Press release
Animal Healthcare Market is expected to grow at a CAGR of 7.1% from 2014 to 2019
Increasing population of companion and production animals is driving the global animal healthcare market. The animals that serve man by giving companionship and guarding their houses/offices are termed as companion animals, while those animals which serve mankind with their meat and milk and fur are called production animals.
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The new types of diseases in animals and their transfer to humans via their product consumption and companionship are escalating the animal healthcare market globally. However, some challenges in the form of regulations have emerged against the excess use of antibiotics in production animals, and legislations and protest of animal activists and institutions against animal research.
The animal healthcare market is very competitive with the top ten players accounting for about three-fourth of the market. The companies are focusing on their research and development activities to produce better pharmaceutical and vaccine products for the existing and newly diagnosed diseases.
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Increasing per-capita income level, changing lifestyle, and growing population has increased global meat consumption. The number of animal farms is also increasing globally due to increasing demand for protein rich food such as meat, eggs and milk. The healthcare expenditure in such farms has been increasing, due to the growth in animal numbers in the farms and increasing concern for their health.
According to the European Food Safety Authority (EFSA), around 3, 20,000 cases of food-borne and zoonotic diseases are reported each year in the European Union. The consumption of Campylobacteriosis (a zoonotic disease) induced broiler meat affected 220,209 people in the European Union (EU) countries in 2012.
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However, the excessive use of antibiotics in production animals have led to challenges for the industry in the form of regulations and protest of animal activists against research on animals.
The animal healthcare market is segmented as feed additives, pharmaceuticals and vaccines. Feed additives can be further categorized as nutritional feed additives and medicinal feed additives. Nutritional feed additives include amino acids, minerals and vitamins and are used for production animals for their optimal growth. Medicinal feed additives on the other hand include hormones, enzymes, immune-modulators, probiotics and prebiotics and feed acidifiers which target specific diseases in production and companion animals. Pharmaceutical products mainly comprise of endoparasiticides, ectoparasiticides, endectocides, antibiotics, anti-inflammatories and medicines for reproductive problems. Vaccines make animals disease-immune for a particular disease.
Feed additives had the largest share among the product segments in the animal healthcare market. The other two segments included pharmaceuticals and vaccines. While the feed additives market is growing mainly due to the increasing production of animal population, the pharmaceuticals and vaccines segments are being driven by the increasing incidence of animal diseases and increasing concern for animal immunization against diseases.
Among the regions, North America was the global leader in 2013 with 31.7% share, followed by Europe and Asia-Pacific. North America is expected to retain its leadership by 2019; however a fall in its market share is expected, due to increasing market share of Asia-Pacific. The Asia-Pacific animal healthcare market witnessed the highest growth rate during 2010-2013 due to increase in the population of both production and companion animals. It is expected to retain its high growth rate during 2014-2019. Pet adoption is becoming a trend among the middle- and upper-class population in China and India due to their increasing population and income levels. This holds significant opportunity for the animal healthcare market in the region.
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Global animal healthcare market is highly fragmented wherein the market shares of top ten players sum up to less than 75%. High degree of mergers, acquisitions and joint ventures taking place in the last few years has kept the market volatile. However, the competition is expected to reduce in the long run due to increasing consolidation activities. The changing regulatory environment in animal healthcare and emergence of new companies may introduce competition of a different level in the global market.
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