Farm Animal Drugs Global Market Outlook 2023-2032: Size And Growth Rate Analysis
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As per The Business Research Company’s Farm Animal Drugs Global Market Report 2023, The global farm animal drugs market is expected to grow from $16.92 billion in 2022 to $18.21 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The farm animal drugs market is expected to reach $23.59 billion in 2027 at a CAGR of 6.7%.
What was the major driver in the farm animal drugs market?
The increasing meat consumption is expected to propel the growth of the farm animal drug market going forward. Meat consumption refers to eating animal flesh as a food source. It is commonly made from livestock like chickens, pigs, or cattle. Farm animal drugs speed up animal development and improve how food becomes meat. Therefore, rising meat consumption would also help to increase farm animal drugs. For instance, in April 2023, according to the report published by the United States Department of Agriculture (USDA), a US-based federal agency responsible for overseeing agriculture, food, and rural development, beef meat consumption increased from 12,712 metric tons in 2021 to 12,803 metric tons in 2022. Pork meat consumption increased from 9,918 metric tons in 2021 to 9,959 metric tons in 2022, and chicken meat consumption increased from 17,164 metric tons in 2021 to 17,674 metric tons in 2022. Therefore, the increasing meat consumption is driving the growth of the farm animal drug market.
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What was the key trend in the farm animal drugs market?
Product innovation is a key trend gaining popularity in the farm animal drug market. Major companies operating in the farm animal drug market are developing innovative products to sustain their position in the market. For instance, in August 2020, Merck & Co. Inc., a US-based pharmaceutical company providing health solutions, launched a unique halofuginone-containing product against cryptosporidiosis. Halofuginone has demonstrated effectiveness in lowering oocyst excretion in the environment and lowering the incidence of diarrhea brought on by Cryptosporidium parvum on farms, where the infection is known to have occurred.
Which was the largest region in the farm animal drugs market?
Asia-Pacific was the largest region in the farm animal drugs market in 2022. The regions covered in farm animal drugs report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the farm animal drugs market prominent players?
Major players in the farm animal drugs market are Eli Lilly and Company, Boehringer Ingelheim GmbH, Zoetis Inc., Alembic Pharmaceuticals Limited, Elanco Animal Health Incorporated, Hester Biosciences Limited, Ceva Santé Animale SA, Virbac SA, Huvepharma Inc, Phibro Animal Health Corporation, Dechra Pharmaceuticals plc, Laboratorios Hipra S.A., Norbrook Laboratories Ltd., Neogen Corporation, Ouro Fino Saude Animal Participacoes SA, Eco Animal Health Ltd, Biogenesis Bago SA, Laboratorios Calier S.A., Laboratorios Syva S.A., Jurox Pty Ltd, Kepro B.V., Kyoritsu Seiyaku Corp., Merck Animal Health, Vetoquinol SA, Intas Pharmaceuticals Ltd., Nippon Zenyaku Kogyo Co. Ltd., SeQuent Scientific Limited, Agrovet Market Animal Health, Orion Pharma Animal Health, and Zydus Animal Health and Investments Limited.
Key farm animal drugs market segments
The global farm animal drugs market is segmented –
1) By Product: Anti-Infective, Parasiticides, Anti-Inflammatory, Anesthetics, Analgesics, Hormones And Related Product, Other Products
2) By Route Of Administration: Oral, Parenteral, Topical, Other Routes
3) By Distribution Channel: Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores, Other Channels
4) By Animal: Livestock Animals, Equine
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