(PharmaNewsWire.Com, June 02, 2020 ) According to the latest research report “Asia-Pacific Animal Health Market by Product (Parasiticides (Endoparasiticides, Ectoparasiticides), Antimicrobial & Antibiotic, Vaccines, Feed Additive (Vitamin, Amino Acids, Antioxidant), Growth Promoter), Animal (Livestock, Companion) - Forecast to 2021” published by MarketsandMarktes
The Asia-Pacific Animal Health market is estimated to grow at a CAGR of 5.7% during the forecast period to reach USD 20.25 Billion by 2021.
Factors such as the rapid rise in livestock population, increasing awareness about animal health, growing demand for animal-derived food products, and rising frequency of animal disease outbreaks are the major factors driving the growth of the Asia-Pacific Animal Health market.
However, restrictions on the use of parasiticides in food-producing animals, rising storage cost of animal vaccines, and the shift towards vegetarian diets are restraining the growth of this market to a certain extent.
Target Audience:
Veterinary pharmaceutical manufacturers Veterinary feed manufacturers Animal health centers Animal health research and development (R&D) companies Government associations Market research and consulting firms Venture capitalists and investors
In this report, the animal health market is segmented on the basis of product, type of animal, and country.
Based on Product
The market is segmented into growth promoters, feed additives, vaccines, parasiticides, antimicrobials and antibiotics, and other pharmaceuticals. Growth promoters accounted for the largest share of the market in 2015 owing to its wide utilization by livestock producers and pet owners.
The market is segmented into food-producing animals and companion animals. The food-producing animals segment accounted for the largest share of the market, while companion animals are expected to register the highest growth during the forecast period.
Based on Region
Geographically, the Asia-Pacific Animal Health market is segmented into China, Japan, India, and the Rest of APAC. In 2015, China commanded a major share of the market and is expected to witness the highest growth rate during the forecast period.
Growth in the Chinese animal health market can be attributed to the growing livestock population, increasing consumption of animal-derived food products, growing awareness about animal health and zoonotic diseases, and rising frequency of animal disease outbreaks in China.
Market Key Players
Some of the prominent players in the market include Zoetis, Inc. (U.S.), Sanofi (France), Eli Lilly and Company (U.S.), Merck and Co., Inc. (U.S.), Bayer AG (Germany), Boehringer Ingelheim GmbH (Germany), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), and Cargill, Inc. (U.S.).
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