World News: 11:19 GMT Tuesday 3rd December 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
The global animal health market is anticipated to grow at a CAGR of 6.7% during the period spanning 2019-2023. The market is predicted to reach US$52.53 billion in 2023.
Growth in the global animal health market is expected to be driven by various factors such as rising disposable income, growing cattle population, increasing urban population and growing demand for animal protein. The market growth is predicted to be hindered by increasing competitive landscape and the rising cost of product development. The challenges in the market would be influenced by certain trends like growing global meat consumption, increasing companion pet ownership and rising incidences of zoonotic diseases. The global animal health market by-product can be segmented as follows: feed additives, pharmaceuticals and vaccines. In 2018, the dominant share of the market was held by feed additives, followed by pharmaceuticals and vaccines. The feed additives market is expected to dominate the market in future due to the increased production of meat and dairy products.The global animal health market by animal type can be segmented into the following two categories: production and companion. In 2018, the market was dominated by production animal segment followed by the companion animal segment. The production animal segment is predicted to dominate the market during the forecasted years due to the growing demand for animal protein and rising consumption of meat and milk.The global animal by region can be segmented as follows: North America, Europe, Asia Pacific and RoW (Brazil, Mexico & others). The highest market share was held by North America, followed by Europe and Asia Pacific.
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Globe Newswire: 11:19 GMT Tuesday 3rd December 2019
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