GVR: Veterinary market to top $100B in 7 years
by Katie Pfaff
Market analysts, Grand View Research, Inc., forecast in a recent report that the worldwide veterinary care market will grow at a CAGR of 5.4% by 2028. The sector is expected to hit a value of $114.4 billion by the end of the forecast period (2021 to 2028).
The market’s growth expectation is based on companion animal and food animal markets, with both a rise in pet adoptions as well as individual governments’ efforts to ensure secure food sources worldwide. The companion animal market was separately forecast to expand at a CAGR of 9.2% between 2021 and 2028, from a 2020 value of 18.67 billion.
Based on segment, expenditure on companion animals took the top spot as pet owners paid for pet care, food, and other specialty items. At the same time, value in production animals as a market segment is expected to increase at the highest rate based on government-backed plans to improve the health of livestock.
The multinational veterinary services market was forecast to reach a CAGR of 5.7% from 2021 to 2028, up from a 2020 value of $97.34 billion.
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