DUBLIN--(BUSINESS WIRE)--The "Animal Health Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global animal health market is expected to grow at a compound annual growth rate of 5.42% over the forecast period to reach a market size of US$45.564 billion in 2026 from US$62.531 billion in 2020.
Animal health products are all those products that are specifically manufactured to cater to the needs of animals such as medicines, vaccines, and other nutritional products among others. The growth in the number of diseases in animals is anticipated to be one of the primary factors supplementing the demand for animal health products globally during the next five years. The growing prevalence of diseases has further expanded the growth prospects for the market players since increased investments in the R&D and new launches of products further shows the market growth potential during the coming five years. Similarly, on the other hand, a significant increase in the demand for food and food products has led to an upsurge in the livestock population in many countries across the globe.
This, combined with the rising outbreak of animal diseases, are projected to supplement the market growth during the given time frame. Furthermore, the governments are playing a significant role in bolstering the demand for animal health-related products since governments of both developed and developing economies are strategically taking steps to promote the health of animals. Also, a surge in the number of animal welfare associations in a rapid growth in the number of NGOs focusing on the care of stray animals is also propelling the business growth opportunities for the manufacturers over the forecast period. Moreover, an upsurge in animal breeding activities and the growing inclination of millennials towards the adoption of animals also provides an impetus to the market growth in the near future.
The outbreak of the novel coronavirus disease is projected to have a moderate negative impact on the market growth. The outbreak has impacted the market on account of restriction in trade and stringent lockdown measures that have resulted in the fall in the supply side leading to a surge in overall cost for manufacturers. Moreover, the closure of manufacturing facilities and the non-availability of raw materials coupled with a decline in the consumption of meat and other products derived from animal sources. Due to lockdowns, a slump in the activities across pet hospitals and clinics was also observed during the short run. However, the impact is projected to be moderate, and strong market recovery is projected by the end of 2020.
Globally growing livestock population
The globally growing population is one of the most prominent factors that has led to an up-surge in the livestock population globally. According to the United Nations, the global population is expected to surge by around 2 billion people, in the next 30 years. Currently, there are 7.7 billion people in 2020 and the United Nations has expected, that there will be around 9.7 billion people in the year 2050. India, Pakistan, Nigeria, Ethiopia, and the United States are expected to drive global growth. Population Growth has put a big challenge for governments worldwide, to deal with food and hunger problems. The decline in the share of agriculture in employment and production has been a major challenge worldwide. This is due to migration to big cities and growth in Urbanization. Thus, the demand for animal health products is also in-creasing as the productivity and growth requirements of animals has also increased.
Companies Mentioned
- Merck Animal Health
- Boehringer Ingelheim International GmbH
- Elanco Animal Health Incorporated
- Ceva Sante Animale
- Zoetis Inc.
- Virbac
- Nutreco N.V.
- Dechra Pharmaceuticals PLC
- Zydus Animal Health and Investments Limited (A Wholly Owned Subsidiary of Cadila Healthcare Limited)
- Kyoritsuseiyaku Corporation
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Global Animal Health Market Analysis, By Type
5.1. Introduction
5.2. Vaccines
5.3. Pharmaceuticals
5.4. Feed Additives
5.5. Others
6. Global Animal Health Market Analysis, By Animal Type
6.1. Introduction
6.2. Companion Animal
6.3. Production Animal
7. Global Animal Health Market Analysis, By End-User
7.1. Introduction
7.2. Vet Hospitals and Clinics
7.3. Animal Farms
7.4. Others
8. Global Animal Health Market Analysis, By Distribution Channel
8.1. Introduction
8.2. Online
8.3. Offline
9. Global Animal Health Market Analysis, by Geography
9.1. Introduction
9.2. North America
9.3. South America
9.4. Europe
9.5. The Middle East and Africa
9.6. Asia Pacific
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/nz3nx8
