Farm Animal Drug Market Will Generate Booming Growth Opportunities to 2032

According to a recent study by Future Market Insights (FMI), the global Farm Animal Drug Market is expected to grow at a CAGR of more than 6% between 2017 and 2027. Increased anti-infective production and parasiticide penetration in Latin America are expected to provide growth opportunities for market participants.

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A slew of macro- and microeconomic factors will continue to influence the market. Demand for contamination-free meat and proteins, as well as alliances between producers and meat companies, will continue to provide opportunities for growth.

North America Farm Animal Drugs Market
The United States will continue to account for the largest revenue share in North America. The United States' revenue share is expected to reach 58% in 2017, but it will lose a slight market share to Canada during the forecast period. Farm animal drug demand in North America will continue to be influenced by rising fresh meat consumption and FDA regulations limiting antibiotic use on farm animals. FMI expects the North American farm animal drugs market to grow at a 7% CAGR from 2017 to 2027.

By product type, anti-infective drugs and parasiticides (endo-parasiticides, ecto-parasiticides, and endectocides). Anti-infectives are not only the largest but also the fastest-growing segment product type segment. By 2027, the anti-infective product type segment is projected to grow at nearly 9% CAGR. By animal type, poultry is the largest segment in North America, whereas ruminants and swine hold significant revenue share.

FMI also provides market forecasting and analysis based on administration route. The oral route of administration remains the most popular in North America, with revenues expected to grow at a CAGR of more than 7%. Parenteral drugs, on the other hand, are expected to grow at a nearly 9% CAGR through 2027.

Veterinary hospitals are the largest distribution channel in North America, accounting for nearly US$ 2 billion in revenue in 2017. This market is expected to grow at a rate of nearly 8% through 2027.

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Western Europe Farm Animal Drugs Market
The United Kingdom continues to be Western Europe's largest market for farm animal drugs. The country accounts for more than 40% of the market's revenue. Throughout the forecast period, FMI expects the United Kingdom to be the largest market for farm animal drugs in Western Europe.

Germany and France are the other major Western European markets for farm animal drugs. The Western European farm animal drugs market is expected to generate $2.83 billion in revenue by 2027.

The focus on zoonotic disease prevention is one of the key factors driving demand for farm animal drugs in Western Europe. Manufacturers are also seeing an increase in the use of certain drugs for pain management. As in North America, the anti-infective product type segment is expected to grow at a CAGR of more than 6% through 2027.

In addition to North America and Western Europe, the report also offers market forecast and analysis on Asia Pacific excluding Japan, Middle East & Africa, Latin America, and Japan.

Competitive Landscape
Key companies profiled in the report are Bayer AG, Boehringer Ingelheim GmbH, Zoetis, Inc., Ceva Santé Animale, Dechra Pharmaceuticals PLC, Elanco Animal Health (Sub. Eli Lilly), Merck Animal Health, Virbac SA, Vetoquinol SA, Intas Animal Health, Alembic Animal Health, Sequent Scientific, Hester Biosciences, Ashish Life Sciences, Ouro Fino Saude Animal (Ourofino), Zydus Animal Health (Sub. Cadila Healthcare Ltd), Phibro Animal Health Corporation, Nippon Zenyaku Kogyo Co., Ltd, Norbrook, Kyoritsu Seiyaku Corporation.

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Market segmentation
A good market segmentation always covers the vitals in that particular market to arrive at important decisions. In the case of the farm animal drugs market, an all-inclusive research segmentation can be seen.

Product Type
• Anti-Infective
• Parasiticides
o Endo-parasiticides
o Ecto-parasiticides
o Endectocides
• Anti-inflammatory
• Anesthetics
• Analgesics
• Hormones and related products
• Others

Animal Type
• Livestock Animals
o Ruminants
o Swine
o Poultry
• Equine

Route of Administration
• Oral
• Parenteral
• Topical
• Others

Distribution Channel
• Veterinary Hospitals
• Veterinary Clinics
• Pharmacies and Drug Stores
• Others

About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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This release was published on openPR.