Animal Health Market Size to Surpass US$ 119,570.99 million by 2027
Category: #business  By Partha Ray  Date: 2020-06-29
  • share
  • Twitter
  • Facebook
  • LinkedIn

Animal Health Market Size to Surpass US$ 119,570.99 million by 2027

According to the research report titled ‘Animal Health Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product; Animal Type, available with Market Study Report LLC, global animal health market size accounted for USD 73,798.33 million in the year 2019 and is predicted to expand with a CAGR of 6.3% during the forecast period, subsequently generating revenues worth USD 119,570.99 million by the year 2027.

Growing demand for protein rich food products along with favorable initiatives by public and private entities towards animal welfare are prime factors fueling the growth of animal health market. Focus towards R&D activities in order to develop innovative animal healthcare products is also aiding the market growth.  

Growing population and rising standards of living have increased the consumption of animal based products. In fact, according to Our World in Data, worldwide demand for meat has quadrupled in the past 50 years. Hence, emphasis towards enhancing the production of farm animals in order to meet the escalating demand for protein rich food is stimulating the industry outlook.

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2623838/

Rapid urbanization and evolving consumer lifestyle have impelled the demand for meat & milk products across the globe. Livestock products have been gaining popularity as a major source of dietary proteins. Additionally, high occurrence of zoonotic diseases is fostering the demand for animal healthcare products. However, high cost as well as complexities associated with animal drug development along with rising concerns regarding counterfeit medicines may hinder the overall market expansion.

As per product type, animal health market is split into prescription and non-prescription. The prescription segment is further classified into diagnostics, feed additives, pharmaceuticals and vaccines. The report states that although the prescription segment accounted for a significant market share in the year 2019, the non-prescription segment is expected to register substantial growth in the forthcoming years.

In terms of animal type, the market is bifurcated into companion animal and production animal, in which the latter segment held a majority market share in 2019. However, companion animal segment is anticipated to witness considerable growth in the subsequent years.

The major companies in global animal health market are Elanco, Virbac, Nutreco N.V., Vetoquinol S.A., Bayer AG, Zoetis Inc., Cargill Inc., Ceva Santé Animale, Boehringer Ingelheim International GmbH and Merck & Co., Inc. among others.

Question & Answer: Animal Health Market

Question 1: What factors are fueling the growth of animal health market?

Answer: Growing demand for protein rich food products along with favorable initiatives by public and private entities towards animal welfare are prime factors fueling the growth of animal health market.

Question 2: How will increasing consumption of animal products contribute towards the growth of animal health market?

Answer: Increasing focus towards enhancing the production of farm animals in order to meet the escalating demand for protein rich food is stimulating the animal health industry outlook.

Question 3: Which companies are the major stakeholders in global animal health market?

Answer: The major companies in global animal health market are Elanco, Virbac, Nutreco N.V., Vetoquinol S.A., Bayer AG, Zoetis Inc., Cargill Inc., Ceva Santé Animale, Boehringer Ingelheim International GmbH and Merck & Co., Inc. among others.

About Us:

Marketstudyreport.com allows you to manage and control all corporate research purchases to consolidate billing and vendor management. You can eliminate duplicate purchases and customize your content and license management.

Contact Us:

Market Study Report LLC

4 North Main Street,

Selbyville, Delaware 19975

USA

Phone: 1-302-273-0910

US Toll Free: 1-866-764-2150

Email: [email protected]

Website: https://www.marketstudyreport.com

Blog: https://www.marketstudyreport.com/blog

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

...

Read More

More News By Partha Ray

Fluorochemical Market Trends- Industry Analysis, Share, Growth, Product, Top Key Players and Forecast 2024
Fluorochemical Market Trends- Industry Analysis, Share, Growth, Product, Top Key Players and Forecast 2024
By Partha Ray

According to the research report titled ‘Global Fluorochemical Market (Value, Volume): World Market Review By Product Type, By Application, By End User Industry (2019 Edition): Opportunities and Forecast (2019-2024) - By Country, available with...

Colorants Market by Size, Growth, Opportunity and Forecast to 2024
Colorants Market by Size, Growth, Opportunity and Forecast to 2024
By Partha Ray

According to the research report titled ‘Global Colorants Market - Analysis By Product Type, Source, End-User Industry, By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)’, available with Market Study Report LLC,...

Cigarette Market Size, Share, Growth, Trend, Demand, Top Players, Opportunities and Forecast to 2024
Cigarette Market Size, Share, Growth, Trend, Demand, Top Players, Opportunities and Forecast to 2024
By Partha Ray

As per the report titled ‘Global Cigarette Market (Value, Volume) - Analysis By Price, Market Share, Distribution Channel, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2019-2024)-.’, available with Marke...