The APAC animal health Market by product (Parasiticides (Ectoparasiticides), Antimicrobial & Antibiotic, Vaccines, Feed Additive( Vitamin, Amino Acids, Antioxidant), Growth Promoter) Animal (Livestock, Companion), End-user (Hospitals) – Forecast to 2025″, is projected to reach a value of USD 22.1 billion by 2025 from USD 15.6 billion in 2020, at a CAGR of 7.2% during the forecast period. Factors such as the rapid rise in livestock population, increasing awareness about animal health, and rising frequency of animal disease outbreaks are expected to drive the growth of the APAC animal health market.This study analyzes the APAC animal health market based on their product type, animal type, and end-user.
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Browse in-depth TOC on “APAC animal health Market”
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Key Market Players:
The prominent players operating in this market include Boehringer Ingelheim (Germany), Zoetis Inc. (US), Elanco Animal Health (US), Merck & Co. Inc (US), Phibro Animal Health (US), Virbac (France), Vetoquinol S.A (France), Ceva Sante Animale (France), Dechra Pharmaceuticals Plc. (UK), Kyoritsu Seiyako (Japan), Tianjin Ringpu (China), China Animal Husbandry (China), and Jinyu Bio-Technology (China). These players adopted partnerships, agreements, and acquisitions to expand their presence in APAC animal health market.
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Drivers: Rising demand of animal-derived food products
According to FAO, South Asia is one of the major regions for dairy production and accounted for 20–25% of the global milk production in 2019. In this region, India was the largest producer and consumer of milk, followed by China and Pakistan. In 2020, the consumption of meat in India was found to be over 3.9 million metric tons; by 2030, this is expected to increase to 145.7 million metric tons.
China accounted for the largest share of total pork, beef, and poultry meat consumption in the Asia Pacific region in 2019. The overall consumption of animal-derived food products is projected to increase by 2030.
Restraints: Shift towards vegetarian diet
There is a significant rise in the prevalence of obesity and other chronic disorders. Therefore, several people are shifting toward a vegetarian diet from a predominantly non-vegetarian diet. The prevalence of obesity has increased more than twofold since 1980. According to a journal published by Development Asia in 2018, two of five adults in the Asia Pacific region are found to be overweight or obese, and it is considered to be home to the largest absolute number of obese people, about 1 billion.
The prevalence of obesity in Asia Pacific ranges from less than 5% in India to 60% in Australia. Although the prevalence in China is a third of that in Australia, the increase in prevalence in China over the last 20 years was 400% compared to 20% in Australia.
Opportunities: Lucrative growth opportunities in India an China
Over the last few years, companion animal ownership has experienced steady growth, especially in emerging markets such as China and India. Rapid urbanization and growing disposable incomes are some of the key factors driving pet ownership in these countries. Many pet owners in these countries are now willing to spend more on pet care, specifically healthcare services.
These countries have robust livestock markets. According to a Dairy Tech India article, India is emerging as the world’s second-largest poultry market, with an annual growth of more than 14%. India is the world’s largest milk producer. According to the US Meat Export Federation, China ranks first in the world for pork consumption. The consumption of pork increased from 28.3 kg per person in 2012 to 34.2 kg per person in 2019.
Challenges: Growing resistance to parasites and antibodies
The prolonged use of specific parasiticides and antibiotics generates parasite resistance, which is a burning issue in the animal health market. Several farmers and pet owners tend to decrease the dosage of parasiticides or change the parasiticides used to combat resistance. However, this may prove detrimental in the long run and result in the development of multi-drug resistant parasite species.
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