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(Medical-NewsWire.com, February 13, 2020 ) Growth in this market can majorly be attributed to factors such as rapidly increasing livestock population, increasing demand for animal-derived food products, growing awareness about animal health, and rising frequency of animal disease outbreaks.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.7% during the forecast period, the global Asia-Pacific Animal Health market is estimated to reach USD 20.25 Billion by the end of 2021.
“Growth promoters accounted for the largest share of the market in 2015”
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.
“The Asia pacific animal Health market is segmented into food-producing animals and companion animals.”
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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Geographical growth scenario of Asia-Pacific Animal Health Market
China is the largest regional segment for the APAC animal health market and is expected to witness the highest growth rate during the forecast period. The large share of this regional segment is driven by the increasing livestock population, rising demand for animal-derived food products in China, increasing pet ownership, and growing adoption of pet insurance.
Leading market players
The prominent players in the Asia-Pacific Animal Health market include Zoetis, Inc. (U.S.), Eli Lilly and Company (U.S.), Sanofi (France), Merck and Co., Inc. (U.S.), Boehringer Ingelheim GmbH (Germany), Bayer AG (Germany), Virbac (France), Ceva Santé Animale (France), Vetoquinol S.A. (France), Cargill, Inc. (U.S.), Royal DSM N.V. (Netherlands), and Perrigo Company Plc (U.S.).
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Mr. Shelly Singh