Factors such as the rapid rise in livestock population, increasing awareness about animal health, growing demand for animal-derived food products, and rising frequency of animal disease outbreaks are the major factors driving the growth of the Asia-Pacific Animal Health market.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.7% during the forecast period, the global animal health market is estimated to reach USD 20.25 billion by the end of 2021. Geographically, the Asia-Pacific Animal Health market is segmented into China, Japan, India, and the Rest of APAC. In 2015, China commanded a major share of the market and is expected to witness the highest growth rate during the forecast period.
Based on product, the market is segmented into growth promoters, feed additives, vaccines, parasiticides, antimicrobials and antibiotics, and other pharmaceuticals. Growth promoters accounted for the largest share of the market in 2015 owing to its wide utilization by livestock producers and pet owners.
Based on the type of animal, the market is segmented into food-producing animals and companion animals. The food-producing animals segment accounted for the largest share of the market, while companion animals are expected to register the highest growth during the forecast period.
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What Drives the Market?
The growth of the global market for animal health is primarily influenced by the following factors:
Rising Demand for Animal-Derived Food Products
Increasing Livestock Population and Growing Awareness About Animal Health
Growing Frequency of Animal Disease Outbreaks
However, restrictions on the use of parasiticides in food-producing animals, rising storage cost of animal vaccines, and the shift towards vegetarian diets are restraining the growth of this market to a certain extent.
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