Animal Medicine Market Expected to Grow at a CAGR 12.5% During 2019 - 2023 | TBRC
LONDON, Jan. 13, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com offers Animal Medicine Market By Medicine Type (Veterinary Pharmaceuticals, Feed Additives), By Animal Type (Livestock, Companion Animals), By Geography And Competitive Landscape - Global Forecast To 2023 from its research database. The report is spread across 460 pages and covers a vast list 40+ major competitors' analysis. Browse Complete Report @ https://www.thebusinessresearchcompany.com/report/animal-medicine-market.
Increasing Meat Production Will Drive The Animal Medicine Market At 12.5% CAGR
The global animal medicine market is expected to grow from $38 billion in 2019 to $61 billion in 2023 at a compound annual growth rate (CAGR) of 12.5%. The global meat production is expected to rise in the forecast period, which will support the growth of the feed additives market. In 2019, beef production in the USA, for instance, was estimated to increase to 27.2 billion pounds, the highest production volume registered in the country, growing at a CAGR of 1.1%, while cattle slaughter is expected to grow at a CAGR of 1%. This trend is especially prominent in developing countries such as China, India and Brazil, where increasing population and rising income levels are stimulating the demand for livestock products. By 2027, the production of meat and poultry in emerging markets is expected to increase by 76%. By 2050, China's meat imports are expected to grow over 3,500% to $150 billion as consumption of chicken, pork and beef will surge due to the country's increasing middle-class population. The rising production of meat products supported by growing population will increase the demand for feed additives in the livestock industry, thus driving the animal medicine market.
Global Feed Additives Market Growth:
The global feed additives market, which is a segment of the animal medicine market, grew at nearly 10% CAGR up to 2019. This can be attributed to the presence of a large number of animal farms globally and high healthcare expenditure on animal production in farms. Increased standards of living and the strengthened middle-class population will further drive the demand for improved nutrition, particularly animal protein, and increase focus on food quality and safety, which will continue driving the feed additives market.
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Feed additives are food supplements for farm animals that cannot get enough nutrients from regular meals provided by the farmers. Feed additives include vitamins, amino acids, fatty acids, and minerals. Examples of feed additives include DECCOX®(Decoquinate), AUREOMYCIN® (chlortetracycline hydrochloride), and BOVATEC® R 20CC.
The feed additives market is further segmented by type of additive into medical feed additives and nutritional feed additives.
Production Of Combination Medicated Feed Additives:
Veterinary medicines manufacturers have started increasingly producing combination medicated feed additives to improve efficiencies of the end product. Medicated feed additives in general help maintain animal health and promote growth and feed efficiency. They are usually promoted as an extra nutrient or drug for livestock. Medicated feed additives include vitamins, amino acids, fatty acids, pharmaceuticals, minerals, growth hormones and fungus. Around 70% of companies in the medical feed additives market are introducing new medicated feed additives formed as a result of a combination of two or more medicated feed additives to improve the efficiency of the product. For instance, in November 2018, Zoetis, the world's largest producer of veterinary medicines, received an approval from the US FDA (Food and Drug Administration) for Cyden and Lincomix, a combination feed additive proposed to be used as a medicated feed additive for poultry.
Strategic Collaborations And Partnerships To Drive Innovations
The animal medicine industry includes establishments that manufacture veterinary pharmaceuticals such as veterinary vaccines, veterinary antibiotics, and other veterinary pharmaceuticals, and establishments that manufacture medical feed additives and nutritional feed additives. Companies in the animal medicine industry are increasingly collaborating and partnering with other players to drive product innovations. To succeed in the increasingly competitive animal medicine market, veterinary medicines companies are entering into new geographies and developing innovative products through sharing skills and expertise with other players. In April 2019, Bayer AG, a German pharmaceutical and life sciences company, collaborated with Adivo GmbH, a biotech company generating therapeutic antibodies for companion animals, to develop therapeutic antibodies for veterinary medicine. Similarly, in June 2018, Merck & Co.'s subsidiary, MSD Animal Health, announced a strategic partnership with Vinovo B.V., a division of Viscon Hatchery Automation, the leading hatchery automation company, to provide a new standard in safe and effective in-ovo vaccination to improve bird welfare, reduce vaccine reactions, and provide improved protection for poultry.
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