Animal health market to surpass $57B
by Katie Pfaff
The global marketplace for animal health products is forecast to reach a value of $57.26 billion over the next 4 years, according to a report by research analysts, ResearchAndMarkets.com. The animal health market is wide-ranging and includes additives to feed, vaccines, and therapies.
The market valuation is a record for the space and marks a CAGR rate of 6.30% for the report’s forecast period between 2022 and 2026. By product type, feed additives have been the frontrunner and is expected to hold the status through 2026. Other segments include pharmaceuticals and vaccines.
Market growth is expected to be based on several factors, including the makeup of consumers and producers. Increasing rates of the middle class and changes in diets that have led to demand for meat or animal protein products, such as dairy, have boosted growth. In addition, more pet owners are willing to pay for their care.
Animal health products will likely be slowed in their growth by the cost of development, the number of competitors, and the high bar for regulators to approve veterinary medicines. Increasing adoption and development of technologies in space and the rise in the spread of zoonotic diseases may help to balance the earlier hindrances.
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