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(Medical-NewsWire.com, October 25, 2019 ) Market Overview
• Companies focus on the development of new products, increasing acquisition activity in the region for strengthening R &D and market share are some of the key trends in the South America Companion Animal Health market
• Increasing number of companion animal ownership is boosting the market growth for the companion animal healthcare market. Developing economies and rising disposable income is one of the prime cause for increased pet ownership within South American region.
• Further, continued strengthening of the bond between owners and their animal companions is also helping the market to achieve sustainable growth rate for the next few years.
• Growing companion animal care expectations and demand also plays a vital role in the development and growth of companion animal healthcare market. Rising prevalence of parasitic & infectious diseases in animals is even driving the growth of the market.
• Changes in the distribution channel are hampering the market growth. Companion animal owners have changed their purchase pattern and shifted the focus towards internet-based retailers, retail stores, or other over-the-counter distribution channels.
• This shift is leading the companion health owners to opt for substitute human health products for animal health products if human health products are deemed to be lower-cost alternatives.
• The Companion Healthcare Market is segmented by Products into Vaccines, Anti-Infectives, Medicinal Feed Additives, Parasiticides, Diagnostic and Others.
• Medicinal Feed Additives provide vital protection against disease-causing pathogen agents like bacteria, viruses, and fungi without involving the side-effects associated with vaccines and anti-infectives.
• Demand for parasiticides is also on the rise because of increase in flea and tick-infested Lyme disease in dogs and cats. The market is driven by the need for these products in tackling increasing cases of healthcare problems in companion animals and awareness of owners towards the availability of these products in commercial markets.
• The emergence of new players in the market through strategic partnerships and meaningful collaborations between companies and laboratories ensure healthy market competition between companies.
Key market segments covered
• Medicinal Feed Additives
• Rest of South America
• The South America Companion Animal Health market is growing due to increasing sales in pet medical feed with & healthcare products with rising pet ownership and favorable government regulations.
• Pet ownership is highest in South America, with 80% of the online population in both Argentina and Mexico owning a pet, together with three quarters (75percent) in Brazil. Dogs are the most popular pet in Argentina, Mexico, and Brazil. The market is mainly dominated by Brazil which accounted for 56% of the market.
• Pet specialists such as pet shops and pet superstores are the leading channels to distribute pet care products in Brazil. Pet healthcare in Brazil is set to grow at a 12% CAGR at constant 2018 prices over the forecast period, driven by rising awareness of pet healthcare needs and Premiumisation.
• The market in the South American region is a relatively consolidated market with top 4 companies occupying more than 40% market share in 2017.
• Fluctuation Brazil currency over USD and interests rate is challenging the growth of the foreign companies which majorly import products from the United States.
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