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Rising Consumption of Milk and Meat Boosts Animal Pharmaceuticals Industry Growth

12-01-2022 11:43 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

Rising Consumption of Milk and Meat Boosts Animal

The animal pharmaceuticals industry has garnered $40.07 billion in 2021, and it is expected to rise at the rate of 6.8% from 2021 to 2030, to generate $72.74 billion in 2030. It is attributed to the increasing consumption of milk and meat, surging pet adoption trend, and rising incidence of chronic and zoonotic diseases.

Under the product segment, the anti-infectives category has captured a 35% industry share in 2021, led by the surging prevalence of bacterial infections in production and companion animals.

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Moreover, the owners of animals are required to abide by the prevalent veterinary health standards, led by the growing demand for dairy products, including meat and animal-based nutritional supplements, that boost the application of anti-infectives on animals.

Furthermore, the availability of anti-bacterial drugs for animals, including tetracyclines, macrolides, quinolones, cephalosporins, sulphonamides, polymyxins, and macrolides propel the industry.

There are numerous initiatives led by WHO to create awareness of human health risks from animals, including food-borne zoonoses, and antibiotic resistance.

The rising concern about pet health, and the increasing number of bacterial infections, more specifically dogs are expected to propel the industry in the near future.

Veterinary hospitals and clinics hold more than 70% of the industry share. It is led by advancements in diagnostic imaging, laser diagnostics, nuclear and regenerative medicines, and specialized surgeries provided by veterinary clinics and hospitals. These organizations contribute to pets, small animals, birds, and cattle with day-to-day care, therapeutic vaccination, immunization, surgical intervention, artificial insemination, and other services.

The rising usage of animal parasiticides, antifungals, antibacterials, and antivirals led by surging prevalence of infectious diseases, increasing penetration of veterinary hospitals, and growing companion animals' ownership boost the industry. The booming veterinary care costs, along with animal health awareness in emerging economies also result in industry propulsion.

North America captures the largest industry share, 30.0%. It is led by the increasing demand for pets, and the quality lifestyle of the population in the region. Moreover, the surging awareness of zoonotic illness, along with the surging number of companion and production models, including the presence of industry stalwarts in the region are projected to cause industry propulsion in the coming years.

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APAC is projected to rise to experience faster growth, at the rate of 8.2% in the coming years, led by growing expenses on animal health, and surging cattle population in the region.

In addition, the shifting lifestyles in developing countries, such as India and China, propels the production animal adoption. It would result in an expansion of the industry in the coming years. The improving life standards in these nations, are projected to proliferate the industry.

The major players operating in the industry are; Merck & Co. Inc., Boehringer Ingelheim International GmbH, Virbac, Elanco, Bimeda Inc., Laboratories Calier S.A., and Prodivet Pharmaceuticals sa/nv.

Therefore, the industry is projected to rise due to surging demand for meat and other animal-derived nutritional products.

P&S Intelligence
Phone: +1-347-960-6455

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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