What Factors Propelled The Growth Of The Farm Animal Healthcare Market In The Past?
The farm animal healthcare market has seen considerable growth due to a variety of factors.
• There has been a notable increase in the size of the farm animal healthcare market in past years. This market is projected to expand from $21.02 billion in 2024 to $22.38 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%.
Factors that contributed to the growth during the historic period include disease outbreaks, regulatory backing, the rise in livestock population, and heightened awareness and education.
What Is The Projected Growth And Market Size For The Farm Animal Healthcare Sector?
The farm animal healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, a significant increase is anticipated in the farm animal healthcare market, which is projected to expand to $29.89 billion in 2029, with a compound annual growth rate (CAGR) of 7.5%.
Factors such as rising global food demands, the trend of preventive health care, advancements in precision farming technologies, environmental issues, and economic aspects are credited for this expected growth during the forecast period. The forthcoming period is also predicted to be defined by trends such as digital health solutions, progress in biotechnology, sustainable practices, nutraceuticals and functional feeds, as well as collaborations and partnerships.
What Factors Are Driving Growth In The Farm Animal Healthcare Market?
The growth of the farm animal healthcare market is anticipated to be fueled by the rising livestock population. Livestock are agricultural animals that humans keep, rear, and utilize, such as cows, horses, and pigs. As livestock numbers increase, there is a corresponding growth in the demand for farm animal healthcare services, as these services help shield animals from diseases like swine flu and avian flu, which have the potential to infect humans, farm workers, and veterinarians. For example, The United States Department of Agriculture, a U.S. federal agency in charge of laws related to farming, forestry, rural economic growth and food, predicts that in September 2023, cattle production will rise by 1% in 2023. Further increase in cattle slaughtering rates are projected for 2023 and 2024. Beef production is expected to rise by eight per cent in 2023 and two per cent in 2024. Brazil is forecasted to retain its position as the world's largest beef exporter, shipping out 3.35 MMT CWE in 2023 and 3.40 MMT CWE in 2024, representing 30% of Brazil's production. Consequently, the growth of the farm animal healthcare market is driven by expanding livestock populations.
What Are The Main Segments Of The Global Farm Animal Healthcare Market?
The farm animal healthcare market covered in this report is segmented –
1) By Product: Vaccines, Parasiticides, Anti-Infectives, Medical Feed Additives, Other Products
2) By Application: Cattle, Swine, Poultry, Fish, Sheep
3) By End User: Reference Laboratories, Point-Of-Care Testing Or In-House Testing, Veterinary Hospitals And Clinics, Other End Users
Subsegments:
1) By Vaccines: Live Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, Recombinant Vaccines
2) By Parasiticides: Endoparasiticides (internal parasites), Ectoparasiticides (External Parasites), Combination Products
3) By Anti-Infectives: Antibiotics, Antifungals, Antivirals
4) By Medical Feed Additives: Probiotics, Prebiotics, Nutraceuticals, Enzymes
5) By Other Products: Hormones, Pain Management Products, Diagnostic Products
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What Emerging Trends Are Influencing The Growth Of The Farm Animal Healthcare Market?
Swift advancements in technology are becoming a predominant trend in the farm animal healthcare market. Leading companies in this sector are heavily invested in innovating new technologies to satisfy customer needs and consolidate their market position. For instance, in June 2023, a leading pharmaceutical company, Merck & Co., Inc., introduced INNOVAX-ILT-IBD, a dual-form HVT poultry healthcare vaccine designed to provide continuous protection against infectious bursal disease (IBD), infectious laryngotracheitis (ILT), and Marek's disease (MD). Notably, INNOVAX-ILT-IBD has two ILT glycoprotein inserts instead of just one. Clinical trial data suggest that immunity from INNOVAX-ILT-IBD sets in early and lasts for a significant duration. The vaccine, which can be administered subcutaneously (to day-old chicks) or in ovo (around the 18th day of incubation), offers enhanced early-life protection to layers, breeder flocks, and broiler chickens in the hatchery.
Who Are the Key Players in the Farm Animal Healthcare Market?
Major companies operating in the farm animal healthcare market include:
• Bayer AG
• C. H. Boehringer Sohn AG & Co. KG
• Ceva Santé Animale
• Merck & Co. Inc.
• Virbac Corporation
• Zoetis Inc.
• Vetoquinol Animal health pvt. Ltd.
• Norbrook Laboratories
• Alivira Animal Health Limited
• Phibro Animal Health
• Intas Pharmaceuticals Limited
• Hester Biosciences Limited
• Elanco Animal Health Incorporated
• Biogenesis Bago SA
• Animalcare Limited
• Bimeda Inc.
• Eco Animal Health Pvt. Ltd.
• Dechra Pharmaceuticals PLC
• Hipra
• Huvepharma Inc.
• Indian Immunologicals Limited
• Jurox Pty Ltd.
• Kyoritsu Seiyaku Corporation
• Neogen Corporation
• Phytobiotics Futterzusatzstoffe GmbH
• Vaxxinova International BV
• Wedgewood Pharmacy
• Orion Pharma Animal Health
• Kane biotech Inc.
What Is The Most Dominant Region In The Farm Animal Healthcare Market?
North America was the largest region in the farm animal healthcare market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the farm animal healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
