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Global Farm Animal Drugs Market 2024 Latest Trends, Industry Insights, Business Growth And Forecast To 2033 | Major Players Are Eli Lilly and Company, Boehringer Ingelheim GmbH, Zoetis Inc., Alembic Pharmaceuticals Limited, Elanco Animal Health Incorporat
Farm Animal Drugs Market
The Business Research Company presents an extensive market research report on the Farm Animal Drugs Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The farm animal drugs market size has grown strongly in recent years. It will grow from $18.21 billion in 2023 to $19.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increasing consumer demand for animal products, rise in zoonotic diseases, disease prevention and control, intensification of livestock farming, global population growth.
The farm animal drugs market size is expected to see strong growth in the next few years. It will grow to $25.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising awareness of antimicrobial resistance, climate change impacts on livestock health, increasing focus on animal nutrition, rise in alternative proteins, phytogenic feed additives, biopharmaceuticals for livestock, digital platforms for farm animal health management. Major trends in the forecast period include technological advancements in veterinary medicine, advancements in precision livestock farming technologies, blockchain technology for supply chain transparency, integration of ai nad ml.
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Key Market Players:
Major companies operating in the farm animal drugs market report are Eli Lilly and Company, Boehringer Ingelheim GmbH, Zoetis Inc., Alembic Pharmaceuticals Limited, Elanco Animal Health Incorporated, Hester Biosciences Limited, Ceva Santé Animale SA, Virbac SA, Huvepharma Inc, Phibro Animal Health Corporation, Dechra Pharmaceuticals plc, Laboratorios Hipra S.A., Norbrook Laboratories Ltd., Neogen Corporation, Ouro Fino Saude Animal Participacoes SA, Eco Animal Health Ltd, Biogenesis Bago SA, Laboratorios Calier S.A., Laboratorios Syva S.A., Jurox Pty Ltd, Kepro B.V., Kyoritsu Seiyaku Corp., Merck Animal Health, Vetoquinol SA, Intas Pharmaceuticals Ltd., Nippon Zenyaku Kogyo Co. Ltd., SeQuent Scientific Limited, Agrovet Market Animal Health, Orion Pharma Animal Health, Zydus Animal Health and Investments Limited
Market Drivers:
The increasing meat consumption is expected to propel the growth of the farm animal drug market going forward. Meat consumption refers to eating animal flesh as a food source. It is commonly made from livestock like chickens, pigs, or cattle. Farm animal drugs speed up animal development and improve how food becomes meat. Therefore, rising meat consumption would also help to increase farm animal drugs. For instance, in April 2023, according to the report published by the United States Department of Agriculture (USDA), a US-based federal agency responsible for overseeing agriculture, food, and rural development, beef meat consumption increased from 12,712 metric tons in 2021 to 12,803 metric tons in 2022. Pork meat consumption increased from 9,918 metric tons in 2021 to 9,959 metric tons in 2022, and chicken meat consumption increased from 17,164 metric tons in 2021 to 17,674 metric tons in 2022. Therefore, the increasing meat consumption is driving the growth of the farm animal drug market.
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The farm animal drugs market covered in this report is segmented -
1) By Product: Anti-Infective, Parasiticides, Anti-Inflammatory, Anesthetics, Analgesics, Hormones And Related Product, Other Products
2) By Route Of Administration: Oral, Parenteral, Topical, Other Routes
3) By Distribution Channel: Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores, Other Channels
4) By Animal: Livestock Animals, Equine
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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