Press Release

Global Animal Health Market to Grow at a CAGR of 6.4% in the Forecast Period of 2024-2032, Driven by Rising Pet Ownership

Global Animal Health Market

According to a new report by EMR titled, ‘Global Animal Health Market Report and Forecast 2024-2032’,the global animal health market size attained a value of approximately USD 59.24 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.4%, reaching a value of around USD 103.56 billion by 2032.

A considerable increase in the demand for animal protein, dairy products, vaccines and medicines to treat zoonotic diseases, and rising pet ownership are expected to drive the global animal health market. Animal healthcare products such as food items are further likely to drive the global animal health market.

 

Analysts report that the owner-animal companion bond has been increasing which has in turn escalated demand for companion animal care products. Horses, cats and dogs are usually called companion animals as they are kept as pets, and owners form strong bonds with such animals. For many people, companion animals are a source of affection and emotional fulfilment. In fact, animal-assisted therapy is widely recognized as a form of treatment in the domain of mental health.  The growing human-companion animal bond has boosted the market for related products such as animal food and medicine.

 

Companies are looking to expand operations and enhance resourcefulness in the animal health sector through mergers and acquisitions. For example, in November 2021, Elanco Animal Health Incorporated declared financial results for the third quarter of 2021 which reflected the inclusion of Bayer Animal Health in August 2020. According to Elanco, the business showed good momentum and robust fundamentals after acquiring Bayer Animal Health, as the fourth successive quarter surpassed top-line growth expectancies. This proves that companies active in the animal health sector are experiencing growth. It also indicates the growing scope of the global animal health market.

 

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Key Findings of the Report:

 

Markets with significant scope to grow in the animal health sector include:

  • Development of more effectual and efficient vaccines to protect a greater number of animals against illnesses and decrease the risk of spread of zoonotic diseases passing from animals to humans.
  • Finding alternatives to antibiotics to minimize antimicrobial resistance and damage to the environment.
  • Development of digital technologies for better diagnostics.
  • Discovering efficient methods of parasite control to improve animal health and reduce damage of parasiticide usage on the environment.

 

Drivers of the companion animal product market include:

  • Increasing pet ownership in developing nations.
  • Increased pet spending.
  • increased demand for novel premium treatments and medicines.
  • Improved diets and longer pet life.

 

Drivers of the food producing animal product market include:

  • Rise in demand for high quality animal protein and dairy products.
  • Increased demand for more healthful and productive animals.
  • Greater vaccine use, and more focus on animal welfare.

 

By type, the global animal health market is segmented into:

  • Commercial Animals (further divided by type)
    • Poultry
    • Swine
    • Cattle
    • Sheep and Goat
    • Others
  • Companion Animals (further divided by type)
    • Dogs 
    • Cats
    • Others

By product type, the global animal health market is segmented into:

  • Vaccines
  • Pharmaceuticals
  • Feed Additives
  • Diagnostics
  • Others

By end-use, the global animal health market is classified as follows:

  • Veterinary Hospitals and Clinics
  • Animal Care and Rehabilitation Centres
  • Diagnostics Centres
  • Others

By region, the global animal health market is segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 

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