The rising commercial potential of the market and several lucrative opportunities in emerging economies are the key factors that are projected to enhance the level of competition among the key players in the next few years. In addition to this, the leading players in the market are expected to emphasize on fostering closer relationships with customers in the next few years, thus encouraging the growth of the overall market in the next few years.
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According to a market research study by Transparency Market Research, in 2015, the global market for veterinary drugs was worth US$17.2 bn. The market is estimated to reach a value of US$26.7 bn by the end of 2024, exhibiting a healthy 5.10% CAGR between 2016 and 2024.
North America to Witness High Growth in Coming Years
The global market for veterinary drugs has been categorized on the basis of geography into North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. Among these, North America is projected to experience a high growth in the next few years. As per the research study, this region led the global market in the last few years and is predicted to remain in the similar position throughout the forecast period. Furthermore, Europe is anticipated to experience a healthy growth in the next few years. Furthermore, the rising incidence of infectious disease among animals is expected to enhance the growth of the veterinary drugs market in Latin America and Asia Pacific.
The global market for veterinary drugs has been classified on the basis of animal type into livestock animal and companion animal. In 2015, the livestock animal segment led the global market and is expected to remain in the similar position in the next few years. The high growth of this segment can be attributed to the growing demand for high quality protein and poultry meat. On the other hand, the companion animal segment is predicted to register a promising growth rate in the coming few years. The growing healthcare expenditure and the increasing pet ownership are the key factors that are projected to encourage the growth of the segment in the next few years.
Rising Demand for Animal Meat to Encourage Market Growth
The rising popularity of a variety of companion animals and the growing demand for several meat products are considered as the key factors that are anticipated to encourage the growth of the global veterinary drugs market in the next few years. In addition to this, the growing disposable income of consumers, especially in developing economies has further allowed a significant rise in the expenditure on animal care, which is likely to accelerate the growth of the overall market in the near future. On the other hand, the entry of new products in the veterinary drugs market has resulted in a risk of counterfeit products, thus restricting the growth of the global market in the next few years. Moreover, the growing awareness among people regarding the adverse effects of some of the veterinary drugs on human is also estimated to curtail the overall growth of the market in the near future.