Veterinary Products Market Overview
The Veterinary Products Market size was USD 23.36 billion in 2021 and is anticipated to increase to USD 42.12 billion by 2029, growing at a CAGR of 6.40% from 2022 to 2029.
The global Veterinary Products industry has been fuelled by a number of factors, including an increase in the prevalence of various diseases in animals and a growing market for farm animals. Furthermore, the growing number of pet owners is driving the need for better companion animal treatments all over the world. The Global Veterinary Products Market report offers a comprehensive analysis of the market. The report examines key segments, trends, drivers, restraints, the competitive landscape, and market-significant factors in detail.
The increasing number of pet owners and the global livestock population are the two main drivers propelling the Veterinary Products Market forward. The Veterinary Products Market is also being propelled forward by an increase in the prevalence of numerous medical diseases in animals, as well as an increase in demand for livestock products. Additionally, an increase in animal healthcare costs is a significant driver of market expansion. However, the lack of veterinary infrastructure in developing countries, as well as strict regulations governing pharmaceutical feed additives, limits the growth of the veterinary medication industry. Increased animal health awareness, on the other hand, represents a lucrative opportunity for the Veterinary Products industry
Animals, like humans, are vulnerable to diseases caused by parasites, bacteria, fungi, and viruses. Veterinary Products allow farm animals and pets to live longer and healthier lives. The spread of zoonotic and chronic diseases among animals is causing increasing concern among humans. Improved diet and the development of healthcare facilities are required to increase the life expectancy of pets. Chronic diseases are on the rise as the number of pets grows. All of these factors contributed to the market introduction of Veterinary Products.
Veterinary Products are used to improve or maintain the health of animals, whether they are raised for food or not. They are created and manufactured for a variety of prophylactic and therapeutic purposes, in addition to food production. They are given to exotic animals, household pets, and wild animals. Most countries have a government regulatory agency in charge of evaluating Veterinary Products and granting marketing permission before a product can be sold, and the UK’s system is used to demonstrate this in practice.
Report Scope:
| Reports attribute/ Metric | Details |
| Market Size | USD 42.12 billion |
| CAGR | ~6.40% CAGR(2022-2029) |
| Base Year | 2021 |
| Forecast Period | 2022–2029 |
| Historical Data | 2020 |
| Forecast unit | value (USD Billion) |
| Segments Covered | Type of animal, product, mode of delivery, end use, and region |
| Regions covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Companies covered | Zoetis, Inc. (Pfizer), Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Bayer Healthcare AG, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, Nutreco N.V. and Sanofi S.A. (MERIAL Limited). Major animal feed additive manufacturers are Cargill Inc. (Provimi), ADM Alliance Nutrition, Koninklijke DSM N.V and Evonik Industries |
The report forecasts the size of the Veterinary Products market for components from 2022 through 2029
The Executive Summary provides a snapshot of the key findings of the report. The introduction chapter includes the research scope, market segmentation, research methodology, and definitions and assumptions. It involves extremely rigorous scientific methods, tools, and techniques to estimate the market size. Exhaustive secondary research is being carried out to collect information related to the market, the parent market, and the peer market. Primary research is undertaken to validate the assumptions, findings, and sizing with the industry experts professionals across the value chain of the market. Both top-down and bottom-up approaches are employed to estimate the complete market size.
The chapter on market dynamics includes market drivers, restraints, and opportunities which helps familiarise with market potential and upcoming opportunities. The chapter on key insights includes emerging trends from major countries, the latest technological advancement, regulatory landscape, SWOT analysis, and Porter’s five forces analysis. This chapter provides a detailed insight into the market which derives the market trends, changing phase of investments, and scope of profit potential, and helps to take appropriate business decisions. The chapter on competitive analysis includes the profiling of leading companies in the global market to map the leading companies and their focus of interest in the market.
After deriving the market size from the market size estimation process, the total market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, data triangulation and market breakdown procedures is being used. The data triangulation is carried out by studying various factors and trends from demand and supply perspectives.
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Veterinary Products Market COVID-19 Analysis:
The COVID-19 outbreak has had a negative impact on the market as well. Following the World Health Organization’s designation of COVID-19 as a pandemic, countries all over the world enacted state-wide lockdowns to enforce social separation as a preventative measure. This caused disruption, limitations, problems, and changes in every industry sector. Similarly, the pandemic affected the Veterinary Products industry. Veterinary organizations around the world, for example, have advocated for animal patient care to be limited to seriously ill animals and emergencies.
Furthermore, the lockdowns have forced the rescheduling of yearly checkups and optional operations. Various key stakeholders, on the other hand, have ensured the supply of veterinary drugs, as governments around the world work hard to ensure the supply. As a result, COVID-19 has had a negative overall impact on the Veterinary Products Market, owing to a drop in demand as veterinarian visits are limited and animal treatment is shifted to emergency and critically ill animals.
Global Veterinary Products Market Competitive Analysis:
Key players in the Global Veterinary Products market are Zoetis, Inc. (Pfizer), Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Bayer Healthcare AG, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, Nutreco N.V. and Sanofi S.A. (MERIAL Limited). Major animal feed additive manufacturers are Cargill Inc. (Provimi), ADM Alliance Nutrition, Koninklijke DSM N.V and Evonik Industries AG among other players.
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This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2029. Global Veterinary Products market is distributed on the basis of below mentioned segments:
Segmentation Analysis:
Global Veterinary Products Market, By Animal Type:
Production Animals
Companion Animals
Others
The market is divided into two categories: production animals and companion animals. As global protein demand has increased, production animals have captured the majority of the market. Furthermore, increased spending on animal health is thought to be a factor in the widespread adoption of production animals, particularly in industrialized nations. The dog segment maintained a significant revenue share due to the increased need for better treatment options for canines suffering from chronic disorders.
Global Veterinary Products Market, By Products Type:
Drugs
Vaccines
Medicated Feed Additives
Others
The market is divided into three categories: drugs, vaccines, and medicated feed additives. The vaccine industry is expected to have a sizable market share. Vaccines are expected to have a significant market share by product. This segment’s growth is being driven by rising demand for animal-derived food products, a growing companion animal population, an increase in the frequency of zoonotic diseases, as well as a number of government and animal-related activities. Furthermore, significant developments by the market’s leading competitors, such as product development, mergers and acquisitions, and launches to expand their vaccination product portfolio, are expected to boost the market’s growth potential.
Global Veterinary Products Market, By Region:
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
Table of Content
1. Introduction
2. Executive Summary
3. Market Dynamics
4. Key Insights
5. Global Veterinary Products Market Analysis (USD Billion), Insights and Forecast, 2016-2027
6. North America Veterinary Products Market Analysis (USD Billion), Insights and Forecast, 2016-2027
7. Latin America Veterinary Products Market Analysis (USD Billion), Insights and Forecast, 2016-2027
8. Europe Veterinary Products Market Analysis (USD Billion), Insights and Forecast, 2016-2027
9. Asia Pacific Veterinary Products Market Analysis (USD Billion), Insights and Forecast, 2016-2027
10. Middle East & Africa Veterinary Products Market Analysis (USD Billion), Insights and Forecast, 2016-2027
11. Competitive Analysis
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