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The global farm animal drugs market is expected to reflect a CAGR of 6.3% over the period starting from 2017 and forecasted till 2027 from the market value standpoint, to reach a value of US$ 23,150 Mn by 2027. This positive growth over these years can be attributed to a rapid rise in the demand for quality pharmaceuticals and food security that fuel the increased adoption of farm animal drugs.
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North America is poised to grow at a healthy 7.1% CAGR in terms of market value over the forecast period, with the anti-infective product type segment dominating the market in this region
The anti-infective product type segment is expected to witness higher growth and this trend is anticipated to continue through the forecast period. The North America region seems favourable for the farm animal drugs market. The anti-infective segment is estimated to reach a value of over US$ 1500 Mn in 2017 to project a high CAGR of 8.9% till 2027, and reach a value of more than US$ 3500 Mn by 2027 end in the North America regional market. Whereas, the parasiticides segment is estimated to be valued a bit less than US$ 1100 Mn in 2017 to reach a market value higher than US$ 2100 Mn in 2027. This reflects a CAGR of 7.2% during the forecast period. Canada and the United States show a higher contribution to the growth of the farm animal drugs market and are the most lucrative markets with a 1.0 Market Share Index. Many key players such as Zoetis, Elanco Animal Health, Merck and Phibro Animal Health Corporation in the farm animal drugs market in North America are coming up with new developments considering the potential of this region in terms of growth per year.
The anti-infective segment by product type dominates the global farm animal drugs market throughout the forecasted timeline, becoming the most lucrative segment to reflect a market attractiveness index of more than 2.8. The market share of the anti-infective and parasiticides segment is estimated to be 35.5% and 24.5% of the global farm animal drugs market in 2017.
A number of factors are contributing to the growth of the farm animal drugs market on a global scale
The major factors impacting the growth of the global farm animal drugs market include a rising demand for fresh meat; a focus on animal health, which ensures their protection from various infectious diseases with the administration of several drugs; and pain administration, which is an important aspect in animal health. Moreover, high demand for proteins obtained from animals along with a rise in demand for horse meat especially in Eastern Europe is contributing to the growth of the global farm animal drugs market. In Eastern Europe, horse meat is a preferred choice and a viable substitute to cattle meat. The increase in livestock, for example in Brazil, poultry farming in Australia, as well as unfortunate events such as an outbreak of bird flu and avian influenza that need immediate drug administration together aid the growth in adoption of farm animal drugs, thereby impacting the global farm animal drugs market. Asia Pacific is also a major contributor to global market growth as more drugs are required in this region. APAC is known for its growing animal industry, which is affected by zillions of diseases that necessitate treatment – this in turn drives the farm animal drugs market in this region.
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Anti-infective segment by product type to show a higher BPS during the forecast period
The anti-infective segment by product type is expected to gain 393 BPS in its market share while the parasiticides segment will gain 61 basis points, owing to a rapid increase in drugs used to treat farm animals. Various factors, their relevance, and impact on the global farm animal drugs market are considered. Factors such as investments in anti-infectives, the rate of treatment of animals, the number of animals affected with diseases, research in drug development for the animal sector, growth of product portfolios of several key players, government regulations and spending etc., are slated to have a varied impact on the market. Out of these factors, the number of animals affected with diseases show highest impact followed by the rate of treatment of animals. The global farm animal drugs market reflects an incremental opportunity of US$ 10,563 Mn from 2017 till 2027 and an absolute dollar opportunity of US$ 765 Mn in 2018 over 2017.
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/farm-animal-drugs-market
Release ID: 89011474
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