CHICAGO, Nov. 25, 2020 /PRNewswire/ -- According to the new market research report "Asia-Pacific Animal Health Market by product (Parasiticides (Ectoparasiticides), Antimicrobial & Antibiotic, Vaccines, Feed Additive (Vitamin, Amino Acids, Antioxidant), Growth Promoter) Animal (Livestock, Companion), End-user (Hospitals) - Forecast to 2025", published by MarketsandMarkets™, the market is projected to reach a value of USD 22.1 billion by 2025 from USD 15.6 billion in 2020, at a CAGR of 7.2% during the forecast period.
Browse in-depth TOC on "Asia-Pacific Animal Health Market" 142 – Tables 59 – Figures 253 – Pages
The Factors such as the rapid rise in livestock population, increasing awareness about animal health, and rising frequency of animal disease outbreaks are expected to drive the growth of the APAC animal health market. This study analyzes the market based on their product type, animal type, and end-user.
Increasing livestock population to drive the growth of feed additives market in Asia Pacific in 2019
Based on product, the Asia-Pacific animal health market is segmented into parasiticides, antimicrobials and antibiotics, vaccines, feed additives/nutritional products, growth promoters, and other pharmaceuticals. In 2019, feed additives accounted for the largest share of the animal health market. The largest share of this segment can primarily be attributed to the widespread popularity of these products among veterinarians and their increased adoption among livestock producers.
The food-producing animal segment accounted for the largest market share in 2019
Based on animal, the APAC animal health market is categorized into food-producing animals and companion animals. In 2019, food-producing animals accounted for the largest share of the market. The larger share of this segment is due to the increasing livestock population and rising demand for animal-derived food products.
Animal Farms was the largest end-user for APAC animal health market in 2019
Based on end-user, the market has been classified into veterinary hospitals & clinics, animal farms, and homecare. In 2019, the animal farms segment accounted for the largest market share of 68% of the Asia-Pacific animal health market. This is because of the large population of livestock in emerging Asia Pacific countries, growing demand for animal-derived food products, and rising incidences of zoonotic diseases.
Some of the prominent players in this market are Boehringer Ingelheim (Germany), Zoetis Inc. (US), Elanco Animal Health (US), Merck & Co. Inc (US), Phibro Animal Health (US), Virbac (France), Vetoquinol S.A (France), Ceva Sante Animale (France), Dechra Pharmaceuticals Plc. (UK), Kyoritsu Seiyako (Japan), Tianjin Ringpu (China), China Animal Husbandry (China), and Jinyu Bio-Technology (China).
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