Asia-Pacific Animal Health Market Worth 20.25 Billion USD by 2021
China is the largest regional segment for the APAC animal health market and is expected to witness the highest growth rate during the forecast period. The large share of this regional segment is driven by the increasing livestock population, rising demand for animal-derived food products in China, increasing pet ownership, and growing adoption of pet insurance.
Seattle, WA -- (SBWire) -- 01/19/2017 --The report "Asia-Pacific Animal Health Market by Product (Parasiticides (Endoparasiticides, Ectoparasiticides), Antimicrobial & Antibiotic, Vaccines, Feed Additive (Vitamin, Amino Acids, Antioxidant), Growth Promoter), Animal (Livestock, Companion) - Forecast to 2021", report analyzes and studies the major market drivers, restraints, challenges, and opportunities in China, Japan, India, and the Rest of Asia-Pacific
Browse 116 market data tables and 35 figures spread through 199 pages and in-depth TOC on "Asia-Pacific Animal Health Market"
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The APAC animal health market has witnessed significant growth during the last decade and is expected to grow at a CAGR of 5.7% during the forecast period to reach USD 20.25 Billion by 2021.
Growth in this market can majorly be attributed to factors such as rapidly increasing livestock population, increasing demand for animal-derived food products, growing awareness about animal health, and rising frequency of animal disease outbreaks.
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However, the shift towards vegetarian diets, rising cost of vaccine storage, and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of the APAC animal health market. Growth in companion animal ownership and rising adoption of pet health insurance in APAC offer significant growth opportunities for players operating in the APAC animal health market.
The APAC animal health market is segmented based on product, type of animal, and country. In 2015, the growth promoters segment accounted for the largest share of the APAC animal health market, while the vaccines segment is expected to witness the highest growth during the forecast period. Growth in this segment can be attributed to the higher utilization of vaccines as a preventive measure for various animal diseases by veterinarians, livestock producers, and pet owners. The food-producing animals segment accounted for the largest share of the APAC animal health market, by type of animal.
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Key players operating in this market include Zoetis, Inc. (U.S.), Sanofi (France), Merck and Co., Inc. (U.S.), Eli Lilly and Company (U.S.), and Boehringer Ingelheim GmbH (Germany).
Other players include Bayer AG (Germany), Ceva Santé Animale (France), Virbac (France), Perrigo Company Plc. (U.S.), Vetoquinol S.A. (France), Cargill, Inc. (U.S.), Royal DSM N.V. (Netherlands), and Evonik Industries AG (Germany).
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