand deaths. The pandemic has had considerable social and economic ramifications across a variety of industries and sectors. As of 28 October 2020, there have been 44,235,263 reported cases of COVID-19 (Source: Worldometer) from Africa, Asia Pacific, the Americas, Europe, and Oceania. The virus has resulted in 1,171,288 deaths.

The outbreak of COVID-19 originated from a meat market in Wuhan (China), which has negatively affected the consumption of food products derived from animal sources. In the realistic scenario, it could be assumed that there will be a partial effect of COVID-19 on the APAC animal health market. In this scenario, the major end-user segment for APAC animal health, namely, veterinary hospitals & clinics, animal farms, and homecare settings, are expected to be moderately impacted.

The prevalence of obesity in Asia Pacific ranges from less than 5% in India to 60% in Australia. Although the prevalence in China is a third of that in Australia, the increase in prevalence in China over the last 20 years was 400% compared to 20% in Australia.

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The APAC animal health market is projected to reach a value of USD 22.1 billion by 2025 from USD 15.6 billion in 2020,  at a CAGR of 7.2% during the forecast period. Factors such as the rapid rise in livestock population, increasing awareness about animal health, and rising frequency of animal disease outbreaks are expected to drive the growth of the APAC animal health market.

The APAC animal health market is divided into five countries—China, Japan, India, Australia, and RoAPAC   These are analyzed further at the country levels. The Asia Pacific market is driven primarily by the increasing disposable income, growing awareness about animal health, rising demand of animal derived food products, and growing adoption of companion animals.