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.
