North America Is Driving Animal Healthcare Market

The global animal healthcare market was valued at USD 40.2 billion in 2022, and this number is projected to reach USD 84.9 billion by 2030, progressing at a CAGR of 9.8% during 2022–2030, as per a report by a market research firm, P&S Intelligence.

The growth of the industry can be credited to the snowballing consumption of milk and meat, increasing acceptance of pet animals, and rising frequency of food-borne zoonotic diseases.

Moreover, pet adoption in Germany is climbing sharply can be credited to the pandemic, with people looking for approaches to fight boredom and loneliness, hence boosting the need for dogs, cats, and other animals.

In the coming years, the companion animals’ category is predicted to advance at a higher CAGR, above 7%. This is mainly because of the snowballing number of companions and growing investment in their well-being. Globally, cat and dog ownership has been increasing progressively.

In 2022, North America had the largest revenue share, of approximately 35%. The need for feed additives is growing because of the heavy consumption of animal products. The U.S. is the world's major beef producer and prominent exporter as well. To supply nutritive animal-derived food, the need for feed additives is growing in the continent.

Hence, the snowballing consumption of milk and meat, increasing acceptance of pet animals, and rising frequency of food-borne zoonotic diseases, are some major factors that will drive the animal healthcare industry in the future. 

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Why will Demand for Animal Healthcare Swell in Asia-Pacific (APAC) in Coming Years?

Since the last few years, there has been a tremendous rise in milk and meat consumption across the globe. This is mainly due to the increasing population, rising per capita income of people, and changing lifestyle choices. In addition to this, the increasing public awareness of health and nutrition and the rising popularity of healthy eating habits have caused a drastic surge in the consumption of various protein-rich foods such as milk, meat, and eggs. These factors have led to a tremendous rise in animal farming, which has, in turn, pushed up the requirement of proper animal healthcare methods.

The other major factors propelling the demand for animal healthcare solutions are the increasing requirement of meat in countries such as China, the U.S., Brazil, and Japan and the rising concerns raised over the transmission of various animal diseases to human beings. Apart from these factors, the mushrooming adoption of pets is also boosting the demand for proper animal healthcare techniques. Pet adoption is rapidly becoming very popular in many countries, mainly because of the ability of the companion animals to provide emotional comfort and happiness to their human friends.

“According to an American Pet Products Association 2008 survey, dog and cat owners in the U.S. were observed to be healthier and happier, as compared to non-pet owners. Moreover, Americans spent over $69.5 billion on their pets in 2017”. Due to these factors, the global animal healthcare market is predicted to exhibit substantial growth in the forthcoming years. The market is divided, on the basis of product, into vaccines, anti-inflammatories, anti-infectives, parasiticides, and feed additives. Amongst these, the feed additives category had the highest share in the market, generating a revenue of more than 40% in 2017.

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The feed additives category will hold the highest share in the animal healthcare market in the future years, due to the increasing production of feed and the rising consumption of various animal-derived food items and products across the world. Animal healthcare is required by both companion and farm animals. Between the two, the adoption of animal healthcare solutions was found to be higher for farm animals during the last few years. This is ascribed to the large-scale adoption of these animals for meeting the high customer demands forvarious animal-sourced food items all over the globe.

Globally, the Asia-Pacific (APAC) animal healthcare market will be the most lucrative in the years to come, as per the forecast of P&S Intelligence, a market research company based in India. China is predicted to register the fastest growth in the APAC market over the next few years, owing to the increasing requirement of animal-based food items and the surging livestock population in the country. The country was the largest livestock producer and consumer in the world in 2016, with a livestock population consisting of over 400 million goats, sheep, and cattle.

Hence, as the demand for animal-based food items and other products increases all over the world, the requirement of animal healthcare methods and solutions will also surge throughout the world in the coming years. 

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Rising Number of Zoonotic Infections to Take Animal Healthcare Market Forward

Animal healthcare market is expected to reach $42,926.7 million by 2023, according to P&S Intelligence.

The growth in the market can be attributed to the increasing consumption of milk and meat, rising adoption of companion animals, and increasing prevalence of food-borne zoonotic diseases.

Insights into the market segments

Based on product, the market is classified into feed additives, vaccines, anti-infectives, anti-inflammatories, parasiticides, and others, wherein “others” include oncological and antiemetic products, drugs for reproductive problems, and sedatives for pain relief. Among these, the category of feed additives held the largest share in the animal healthcare market in 2017. Increasing consumption of animal-derived products and rising feed production are the key factors driving the market growth of this category.

Based on animal type, the animal healthcare market is categorized into farm animals and companion animals. Of these, farm animals held a larger revenue share, of over 55%, in the market in 2017. This can be majorly attributed to the increasing adoption of farm animals to fulfil the demand for animal-based food products across the globe.

According to Animal Matters, a volunteer-run organization promoting animal welfare, approximately 70 billion farm animals are reared for food every year, globally. Further, in the U.S., an estimated 2.2 million sheep and lambs and 1.5 million goats are slaughtered for meat every year.

Based on distribution channel, the market is classified into veterinary hospitals, veterinary clinics, pharmacies and drug stores, and others, wherein “others” include online and retail stores. Of these, veterinary hospitals held the largest share in the global animal healthcare market in 2017. As compared to veterinary clinics, veterinary hospitals provide complete animal healthcare services for animals, including accommodation and nursing care, due to which a large number of pet owners prefer taking their animals to these hospitals.

Increasing prevalence of food-borne zoonotic diseases has raised concerns among farm owners and pet owners over animal healthcare. Brucellosis (a type of bacterial infection), which causes stillbirth or abortion in animals, is increasing especially in the U.S. The bacterial infection generally affects goats and livestock animals, such as cows and sheep. According to the European Food Safety Authority (EFSA), about 320,000 cases of food-borne zoonotic diseases are registered every year in the European Union. Thus, players in the animal healthcare market are increasingly focusing on the development of medicines to help prevent the spread of food-borne zoonotic diseases.

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Discovery of animal diseases is expected to offer lucrative opportunities to medicine-manufacturing companies

With increasing animal population and rising incidence of diseases in animals, there has been a rise in the development of medicines for inhibiting the growth of diseases in animals. A lot of animal diseases are reported every year, which offer opportunities to companies in the animal healthcare market for product development. Diseases such as the Nipah virus (NiV) infection, melioidosis, bluetongue, and porcine reproductive and respiratory syndromes are commonly reported in animals. Hence, companies in the market are actively working toward the development of medicines that would help reduce the spread of such diseases.

Animal Healthcare Market – Competitive Landscape

The intensity of rivalry among players in the animal healthcare market is moderate. Most of the major players are actively focusing on partnerships, and mergers and acquisitions to meet the growing demand in the emerging market. For instance, in June 2018, Zoetis Inc., a key market player, and Regeneron Pharmaceuticals Inc., a biotechnology company that develops medicines for critical animal diseases, announced a five-year collaboration to study the use of monoclonal antibody therapeutics in animals.

Some of the other key players operating in the animal healthcare market are Merck & Co. Inc., C.H. Boehringer Sohn AG & Co. KG, Bayer AG, Virbac Group, Ceva Santé Animale, Elanco Animal Health, and Vetoquinol S.A.

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