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At What Rate is the Farm Animal Drugs Market Predicted to Expand Between 2024 and 2033?

There has been robust growth in the market size of farm animal drugs in the past few years. The forecast predicts an increase from $18.21 billion in 2023 to $19.58 billion in 2024, charting a compound annual growth rate (CAGR) of 7.5%. This remarkable growth over the historical period is due to factors such as increased consumer demand for animal-based products, a rise in zoonotic diseases, better disease prevention and control measures, the intensification of livestock farming, and global population growth.

The market for farm animal drugs is predicted to experience significant growth in the coming years, expanding to $25.24 billion by 2028, with a compound annual growth rate (CAGR) of 6.6%. Factors contributing to this projected growth in the forecast period include increased consciousness about antimicrobial resistance, the effects of climate change on livestock health, heightened focus on animal nutrition, the proliferation of alternative proteins, phytogenic feed additives and biopharmaceuticals for livestock, and the use of digital platforms for managing farm animal health. Key trends expected during the forecast period are advancements in veterinary technology, the progression of precision livestock farming technologies, the use of blockchain for supply chain transparency, and the integration of artificial intelligence and machine learning.

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What Forces Are Boosting the farm animal drugs Market’s Growth?

The escalation in meat consumption is projected to fuel the farm animal drug market’s expansion. The term meat consumption applies to the use of animal flesh as a food supply, typically derived from livestock like chickens, pigs, or cattle. The role of farm animal drugs is to hasten animal growth and boost the efficiency of food conversion to meat. Thus, a surge in meat consumption equates to a rise in the demand for farm animal drugs. For instance, a report by the United States Department of Agriculture (USDA) in April 2023 revealed an increase in meat consumption, where beef meat increased from 12,712 metric tons in 2021 to 12,803 metric tons in 2022. Pork meat rose from 9,918 metric tons in 2021 to 9,959 metric tons in 2022, and chicken meat grew from 17,164 metric tons in 2021 to 17,674 metric tons in 2022. As a result, it is evident that the growing meat consumption is propelling the expansion of the farm animal drug market.

What Key Segments Make Up the Farm Animal Drugs Market?

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

What Are the Latest Trends Impacting the Farm Animal Drugs Market?

Leading players in the market for farm animal drugs are channeling their efforts towards the development of antimicrobial drugs like water-soluble granules, specifically generated for female pig breeding, as part of their strategy to gain an advantage in the market. These water-soluble granules are solid, flow freely, and dissolve readily in water, making them ideal for accurate and convenient dispersion in several applications. For example, Pharmgate Animal Health, a US farming pharmaceutical company, secured FDA approval for its Aivlosin Water Soluble Granules (WSG), containing 62.5% w/w tylvalosin as tylvalosin tartrate, in October 2023. This product, designed for female pigs intended for breeding – including replacement gilts, gestating sows, lactating sows, and weaned sows, is an antimicrobial drug prescribed by authorized veterinarians, and is to be continuously administered at 50 ppm tylvalosin in their drinking water for five straight days. The approval of Aivlosin broadens its application to manage two key health issues faced by breeding pigs – porcine proliferative enteropathy and swine respiratory disease, especially during their outbreak period.

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What Regions Are Dominating the Farm Animal Drugs Market Growth?

Asia-Pacific was the largest region in the farm animal drugs market in 2023. The regions covered in the farm animal drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Farm Animal Drugs Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the farm animal drugs market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Farm Animal Drugs Market Include

1. Farm Animal Drugs Market Executive Summary

2. Farm Animal Drugs Market Segments

3. Farm Animal Drugs Market Size And Template Market Growth Rate

4. Key Farm Animal Drugs Market Trends

5. Major Farm Animal Drugs Market Drivers

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25. Key Mergers And Acquisitions In The Farm Animal Drugs Market

26. Top Farm Animal Drugs Companies

27. Farm Animal Drugs Market Opportunities And Strategies

28. Farm Animal Drugs Market, Conclusions And Recommendations

29. Appendix

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