China Companion Animal Health Market Worth $2.24 Billion By 2028

Posted on 2022-11-07 by researchinsights in Industrial // 0 Comments

China Companion Animal Health Industry Overview

The China companion animal health market size was valued at USD 962.8 million in 2020 and is estimated to grow at a compound annual growth rate (CAGR) of 11.3% from 2021 to 2028.

The growing companion animal population, pet humanization, incidence of diseases in animals, and initiatives by key companies are the key factors driving the market growth in the country. In May 2021, Boehringer Ingelheim, for example, received approval for GastroGard, intended for horses, from the Ministry of Agriculture and Rural Affairs of China. With this, Boehringer Ingelheim became the first global animal health company with equine business in China. The COVID-19 pandemic had a mixed impact on the market. The negative effects resulting from movement restrictions and logistical hurdles resulted in low demand and sales for certain market players.

Gather more insights about the market drivers, restrains and growth of the China Companion Animal Health Market

Some global MNCs redirected their resources to lower lucrative segments and opportunities. During the third quarter of 2020, Zoetis reported that favorable market conditions along with its promotional and educational efforts resulted in increased sales of companion animal products in China. The country also witnessed rising pet ownership. This is estimated to fuel demand for pet medicines and diagnostic products in the coming years. Chinese pet parents spend about USD 784.18 annually on their pets, and this trend was anticipated to increase over time. This factor combined with the growing initiatives by market players is expected to propel the market growth.

According to Virbac, there was almost no local competition in the companion animal segment in China in 2016, making it an ideal market for the company to expand into. As part of its growth strategy, Virbac focused on spearheading a direct distribution model to vet clinics in China. The competition has increased over time with the entry of other international livestock medicine companies diversifying into the pet medicine segment and the introduction of generics by local companies. However, there are opportunities in the market due to the growing demand for treatment options for pets and increasing pet expenditure.

In addition, infectious diseases caused by virulent pathogens may seriously affect the animal’s way of life and lifespan. The demand for various preventive treatment options, such as vaccines and pharmaceuticals, is anticipated to increase with the growing pet health awareness. Many veterinarians and clinicians recommend screening pets for infectious diseases annually. This can enable timely detection of communicable diseases, ensure treatment, and may also contribute to the prevention of complex cases. The growing incidence of zoonoses, pet health concerns, and product developments by market players are expected to fuel the segment growth. In April 2017, Zoetis launched the Witness Lepto point-of-care test to detect acute leptospirosis in dogs.

Browse through Grand View Research’s Animal Health Industry Research Reports.

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China Companion Animal Health Market Segmentation

Grand View Research has segmented the China companion animal health market on the basis of type, animal type, product, indication, and diagnosis method:

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