Global animal antibiotics and antimicrobials market valuation to reach USD 5.81 billion by 2027
Market Study Report, LLC.
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The comprehensive analysis report on ‘global animal antibiotics and antimicrobials market’ covers critical aspects of the industry including size, key trends, and forecast to 2027. Moreover, segmentation studies in terms of product, mode of delivery, and animal type is furnished in the document.
Selbyville, Delaware, May 05, 2021 (GLOBE NEWSWIRE) -- According to expert analysts, worldwide animal antibiotics and antimicrobials market size was worth USD 4.4 billion in 2019 and is projected to register a CAGR of 3.4% over 2020-2027, subsequently reaching a valuation of USD 5.81 billion by the end of the forecast period.
High consumption of animal-derived food products, surging demand for dairy products, and subsequent rise in livestock population facilitated by organized farming are the major growth drivers of the industry. Also, surging demand for dairy products serves as a major growth impetus for the market. Moreover, global dairy market is anticipated to grow from 225 metric tons in 2019 to 234 metric tons by 2021.
Increasing number of initiatives concerning animal welfare and health, rise in animal companionship, and spike in demand for animal protein are further accelerating global animal antibiotics and antimicrobials industry expansion.
For those unfamiliar, animal antibiotics and antimicrobials are products that safeguard animals from ailments like pneumonia, skin infections, and other body problems by eliminating bacteria or inhibiting its growth, thereby strengthening the immune system.
Elaborating on the factors hindering market development, stringent regulatory framework developed by authorities such as Food and Drugs Administration on excess utilization of antibiotic and antimicrobial products are negatively impacting the product demand.
Regional overview:
Asia Pacific, Europe, North America, and Latin America are the key geographies that define the overall animal antibiotics and antimicrobials market size and scope. Among these regions, North America currently leads the industry growth and will likely accrue notable returns during the forecast period. This can be ascribed to escalating demand for animal-related products, growing urbanization, and high disposable income among the populace.
Meanwhile, Asia Pacific animal antibiotics and antimicrobials industry is slated to grow at an exponential rate during the stipulated timeframe, creditable to factors such as soaring demand for dairy products and increasing animal healthcare expenditure in the region.
Competitive outlook:
The competitive landscape of global animal antibiotics and antimicrobials market sphere is defined by leading players like Virbac SA, Phibro Animal Health Corp., Merck & Co. Inc., Elanco Animal Health Inc., Zoetis Inc., and Boehringer Sohn AG & Ko. KG. These industry giants are exploring different strategies such as new product development and R&D investments to improve their standing in the marketplace.
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The companion animal drugs market is likely to register lucrative growth owing to increasing investments in R&D of animal drugs for numerous chronic ailments, increasing adoption of companion animals, and growing awareness among owners to provide nutritious food and stress-free medication to pets. Companion animals are generally those animals who tend to share homes and lives with human beings. From a regional frame of reference, in 2020, MEA companion animal drugs market was valued at more than $253 million in 2020. The region is projected to grow at 5.8% CAGR over the analysis timeline. The anticipated growth is majorly ascribed to increasing investments in R&D of animal drugs for numerous chronic diseases as well as improvement of animal well-being.
Mainly because these are considered an important part of family. These animals enjoy more legal protections in comparison to other animals. As per the American Pet Products Association's 2011-2012 National Pet Owners Survey, nearly 62% of all U.S. homes, accounting for around 72.9 million in total, own one or more companion animal. An extensive range of dosage formulations as well as delivery systems has been developed in to provide proper care and welfare of animals. Besides, using the right dosage is essential in terms of safety and effectiveness.
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