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Global Animal Health Market to Grow at a CAGR of 3.8% in the Forecast Period of 2022-2027, Driven by Rising Pet Ownership

According to a new report by EMR titled, ‘Global Animal Health Market Report and Forecast 2022-2027’, the global animal health market is expected to grow at a CAGR of 3.8% during the period 2022-2027, driven by rising pet ownership, greater demand for nutrition and vaccines, increased demand for animal protein and dairy products.

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.

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

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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