Medications in farm animals expected to grow by 6.5% CAGR
by Katie Pfaff
Global growth of the market in farm animal drugs is expected, according to a report by market analysis company, Insight Partners. The market is forecast to reach a value of $28,364.08 million in the next 7 years. The market had been previously valued at $18,253.09 million in 2021. The surge marks a CAGR of 6.5% growth across the forecast period of 2021 to 2028.
The market’s positive outlook is based on the recent move toward a positive public view of animal health, according to the company, and subsequent investment in the market. At the same time, demand for livestock across the world is growing and similarly, efforts toward health maintenance are expected to follow. Side effects of farm animal medications continue to potentially slow growth.
Currently, the market in North America holds the largest share of the farm animal medications market based on the high degree of R&D in the veterinary field, increased technologies, and investment by the government. Mergers and acquisitions and a wealth of new products have also bolstered growth in the region.
Another factor influencing growth in the market is the anticipated increase in zoonotic diseases worldwide.
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