Farm Animal Drugs Market to Grow at a CAGR of 6% by 2027
Posted by Pradnya Kulkarni on August 9th, 2017
According to a latest study by Future Market Insights (FMI), the global farm animal drug market is projected to grow at over 6% CAGR during the period 2017-2027. Increased production of anti-infectives and penetration of parasiticides production in Latin America is expected to offer growth opportunities to players in this market.
The market will continue to be influenced by a slew of macro- and micro-economic factors. Demand for contamination-free meat and proteins and alliances between producers and meat companies will continue to offer growth opportunities.
North America Farm Animal Drugs Market
In North America, the U.S. will continue to be account for the leading revenue share. In 2017, the revenue share of the U.S. is anticipated to reach 58%; however, during the forecast period, it will lose slight market share to Canada. Demand for farm animal drugs in North America will continue to be influenced by growing consumption of fresh meat and regulation by the FDA to limit use of antibiotics on farm animals. FMI projects the North America farm animal drugs market to grow at 7% CAGR during the forecast period 2017-2027.
By product type, anti-infective drugs and parasiticides (endo-parasiticides, ecto-parasiticides, and endectocides). Anti-infectives are not only the largest but also the fastest-growing segment product type segment. By 2027, the anti-infective product type segment is projected to grow at nearly 9% CAGR. By animal type, poultry is the largest segment in North America, whereas ruminants and swine hold significant revenue share.
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FMI also offers market forecast and analysis on the basis of route of administration. The oral route of administering drugs remains the most prominent in North America, with revenues projected to grow at over 7% CAGR. The parenteral drug segment, on the other hand, is anticipated to grow at nearly 9% CAGR through 2027.
By distribution channel, veterinary hospitals are the largest segment in North America, accounting for nearly US$ 2 billion in revenues in 2017. This segment is projected to grow at nearly 8% through 2027.
Western Europe Farm Animal Drugs Market
U.K. remains the largest market for farm animal drugs in Western Europe. The country accounts for over 40% revenue share of the market. FMI projects U.K. to remain the largest market for farm animal drugs in Western Europe throughout the forecast period. Germany and France are the other leading markets for farm animal drugs in Western Europe. Overall, the Western Europe farm animal drugs market is projected to reach US$ 2.83 billion revenues in 2027.
The key factors fuelling demand for farm animal drugs in Western Europe include focus on preventive measures against zoonotic diseases. Use of certain drugs for pain management is also a growing opportunity for manufacturers. As is the case in North America, the anti-infective product type segment is projected to grow at over 6% CAGR through 2027.
In addition to North America and Western Europe, the report also offers market forecast and analysis on Asia Pacific excluding Japan, Middle East & Africa, Latin America, and Japan.
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Key companies profiled in the report are Bayer AG, Boehringer Ingelheim GmbH, Zoetis, Inc., Ceva Santé Animale, Dechra Pharmaceuticals PLC, Elanco Animal Health (Sub. Eli Lilly), Merck Animal Health, Virbac SA, Vetoquinol SA, Intas Animal Health, Alembic Animal Health, Sequent Scientific, Hester Biosciences, Ashish Life Sciences, Ouro Fino Saude Animal (Ourofino), Zydus Animal Health (Sub. Cadila Healthcare Ltd), Phibro Animal Health Corporation, Nippon Zenyaku Kogyo Co., Ltd, Norbrook, Kyoritsu Seiyaku Corporation.
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About the AuthorPradnya Kulkarni
Joined: December 22nd, 2016
Articles Posted: 762
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