Global Farm Animal Pharmaceutical Industry Projected to Reach US$ 29.4 Billion by 2032:  FMI

The global farm animal pharmaceutical industry is poised for substantial growth, with projections indicating a significant increase in market size by the end of the decade. According to recent forecasts, the global farm animal pharmaceutical industry is expected to reach a value of US$ 17.2 billion by the close of 2022, with a compound annual growth rate (CAGR) of 5.5% anticipated until 2032, when the market is estimated to be valued at US$ 29.4 billion.

This growth trajectory underscores the vital role of farm animal pharmaceuticals in ensuring the health and productivity of livestock animals worldwide. With livestock animals projected to account for approximately 92.4% of the market in 2021, the demand for effective pharmaceutical solutions to promote animal well-being and productivity is more crucial than ever.

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In many regions, particularly in low- and middle-income countries where animal husbandry serves as a significant industry, the health and productivity of farm animals are essential for food security and economic stability. According to the Health for Animals Organisation, over 1.3 billion people are engaged in livestock raising globally. This underscores the critical need to prevent and control animal diseases to achieve Sustainable Development Goals and foster societal advancement.

“The projected growth of the global farm animal pharmaceutical industry reflects the increasing recognition of the pivotal role that healthy and productive animals play in ensuring food security and economic prosperity,” said Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.). “As we work towards sustainable agricultural practices and strive to meet global development objectives, investments in innovative pharmaceutical solutions for farm animals are imperative.”

Efforts to enhance animal health and productivity not only benefit farmers and agricultural economies but also contribute to broader societal well-being. By prioritizing preventive measures and effective pharmaceutical interventions, stakeholders can mitigate the impact of animal diseases, bolster food production, and promote sustainable agricultural practices.

As the global farm animal pharmaceutical industry continues to expand, stakeholders across the agricultural value chain are encouraged to collaborate on initiatives aimed at improving animal health, fostering innovation, and driving positive societal outcomes.

US Farm Animal Drugs Market:

The United States dominates the North American area, with a farm animal Drugs market share of approximately 56.5% in 2021. According to FMI, the country is anticipated to maintain its current growth rate during the forecast year. Rising prevalence of numerous animal diseases caused by increased globalisation, strong demand for meat exports from the United States, and antibiotic resistance in animals are expected to drive important stakeholders in the country to produce breakthrough farm animal medications.

Germany Farm Animal Drugs Market:

In 2021, Germany owned a 2.7% share of the worldwide farm animal medicines market. Stringent legislation restricting the use of antibiotics to increase farm animal productivity is one factor affecting antibiotic sales in the country. The majority of cattle production in Germany is highly industrialised and modernised, with increasing percentages of output employing various biosecurity measures and disease-threat reduction strategies. Regulations or consumer pressures have encouraged the country to adopt disease-reduction initiatives, which would boost the German farm animal medicine industry.

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Competitive Landscape:

• Bayer AG
• Boehringer Ingelheim GmbH
• Zoetis, Inc.
• Ceva Santé Animale
• Dechra Pharmaceuticals PLC
• Elanco Animal Health (Sub. Eli Lilly)
• Merck Animal Health
• Virbac SA
• Vetoquinol SA
• Intas Animal Health
• Alembic Animal Health
• Sequent Scientific
• Hester Biosciences
• Ashish Life Sciences

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North America holds a significant share of the global animal drugs market due to the high prevalence of various animal diseases and increasing awareness about animal health among pet owners. Additionally, the presence of major animal health companies in the region is driving the growth of the market.

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Key Segments Covered in Farm Animal Drugs Market Analysis:

Product Type:

• Anti-Infective
• Parasiticides
  • Endo-parasiticides
  • Ecto-parasiticides
  • Endectocides
• Anti-inflammatory
• Anesthetics
• Analgesics
• Hormones and related products
• Others

Animal Type:

• Livestock Animals
  • Ruminants
  • Swine
  • Poultry
• Equine

Route of Administration:

• Oral
• Parenteral
• Topical
• Others

Distribution Channel:

• Veterinary Hospitals
• Veterinary Clinics
• Pharmacies and Drug Stores
• Others

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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