LONDON, Jan. 12, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the animal medicine market, the production of medicated feed additives is a major trend in the animal medicine market. Medicated feed additives in general help maintain animal health and promote growth and feed efficiency. They include vitamins, amino acids, fatty acids, pharmaceuticals, minerals, growth hormones and fungus. Animal medicines manufacturers have started increasingly producing medicated feed additives to improve efficiencies of production.
For instance, in January 2020, Kemin Industries, a US-based ingredient manufacturer, launched VANNIX™ C4, a novel phytogenic feed additive for poultry gut health. VANNIX C4 is a probiotic feed additive formulation of gut-health-fortifying ingredients to minimize the impact of enteric challenges on poultry performance.
The global animal medicine market size grew from $32.7 billion in 2020 to $37.88 billion in 2023 at a compound annual growth rate (CAGR) of 15.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $48.55 billion in 2025 at a CAGR of 6%.
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The global animal pharmaceuticals market is concentrated, with a few large players. The top ten competitors in the market made up to 50% of the total market in 2020. Major players in the market include Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co., Inc., Elanco Animal Health Incorporated, Ceva Santé Animale and others.
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The animal medicine market is segmented by type into veterinary pharmaceuticals and feed additives; by type of animal into poultry, cattle (dairy and meat purposes), dogs and cats, other companion animals and other farm animals; by type of prescription into OTC and prescription; by route of administration into oral, intravenous, subcutaneous and others; by distribution channel into vet services, online, and others.
Large number of animal medicine manufacturers are entering into strategic collaborations and partnerships agreements. The animal health industry overview reveals that major market players in animal medicine are increasingly collaborating and partnering with other players to drive product innovations, to succeed in the increasingly competitive animal medicine market and to enter into new geographies for developing innovative products through sharing skills and expertise with other players. For instance, In June 2023, the Pride Veterinary Medical Community of USA announced collaboration with Covetrus, an animal health technology company based in the United States. With this collaboration, Covetrus aimed to empower the veterinary healthcare professionals by providing advanced medicine based on the needs of various veterinary market segmentations. In April 2019, Bayer Animal Health, a Germany-based animal health division of Bayer AG collaborated with Adivo GmbH, a biotech company generating therapeutic antibodies for companion animals, to develop therapeutic antibodies for veterinary medicine.
North America was the largest region in the global animal medicine market, accounting for 58.0% of the total in 2020. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the animal medicine market will be South America and Middle East where growth will be at CAGRs of 7.2% and 7.0% respectively.
Animal Medicine Market Global Report 2023: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide animal medicine market overviews, animal medicine market analyze and forecast market size and growth for the whole market, animal medicine market segments and geographies, animal medicine market trends, animal medicine market drivers, animal medicine market restraints, animal medicine market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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