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Animal Antibiotics and Antimicrobials Market 2024: Global Industry Overview, Trends, and Forecast
Animal Antibiotics and Antimicrobials Market
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According to The Business Research Company's, The animal antibiotics and antimicrobials market size has grown strongly in recent years. It will grow from $4.97 billion in 2023 to $5.34 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to disease outbreaks, livestock production growth, regulatory policies, consumer awareness.
The animal antibiotics and antimicrobials market size is expected to see strong growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to emerging diseases, global population growth, regulatory changes, public health concerns. Major trends in the forecast period include alternative solutions, collaborative initiatives, customized treatment plans, rising investments in research, integration of blockchain technology.
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Market Drivers and Trends:
Rising demand for animal-derived food products is driving the growth of the animal antibiotics and antimicrobials market. Animal-derived food products such as milk, eggs, meat, and other act a major source of nutrition and plays a prominent role in human diet. The companies/institutions involved in production of animal-derived foods are focusing on developing healthy herd or disease-free herd through utilization of animal antibiotics and antimicrobials on precautionary basis. For instance, according to the data published in the Packaged Facts report on Global Meat & Poultry trends, global meat and poultry consumption is expected to reach 313 million metric tons in 2023, at a year-on-year growth rate of 1.4%. Therefore, increasing demand for animal-derived food products is expected to boost demand for animal antibiotics and antimicrobials during forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
C. H. Boehringer Sohn AG & Co. KG, Zoetis Inc., Elanco Animal Health Inc., Merck & Co. Inc., Phibro Animal Health Corp., Ashish Life Science Pvt. Limited, Ayurvet Limited, Dechra Pharmaceuticals Plc, Endovac Animal Health, HIPRA S. A., Huvepharma Inc., Inovet (V. M. D. nv/sa), Kyoritsu seiyaku Corporation, Lutim Pharma Private Limited, Neogen Corporation, Tianjin Ringpu Bio-Technology Co. Ltd., UCBVET Animal Health, Vetoquinol, Virbac, Zydus Animal Health Limited, China Animal Husbandry Co. Ltd., ECO Animal Health Ltd., Nicosia International, Norbrook Laboratories Limited, Biovet AD - Peshtera, BioChek B. V., Bio Agri Mix LP, Bio-Medical Research Ltd., Bioiberica S. A. U., Ceva Santé Animale
Animal Antibiotics and Antimicrobials Market 2024 Key Insights:
• The animal antibiotics and antimicrobials market size is expected to see strong growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Increased Demand For Animal-Derived Products
• Strategic Partnerships And Collaborations Among Market Players
• North America was the largest region in the animal antibiotics and antimicrobials market in 2023
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