Revenues generated through sales of animal healthcare products and services are expected to reach $35 billion by the end of 2016, according to a report, “Animal Healthcare Market: Global Industry Analysis and Opportunity Assessment 2015 – 2020” by Future Market Insights (FMI). Growing pet humanisation trend and focus on preventive healthcare are expected to drive demand for animal healthcare products, such as feed additives, pharmaceuticals, and vaccines.
Production Animal Segment Accounts for Higher Demand
FMI’s report has broadly segmented the animal healthcare market into production animal and companion animal. Between these, demand for healthcare products and services is higher from the production animal segment. Production animal healthcare revenues totalled nearly $21.8 billion in 2015 vis-à-vis $11.7 billion of companion animals.
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Feed Additives Segment Worth $15.7 Billion in 2015
The key product categories that account for bulk of the revenues in the animal healthcare market are feed additives, pharmaceuticals, and vaccines. Among these, demand for feed additives is the highest, with global revenues totalling $15.7 billion in 2015. By 2020, feed additives are forecasted to account for nearly 48% revenues of the global animal healthcare market.
US, China, and France Among the Largest Markets
FMI’s report has analysed the animal healthcare market in North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.
North America, Europe, and Asia-Pacific account for nearly 88% revenues of the global market. The US, China, Japan, France, Germany, and the U.K. are among the most lucrative markets for companies operating in the animal healthcare landscape.
The North America animal healthcare market was valued at $11.3 billion in 2015, of which the U.S. accounted for nearly $9.2 billion. FMI’s report forecasts the market to increase at 4.5% CAGR through 2020 to reach $14.1 billion in revenues.
The Europe animal healthcare market was valued at $9.6 billion in 2015; it is estimated to expand at 4.7% CAGR through 2020 and total $12.2 billion in revenues. France is the largest market for animal healthcare products and services in Europe, accounting for $1.9 billion in revenues in 2015. FMI’s report forecasts Turkey to be the fastest growing country in the Europe animal healthcare market.
The Asia Pacific animal healthcare market was valued at $8.3 billion in 2015, and FMI estimates it to expand at 6.2% CAGR through 2020. China is the most lucrative country in the Asia Pacific animal healthcare market, and is expected to expand at the fastest CAGR in Asia Pacific. By 2020, China is expected to represent nearly 62% market share.
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Animal Healthcare Market: Key Players
Some of the leading players operating in the pharmaceutical & vaccine segment of animal healthcare market include Bayer Healthcare AG, Merck & Co., Inc. (Intervet), Virbac S.A, Eli Lilly and Company (Elanco/Novartis), Vetoquinol SA, Zoetis, Inc. (Pfizer), Ceva Santé Animale, Boehringer Ingelheim GmbH, Nutreco N.V. and Sanofi S.A. (MERIAL Limited).
Major animal feed additive manufacturers include Cargill Inc. (Provimi), Koninklijke DSM N.V., ADM Alliance Nutrition, and Evonik Industries AG.