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Farm Animal Drugs Market Research, Size, Share And Demand Analysis By 2033
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies in the farm animal drugs market are focused on developing antimicrobial drugs, such as water-soluble granules, for female swine breeding to gain a competitive edge in the market. Water-soluble granules are solid, free-flowing particles that readily dissolve in water, often used for convenient and precise dispersion of substances in various applications. For instance, in October 2023, Pharmgate Animal Health, a US-based livestock pharmaceutical company, received FDA approval for Aivlosin Water Soluble Granules (WSG), a 62.5% w/w tylvalosin as tylvalosin tartrate for female swine intended for breeding, allowing its use in replacement gilts, gestating sows, lactating sows, and weaned sows. Aivlosin, an antimicrobial drug, is prescribed by licensed veterinarians and administered continuously at 50 ppm tylvalosin in drinking water for five consecutive days. The approval expands its use to control porcine proliferative enteropathy and swine respiratory disease in breeding females during outbreaks.
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Major Key Players of the Market:
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
Farm Animal Drugs Market 2024 Key Insights:
• 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%.
• Rising Meat Consumption Fuels Growth In The Farm Animal Drug Market
• Antimicrobial Drugs For Female Swine Breeding
• Asia-Pacific was the largest region in the farm animal drugs market in 2023
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