Middle East & Africa Animal Healthcare Market Forecast 2027
Posted by Tejas Agrawal on March 4th, 2020
Animal healthcare focuses on effective animal health management by diagnosing and treating the diseases. Outbreak of animal diseases restrict trading of animal protein and increases cost of disease management, which subsequently hampers economy of country’s in Middle East and Africa region.
The Middle East and Africa animal healthcare market size was valued at US$ 3,332.0 million in 2017 and is expected to exhibit a CAGR of 5.5% over the forecast period (2018–2026).
Increasing incidence of zoonotic viral pathogens, increasing government initiatives to provide improved animal healthcare, increasing demand for protein from animal source, and product launches by market players are major factors driving the Middle East and Africa animal healthcare market growth. For instance, in October 2017, Bayer Animal Health, a subsidiary of Bayer AG extended its support for the rhino anti-poaching dogs in South Africa by providing parasiticides for the dogs.
Furthermore, inorganic growth strategies adopted by key players for enhancing their product portfolio is expected to drive the market growth. In May 2019, Zoetis and African Livestock Productivity and Health Advancement collaborated for development of sustainable livestock production for improvement in animal health throughout the Africa region.
The Middle East is expected to hold dominant position in the Middle East and Africa animal healthcare market over the forecast period due to increasing demand for protein from animal source and increasing awareness about animal healthcare. According to the United States Department of Agriculture (USDA), the chicken meat production in Saudi Arabia reached 650,000 MT in 2018 and is expected to reach 700,000 MT in 2019. The local authorities in the Middle East and Africa regions regularly organize workshops to provide information about improving poultry production in the country.
Major manufacturers and research institutes are constantly investing in research & development activities to cater to rising demand for animal healthcare products and are collaborating with local authorities to increase awareness for animal healthcare in the region, are major factors that are expected to drive growth of the market over the forecast period.
This report provides in-depth analysis of the Middle East and Africa animal healthcare market and provides market size (US$ million) and compound annual growth rate (CAGR %) over the forecast period (2018–2026), considering 2017 as the base year.It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players. It profiles key players in the Middle East and Africa animal healthcare market based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
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About the AuthorTejas Agrawal
Joined: January 7th, 2020
Articles Posted: 9
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