How Will The Ruminant Feed Antibiotics Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s ruminant feed antibiotics market report forecasts the ruminant feed antibiotics market size to grow to $6.77 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.
Learn More On The Ruminant Feed Antibiotics Market Report 2023 – https://www.thebusinessresearchcompany.com/report/ruminant-feed-antibiotics-global-market-report
Ruminant Feed Antibiotics Market Size Forecast
The global ruminant feed antibiotics market is expected to grow from $4.63 billion in 2022 to $5.02 billion in 2023 at a compound annual growth rate (CAGR) of 8.40%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global ruminant feed antibiotics market size is expected to reach $6.77 billion in 2027 at a CAGR of 7.79%.
Asia-Pacific held the largest ruminant feed antibiotics market share.
Key Ruminant Feed Antibiotics Market Driver – Rise In Demand For Dairy Products
According to the United States Department of Agriculture (USDA), a US-based federal executive department for farming, forestry, rural economic development, and food, milk fat consumption in the United States continued to rise in 2021, with domestic milk-fat consumption increasing each month compared to the same month in 2020, a total increase of 4.0 billion pounds. Furthermore, domestic cheese consumption climbed in 2021, reaching 13.0 billion pounds, a 2.7% rise over the previous year. Domestic consumption of milk fat and skim milk solids rose by 0.8 billion pounds and 0.9 billion pounds, respectively, in 2022. As a result, increased dairy product demand is likely to drive the expansion of the ruminant feed antibiotics market.
Request for A Sample Of The Global Ruminant Feed Antibiotics Market Report:
Key Ruminant Feed Antibiotics Market Trend – Product Innovations
Major players in the ruminant feed antibiotics market are focusing on providing unique solutions to increase their market position. For example, Charoen Pokphand Foods PCL, a Thailand-based agro-industrial and food company, produced a new feed formulation that contains microorganisms and improves farm animals’ digestive tracts through animal food suitable for all ages and kinds of animals in June 2021. This probiotic approach keeps animals strong and healthy without the need of antibiotics or growth hormones. Furthermore, the chemical increases immunity and protects animals from sickness.
Ruminant Feed Antibiotics Market Segment
1) By Type: Tetracycline, Penicillin, Sulphonamides, Macrolides, Aminoglycosides, Cephalosporin, Other Types
2) By Animal Type: Dairy Cattle, Beef Cattle, Other Animal Types
3) By End-User: Dairy Farm, Veterinary Hospitals, Other End-Users
Ruminant Feed Antibiotics Market Major Players and Strategies
Major players in the ruminant feed antibiotics market are Elanco Animal Health Inc., Zoetis Inc., Merck And Co. Inc., Boehringer Ingelheim GmbH, Ceva Sante Animale SA, Bayer AG, Virbac SA, Phibro Animal Health Corp, Vetoquinol S.A., BASF SE, Novartis AG, Eli Lilly & Co., Cargill Incorporated, BASF SE and Koninklijke DSM N.V.
Merck Animal Health (a division of Merck & Co. Inc.), a US-based global healthcare firm, purchased the worldwide rights to VECOXAN® (diclazuril) from Elanco Animal Health Inc. in August 2020 for an unknown sum. Ruminant Portfolio was the recipient of this VECOXAN acquisition. It would complement Merck’s existing veterinary care portfolio, which includes parasiticides, immunisations, and services, and is expected to give a wide range of complimentary therapies to its clients. Elanco Animal Health Inc. is a pharmaceutical firm established in the United States that manufactures medicines and immunisations for pets and livestock.
The Ruminant Feed Antibiotics Global Market Report 2023 covers regional data on ruminant feed antibiotics market size, ruminant feed antibiotics market trends and drivers, opportunities, strategies, and ruminant feed antibiotics market competitor analysis. The countries covered in the ruminant feed antibiotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Ruminant feed antibiotics are a type of feed that contains a number of additives and basic materials. These are employed in the treatment of clinical illness, the prevention and management of common disease occurrences, and the enhancement of animal growth. In animals, these are categorised into three sorts of uses: therapeutic, prophylactic, and subtherapeutic.
View More Reports Related To The Ruminant Feed Antibiotics Market –
Feed Processing Equipment Global Market Report 2023
Feed Acidifiers Global Market Report 2023
Animal Antibiotics And Antimicrobials Global Market Report 2023
Follow us on:
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: