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Global Pet Medication Market is estimated to reach USD 42837.85 million by 2027, growing at a CAGR of 7.2 % between 2019 and 2027
A part of the pet animal health products market, ‘’Pet Medication” is defined as products that help prevent and treat diseases, and improve and prolong the lives of companion animals and farm animals. These products include Parasiticides, vaccines, Anti-infective, medical feed additives, and others. The global pet medication market is projected to increase, driven by pet humanization trend and ensuing commercialization of a broad range of pet care products coupled with the growing focus on safe food and a parallel emphasis shed on raising healthy livestock. Rising throwaway income of pet owners pertains to middle income group and growing trend of nuclear family are the major key factors for the growth of pet care market in the coming years. Increase in the adoption of pets and high demand of pet products are the major factors which are driving the pet medication market globally.
As pet owners are accepting pets as family members due to which pet market is expected to witness the highly growth in coming years. Other major factors driving growth in the market include increasing investments in animal drug development in response to unmet animal health needs; robust development in veterinary diagnostics and services; massive revenue potential in the vaccines sector; development and launch of innovative flavoured veterinary medications; growth in pet population and multi pet households; increased spending on pet care products and solutions medication; strong demand for animal protein and the ensuing emphasis on farm pets health as well as yield.
The study covers detail analysis, growth and forecast of the Pet Medication Market. The report includes market analysis on global and regional level. The study covers historical data analysis from 2014 to 2017 and market forecast for 2019 to 2027 based on revenue generated. The study includes market value in terms of revenue in billion USD for years 2014-27 and compound annual growth rate (CAGR) in % for from 2019-2027. The market is expected to show constant growth between 2019-2027.
The report comprises value chain analysis for each of the product segments. Value chain analysis offers in depth information about value addition at each stage. The study includes drivers and restraints for Pet Medication Market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. Research report includes major player analysis with shares of each player inside market, growth rate and market attractiveness in different end users/regions. Our study Pet Medication Market helps user to make precise decision in order to expand their market presence and increase market share.
The report provides Pet Medication Market Dynamics ,includes industry growth drivers, challenges, opportunities , risk, constraints as well as threats .Reports also includes Manufacturing Cost Analysis mainly included Raw Materials Analysis, Price Trend of product, Mergers & Acquisitions, Expansion, Key Suppliers of product, Concentration Rate of Pet Medication Market, Manufacturing Process Analysis. Research Report contains Market Effect Factors analysis mainly included Technology Progress, Consumer Needs Trend, External Environmental Change.
Moreover, the high disease burden can also be attributed to the regional growth.Asia-Pacific is forecast to emerge as the fastest growing market for pet medication over the forecast period led by factors such as expanding base of affluent middle class population with the willingness to have functional and reciprocate relationship with pets to fill in relationship voids; rise of anthropomorphism and its influence on attitudes towards animal welfare and protection and increase in pet care spending on par with family healthcare spending.
Zoetis (Pfizer) has announced the opening of a state-of-the-art drug manufacturing facility in China. The facility is expected to cater to manufacturing as well as research and development. It will deliver drugs for farm animals as well as companion animals. This will help the company tap the large Chinese market as well as markets in India and other Asian countries. Other established manufacturers in the companion animal drug market, such as MSD, are focusing on establishing a stronger presence in developing nations in Latin America, Asia Pacific and Middle East & Africa. The trade flow of drugs from established marketplaces to underdeveloped marketplaces is expected to witness double-digit growth rates with developments in drug storage facilities.
Global Pet Medication Market: Product Type
Global Pet Medication Market: Application
Global Pet Medication Market: Competitive Analysis
Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in Global Pet Medication Market:
Geographical analysis of Global Pet Medication Market:
Global Pet Medication Market Report delivers comprehensive analysis of :
| Parameters | Details |
|---|---|
Base Year | 2022 |
Historical Data | 2017-2022 |
Forecast Data | 2023-2029 |
Base Year Value (2022) | USD 28226.62 million |
Forecast Value (2029) | USD 45922.16705 million |
CAGR (2022 to 2028) | 7.2 % |
Regional Scope | North America, Europe, Asian Pacific, Latin America, Middle East and Africa, and ROW |
Pet Medication Market was valued at around USD 28226.62 million in 2022 & estimated to reach USD 45922.16705 million by 2029.
Pet Medication Market is likely to grow at compounded annual growth rate (CAGR) of 7.2% between 2023 to 2029.
Yes, the report includes COVID 19 impact on the market.
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