South Africa Veterinary Medicine Market Booming Demand Leading To Exponential CAGR Growth by 2028

Posted on 2022-09-22 by researchinsights in Industrial // 0 Comments

South Africa Veterinary Medicine Industry Overview

The South African veterinary medicine market size was valued at USD 116.96 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.1% from 2021 to 2028.

The growing need to safeguard the health of livestock animals, increasing incidence of diseases in animals, initiatives by market participants, and improving awareness regarding animal health are some of the key drivers of this market. In August 2021, MSD distributed 27,000 doses of Bravecto spot-on products for dogs and cats, as part of its #BravectoCares campaign in South Africa. This boosted its market presence while promoting awareness regarding MSD’s products.

The COVID-19 pandemic significantly impacted the South African market for veterinary medicine. The effects included low demand and sales in certain product segments resulting from reduced vet visits, supply chain challenges, reduced sales and marketing activities, and lockdown protocols. Some key market players registered net profits in specific product segments. For example, during its Q3 earnings release, Zoet reported a 13% higher revenue compared to the third quarter of the previous year. This was attributed to its companion animal parasiticide product as well as the company’s key dermatology portfolio. Virbac reported 4.5% growth in Africa and the Middle East region in 2020 mainly owing to the food-producing animal segment, with the sheep and cattle parasiticides range, and antibiotics.

Gather more insights about the market drivers, restrains and growth of the South Africa Veterinary Medicine Market

The rising incidence of disease outbreaks is a key driver for the market. According to OIE, an outbreak of highly pathogenic avian influenza in poultry was reported in South Africa in April 2021. 29,000 poultry birds were identified to be at risk of contracting the disease, which can significantly impact the safety of food stock as well as the productivity of animals. Between July 2020 and December 2020, 14 outbreaks of low pathogenic avian influenza were recorded across the country with cases exceeding 200 birds. The increasing prevalence of similar diseases across animal types is expected to propel the demand for veterinary medicines, such as pharmaceuticals and biologics.

Initiatives by private and public health institutions to promote animal health, such as those undertaken by the Global Alliance for Rabies Control, are also expected to fuel market growth in the near future. The One Health Program was established in South Africa in cooperation with several partner organizations, including the Department of Agriculture Forestry and Fisheries (DAFF), National Department of Health (NDoH), human and veterinary health institutes, public and private clinicians, academic researchers, and veterinarians. The program aims to strengthen surveillance and research on zoonosis that may potentially lead to notable morbidity and mortality in humans and animals and ecological factors involved in their emergence and transmission.

Many key companies are involved in R&D, launching new products targeting various disease conditions, deploying initiatives to raise awareness about animal health and medications, and partnerships and expansions to strengthen their market presence. Brand value is a key factor contributing to the buying decisions of customers. Market players invest in various sales and marketing activities to increase brand and product awareness to leverage this opportunity. These strategies include translation and/or pictorial adaptation of package inserts and labels and specialized training of sales representatives. Other initiatives include company-run farmers’ days, annual cattle shows, and sponsorship of animal welfare organizations.

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