Visiongain: Animal antimicrobials, antibiotics market report
by Katie Pfaff
Market analysts Visiongain has released its newest report forecasting the market for animal antimicrobials and antibiotics through 2031. In addition, the report will include information on market drivers and impediments.
Spending in animal health, specifically pet care, is on the rise based on increased rates of pet ownership, interest in paying for complicated pet care, and technological improvements in veterinary care. The American Pet Products Association (APPA) estimated that veterinary care accounted for the second-highest amount spent by pet owners, according to Visiongain. The costs came to nearly $19 billion in 2019 in the US.
At the same time, interest in zoonotic infections, spurred by COVID-19 and previous outbreaks of avian flu and African swine fever, has peaked, and this is likely to lead to growth in the market. Another factor likely to spur growth is the uptick in the consumption of animal products worldwide, specifically dairy and meat.
However, current market factors could impact growth in the short term. For example, the COVID-19 pandemic disrupted supply chains in the industry and changed demand, which is currently affected by labor challenges.
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