Veterinary Active Pharmaceutical Ingredients Market Set to Surpass $13.67 Billion by 2030

[Redding, California, February 23, 2024] - Meticulous Research®, a prominent name in global market research, has released its latest report titled, "Veterinary Active Pharmaceutical Ingredients Market by Product Type (Vaccines, Antibiotics, Anti-inflammatory, Parasiticides), Synthesis Type (Chemical, Biological, High Potent API), Animal Type (Livestock, Companion Animals) - Global Forecast to 2030." According to this comprehensive analysis, the veterinary active pharmaceutical ingredients market is poised to experience substantial growth, reaching a valuation of $13.67 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 7.2% from 2023 onwards.

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The growth trajectory of the veterinary pharmaceutical ingredients market is attributed to several key factors. Notably, there has been a significant increase in expenditure on animal health globally. Furthermore, the escalating prevalence of animal-related diseases, including those with foodborne and zoonotic origins, coupled with a rising demand for animal-derived food products worldwide, is fueling market expansion. Additionally, heightened awareness concerning animal health in emerging economies, alongside the application of precision medicine in veterinary care, is anticipated to unlock promising growth opportunities for stakeholders. However, stringent regulatory approval processes pose a challenge to market growth, alongside concerns regarding the environmental impact of veterinary drugs and the shortage of veterinary practitioners.

Key Players
The key players operating in the veterinary active pharmaceutical ingredients market are Alivira Animal Health Limited (India), Excel Industries Ltd. (India), Suan Farma, S.A.U. (Spain), Chr. Olesen (Denmark), Qilu Pharmaceutical Co., Ltd. (China), FIS - Fabbrica Italiana Sintetici S.p.A. (Italy), Rochem International Inc. (U.S.), NGL Fine-Chem Ltd. (India), MENADIONA S.L (Spain), and Chempro Pharma Private Limited. (India).

Future Outlook and Market Segmentation
The global veterinary active pharmaceutical ingredients market is segmented by product type (parasiticides, vaccines, antibiotics, anti-inflammatory, and other types), synthesis type (chemical APIs, biological APIs, and high potent APIs), animal type (livestock and companion animals), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on product type, the veterinary active pharmaceutical ingredients market is segmented into parasiticides, vaccines, antibiotics, anti-inflammatories, and other types. In 2023, the parasiticides segment is expected to account for the largest share of the market. This large share can be attributed to the frequent occurrence of parasitic infections in pets and farm animals, increasing pet adoption, and growing livestock population globally. External and internal parasites are some of the most common infections found in animals. Parasiticides are administered frequently in animals by pet owners and farmers to prevent and treat parasitic infections in animals. For instance, fleas and ticks are one of the most common parasitic infections in animals. According to the American Society for the Prevention of Cruelty to Animals, fleas and ticks are the most common pet care concerns in the U.S.

Based on synthesis type, the veterinary active pharmaceutical ingredients market is segmented into chemical APIs, biological APIs, and highly potent APIs. In 2023, the chemical APIs segment is expected to account for the largest share of the market. The factors attributed to the segment's large share are control & precision, scale-up, cost efficiency, and consistency. Chemical synthesis of APIs allows for precise control over the reaction conditions, which is crucial for obtaining consistent and high-quality API batches. The reaction parameters can be adjusted for optimal yield, purity, and desired molecular properties.

Based on animal type, the veterinary active pharmaceutical ingredients market is segmented into livestock and companion animals. The livestock segment is expected to grow at a higher CAGR during the forecast period. Factors contributing to the segment's growth are increasing demand and consumption of animal-derived food products in developing countries, increasing livestock populations to meet the growing demand, and government initiatives to prevent and reduce animal disease occurrence. The governments of several countries are undertaking various initiatives to prevent animal diseases. For instance, in 2023, the Government of India launched two initiatives, Animal Pandemic Preparedness Initiatives and World Bank-funded Animal Health System Support for One Health, under these initiatives. These initiatives aim to strengthen integrated disease surveillance & monitoring, early warning & response, vaccine programs for disease prevention and diagnostics for early disease diagnostics, R&D, and production for animal diseases in the country.

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Geographic Analysis
Geographically, the report provides a comprehensive analysis of key regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to lead the veterinary active pharmaceutical ingredients market in 2023, followed closely by Europe and Asia-Pacific. Factors supporting North America's dominance include well-established agricultural and animal husbandry practices, heightened awareness of animal health, a robust pet population base, and significant production and export of animal-derived food products.

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This release was published on openPR.