(PharmaNewsWire.Com, August 14, 2021 ) The Animal Health Market is projected to reach a value of USD 22.1 billion by 2025 from USD 15.6 billion in 2020, at a CAGR of 7.2% during the forecast period.
Factors such as the rapid rise in livestock population, increasing awareness about animal health, and rising frequency of animal disease outbreaks are expected to drive the growth of the APAC animal health market.
However, restrictions on the use of parasiticides in food-producing animals, shift toward vegetarian diets, and the rising cost of storage of animal vaccines are expected to restrain the growth of this market.
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Drivers: Rising demand of animal-derived food products
According to FAO, South Asia is one of the major regions for dairy production and accounted for 20–25% of the global milk production in 2019. In this region, India was the largest producer and consumer of milk, followed by China and Pakistan. In 2020, the consumption of meat in India was found to be over 3.9 million metric tons; by 2030, this is expected to increase to 145.7 million metric tons.
Restraints: Shift towards vegetarian diet
There is a significant rise in the prevalence of obesity and other chronic disorders. Therefore, several people are shifting toward a vegetarian diet from a predominantly non-vegetarian diet. The prevalence of obesity has increased more than twofold since 1980. According to a journal published by Development Asia in 2018, two of five adults in the Asia Pacific region are found to be overweight or obese, and it is considered to be home to the largest absolute number of obese people, about 1 billion.
Opportunities: Lucrative growth opportunities in India an China
Over the last few years, companion animal ownership has experienced steady growth, especially in emerging markets such as China and India. Rapid urbanization and growing disposable incomes are some of the key factors driving pet ownership in these countries. Many pet owners in these countries are now willing to spend more on pet care, specifically healthcare services.
Challenges: Growing resistance to parasites and antibodies
The prolonged use of specific parasiticides and antibiotics generates parasite resistance, which is a burning issue in the animal health market. Several farmers and pet owners tend to decrease the dosage of parasiticides or change the parasiticides used to combat resistance.
China market to witness the highest growth during the forecast period
The APAC animal health market is divided into five countries—China, Japan, India, Australia, and RoAPAC These are analyzed further at the country levels. The Asia Pacific market is driven primarily by the increasing disposable income, growing awareness about animal health, rising demand of animal derived food products, and growing adoption of companion animals.
Key Market Players
Boehringer Ingelheim (Germany), Zoetis Inc. (US), Elanco Animal Health (US), Merck & Co. Inc (US), Phibro Animal Health (US), Virbac (France), Vetoquinol S.A (France), Ceva Sante Animale (France), Dechra Pharmaceuticals Plc. (UK), Kyoritsu Seiyako (Japan), Tianjin Ringpu (China), China Animal Husbandry (China), and Jinyu Bio-Technology (China).
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