Animal Health Market | Asia-pacific is Expected to the Highest CAGR of 5.7%

(IT-NEWSWIRE.COM, July 22, 2020 ) The report "Asia-Pacific Animal Health Market by Product (Parasiticides (Endoparasiticides, Ectoparasiticides), Antimicrobial & Antibiotic, Vaccines, Feed Additive (Vitamin, Amino Acids, Antioxidant), Growth Promoter), Animal (Livestock, Companion) - Forecast to 2021", report analyzes and studies the major market drivers, restraints, challenges, and opportunities in China, Japan, India, and the Rest of Asia-Pacific.

The APAC animal health market has witnessed significant growth during the last decade and is expected to grow at a CAGR of 5.7% during the forecast period to reach USD 20.25 Billion by 2021.

Growth in animal health 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. However, the shift towards vegetarian diets, rising cost of vaccine storage, and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of the APAC animal health market. Growth in companion animal ownership and rising adoption of pet health insurance in APAC offer significant growth opportunities for players operating in the APAC animal health market.

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In this report, the market is segmented on the basis of product, type of animal, and country.

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.

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. Growth in the Chinese animal health market can be attributed to the growing livestock population, increasing consumption of animal-derived food products, growing awareness about animal health and zoonotic diseases, and rising frequency of animal disease outbreaks in China.

The APAC animal health market is characterized by the presence of a large number of players. Amidst intense market competition, major players are continuously focusing on achieving higher market shares through new product launches and mergers & acquisitions of local as well as multinational players in the market. The market is fragmented in nature, with a large number of companies continuously trying to mark their presence.

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Key Players

Major players operating in this 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.).

Merck and Co., Inc. (U.S.) is another significant player in the APAC animal health market. The company has its presence in more than 140 countries with 25 manufacturing sites located in the U.S., Mexico, Brazil, the U.K., France, Germany, Spain, the Netherlands, Germany, Italy, Austria, India, Australia, and New Zealand. The company invested USD 6,704 million, USD 7,180 Million, and USD 7,503 Million on research and development activities in 2015, 2014, and 2013, respectively, to launch new, innovative, and therapeutically effective products.

Sanofi (France) is involved in the research, development, manufacturing, and marketing of healthcare products for humans and animals. The company offers a wide range of animal health products through Merial, the animal health division of the company. In 2015, the company signed a business exchange agreement with Boehringer Ingelheim (Germany), one of the leading players in animal health products. Under this agreement, Sanofi will exchange its animal health business (Merial) with the consumer healthcare (CHC) business of Boehringer Ingelheim.

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Animal Health Market | Asia-pacific is Expected to the Highest CAGR of 5.7%