Future Market Insights delivers key insights on the global animal healthcare market in its report, “Animal Healthcare Market: Global Industry Analysis and Opportunity Assessment 2015-2020.” According to the report, feed additives will continue to remain the most lucrative segment in the animal healthcare market by the end of forecast period.
FMI, on the basis of product type, has segmented the animal healthcare market into feed additives, pharmaceuticals, and vaccines.
Feed additives is the largest segment, accounting for 46.8% market share in 2014. FMI expects this segment to expand at a CAGR of 5.4% during the forecast period and reach a valuation of US$ 20.45 Bn.
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Emphasis on maintaining the health and well-being of animals is driving the demand for feed additives. According to FMI, Asia Pacific, Latin America, and Middle East & Africa (MEA) are the target regions for feed additives companies, owing to a higher percentage of production animals in the region. FMI estimates the absolute $ opportunity in feed additives segment from 2014 to 2020 to be worth US$ 5,453.7 Mn.
Pet humanisation trend has provided growth opportunities for stakeholders in the pet care market and the pharmaceutical industry has also benefitted from that. The demand for pharmaceuticals is anticipated to witness a surge in the future. According to FMI, the pharmaceutical segment of the animal healthcare segment is anticipated to reach US$ 15.67 Bn by 2020, amplifying at a CAGR of 4.8% during the forecast period.
The vaccines segment of the animal healthcare market, valued at US$ 5.20 Bn in 2014, is expected to expand at a CAGR of 4.9% during the forecast period. The segment accounted for 16.3% market share in 2014, and FMI forecasts it to drop to 16%.
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Europe is the largest market for animal vaccines, as the region is heavily affected by increasing prevalence of diseases, such as foot and mouth. According to the European Food Safety Authority (EFSA), there are around 320,000 cases of foodborne and zoonotic diseases annually in EU. The growth of the vaccines segment is expected to be highest in Middle East & Africa (MEA), followed by Asia Pacific.
North America is the most lucrative region for the animal healthcare market, accounting for 34.1% market share in 2014. According to FMI, owing to strong demand from farm owners and consumers in Asia Pacific, the North America animal healthcare market is expected to lose 110 BPS during the forecast period. FMI estimates North America to account for a 33% share of the global animal healthcare market by 2020.
The U.S. dominates the North America animal healthcare market, accounting for over 80% market share in 2014. Pharmaceuticals is the largest product type segment in the North America animal healthcare market, however, it is anticipated to lose 10 BPS, owing to growth of the feed additives segment.
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The Asia Pacific animal healthcare market is anticipated to expand at a CAGR of 6.2% during the forecast period. The key factors fuelling the Asia Pacific animal healthcare market include growing demand for pork and other meat products and increase in commercial farming. Moreover, growing aquaculture in China is also fuelling the growth of the Asia Pacific market.
China and Japan are the most lucrative markets in Asia Pacific. The animal healthcare market in China, valued at US$ 4.75 Bn in 2014, is anticipated to expand at a CAGR of 6.7% during the forecast period 2015-2020. The Japan animal healthcare market, on the other hand, is anticipated to expand at a CAGR of 4.4%.
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Key players profiled by FMI in the animal healthcare market include 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 Cargill Inc. (Provimi), ADM Alliance Nutrition, Koninklijke DSM NV, and Evonik Industries AG
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