Poultry Pharmaceuticals Market: Snapshot
Poultry farms and products are gaining importance among the human population as a profitable business and as a key food source. Technological advancements, rising vaccination programs, and the growing focus on preventive healthcare for livestock are the key factors supporting the global poultry pharmaceuticals market.
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Poultry animals are more prone to diseases such as coccidiosis and avian influenza caused by environmental conditions, improper waste management, and improper feed additives. Poultry health has become a major cause for concern among consumers, especially as the demand for meat and protein sources soars globally. This has significantly fueled the demand for poultry pharmaceuticals.
The opportunity presented by the global poultry pharmaceuticals market stood at US$3.7 bn in 2015 and is estimated to reach US$7.8 bn by 2024 at a strong CAGR of 8.5% therein.
Growing Usage of Feed Additive Medication a Positive Sign for Poultry Pharmaceutical Market
Based on product type, the poultry pharmaceuticals market comprises drugs, vaccines, and feed additive medication. Vaccines are primarily used by poultry farmers for the immunization of poultry animals due to their immediate effect. Hence, the vaccines segment led the global poultry pharmaceuticals market in 2015. Poulvac, the most commonly used vaccine in poultry animals, is likely to dominate the vaccine segment from 2016 to 2024. The usage of feed additive medication for poultry animals is increasing rapidly in recent years owing to their easy dissolving ability with feed given to the animals. The market for drugs is expected to expand at a high growth rate during the forecast period.
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By type of animal, chicken emerged as the leading segment of the global poultry pharmaceuticals market in 2015. The dominance of this segment can be attributed to the popularity of the animal among meat eaters across the globe. The quality of meat and its health benefits drive the consumption of chicken. Duck meat also held a significant share in the poultry pharmaceutical market due to its lean, tender meat and fatty liver. Duck eggs are more popular among humans due to high protein content. Duck farming is expected to witness strong growth in terms of volume by 2024.
Latin America Presents Lucrative Opportunities for Global Players
North America was the leading market for poultry pharmaceuticals in 2015 owing to the high adoption of as well as awareness regarding animal healthcare products and the growing demand for feed additive medication. In addition, increasing concerns about re-emerging poultry diseases drive the poultry pharmaceuticals market in North America. The U.S. is a major contributor to the market in North America, with penicillin and tetracycline being the two most widely used antibiotics in poultry animals.
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Latin America is expected to be one of the most lucrative markets for poultry pharmaceuticals during the forecast period. The rising focus of multinational companies on Latin America and on specialized local players drives the market in this region. Chicken is a significantly large segment of the poultry pharmaceuticals market in Latin America due to the increased concentration of broilers to meet rising exports from the region and to cater to the growing global demand for meat. Brazil led the poultry pharmaceuticals market in Latin America in 2015 owing to the well-established poultry production and animal health industry in the country.
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