(PharmaNewsWire.Com, June 11, 2020 ) 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.
Growth in companion animal ownership and rising adoption of pet health insurance in APAC offer significant growth opportunities for players operating in the APAC animal health market.
How much is the APAC Animal Health Market worth?
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. China is the largest regional segment for the animal health market and is expected to witness the highest growth rate during the forecast period. The large share of this regional segment is driven by the increasing livestock population, rising demand for animal-derived food products in China, increasing pet ownership, and growing adoption of pet insurance.
Based on product, the APAC Animal Health 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.
Based on the type of animal, 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.
Which are the key players in the Animal Health market and how intense is the competition?
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.).
In November 2015, the company acquired PHARMAQ (Norway), one of the leading manufacturers of vaccines for aquaculture.
In 2015, the Sanofi (France) signed a business exchange agreement with Boehringer Ingelheim (Germany), one of the leading players in animal health products. Under this agreement, Sanofi will exchange its animal health business (Merial) with the consumer healthcare (CHC) business of Boehringer Ingelheim.
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