Veterinary Drugs Market to Witness Strong Growth with Rising Demand for Meat Products
The increasing rate of adoption of animals across the globe has been the key factor encouraging the growth of the global veterinary drugs market. The entry of counterfeit products is considered as one of the key factors that is projected to restrict the growth of the overall market in the next few years. Nonetheless, the rising awareness among people considering the importance of giving drugs to animals in case of bad health conditions is predicted to offer potential growth opportunities for the market players in the next few years.
According to the market research study by Transparency Market Research, in 2015, the global veterinary drugs market was worth US$17.2 bn and is likely to reach US$26.7 bn by 2024. The market is likely to register a 5.10% CAGR between 2016 and 2024.
Major Factors Encouraging Growth of Veterinary Drugs Market
- The increasing adoption of a variety of companion animals is one of the major factors expected to encourage the growth of the veterinary drugs market in the next few years.
- The rising demand for several meat products is another key factor that is likely to encourage the growth of the market in the near future.
- In addition to this, the rising disposable income of consumers and the increasing expenditure on animal care are estimated to enhance the growth of the veterinary drugs market in the near future.
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North America to Lead Global Veterinary Drugs Market in Near Future
The global market for veterinary drugs has been classified on the basis of geography into the Middle East and Africa, Latin America, North America, Asia Pacific, and Europe. In the last few years, North America held a large share of the overall market and is projected to remain in the leading position in the next few years. The rapid development of the veterinary sector and the rising research and development activities are some of the key factors that are predicted to enhance the growth of the market in the next few years.
Furthermore, Europe is estimated to retain its second position in the next few years. Latin America and Asia Pacific is projected to witness healthy growth in the next few years. The rising incidences of several infectious diseases among animals is one of the major factors that is predicted to accelerate the overall growth of these regions in the next few years.
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Rising Developments in the Veterinary Sector to Enhance Competitive Landscape
The global market for veterinary drugs is considered as highly consolidated in nature with a few players holding a massive share of the overall market. The increasing number of players entering the global veterinary drugs market is projected to enhance the competitive environment of the market in the next few years. The key players in the market are focusing on the research and development activities, which is likely to enhance the growth of the market in the next few years.
Some of the key players operating in the veterinary drugs market across the globe are Bayer Animal Health, Elanco Animal Health, Zoetis Inc., Merck Animal Health, and Merial Animal Health. These players are emphasizing on the developing economies, which is projected to offer potential growth opportunities in the next few years.
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