The report “Asia-Pacific Animal Health Market by Product (Parasiticides (Endoparasiticides, Ectoparasiticides), Antimicrobial & Antibiotic, Vaccines, Feed Additive (Vitamin, Amino Acids, Antioxidant), Growth Promoter), Animal (Livestock, Companion) – Forecast to 2021″, report analyzes and studies the major market drivers, restraints, challenges, and opportunities in China, Japan, India, and the Rest of Asia-Pacific
The APAC animal health market has witnessed significant growth during the last decade and is expected to grow at a CAGR of 5.7% during the forecast period to reach USD 20.25 Billion by 2021.
Growth in this market can majorly be attributed to factors such as rapidly increasing livestock population, increasing demand for animal-derived food products, growing awareness about animal health, and rising frequency of animal disease outbreaks.
However, the shift towards vegetarian diets, rising cost of vaccine storage, and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of the APAC animal health market.
Growth in companion animal ownership and rising adoption of pet health insurance in APAC offer significant growth opportunities for players operating in the APAC animal health market.
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Growth promoters accounted for the largest share of the market in 2015
Based on product, the animal health market is segmented into growth promoters, feed additives, vaccines, parasiticides, antimicrobials and antibiotics, and other pharmaceuticals. Growth promoters accounted for the largest share of the market in 2015 owing to its wide utilization by livestock producers and pet owners.
The food-producing animals segment accounted for the largest share of the market
Based on the type of animal, the animal health market is segmented into food-producing animals and companion animals. The food-producing animals segment accounted for the largest share of the market, while companion animals are expected to register the highest growth during the forecast period.
China is the largest regional segment for the animal health market
China is the largest regional segment for the animal health market and is expected to witness the highest growth rate during the forecast period. The large share of this regional segment is driven by the increasing livestock population, rising demand for animal-derived food products in China, increasing pet ownership, and growing adoption of pet insurance.
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Key players operating in this market include Zoetis, Inc. (U.S.), Sanofi (France), Merck and Co., Inc. (U.S.), Eli Lilly and Company (U.S.), and Boehringer Ingelheim GmbH (Germany). Other players include Bayer AG (Germany), Ceva Santé Animale (France), Virbac (France), Perrigo Company Plc. (U.S.), Vetoquinol S.A. (France), Cargill, Inc. (U.S.), Royal DSM N.V. (Netherlands), and Evonik Industries AG (Germany).