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. 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 global APAC Animal Health Market is expected to grow at a CAGR of 5.7% during the forecast period to reach USD 20.25 Billion by 2021.
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“Growth promoters accounted for the largest share of the market in 2015”
Based on product, the market is segmented into growth promoters, feed additives, vaccines, parasiticides, antimicrobials and antibiotics, and other pharmaceuticals. Growth promoters accounted for the largest share of the market in 2015 owing to its wide utilization by livestock producers and pet owners.
“The Asia pacific animal Health market is segmented into food-producing animals and companion animals.”
Based on the type of animal, the market is segmented into food-producing animals and companion animals. The food-producing animals segment accounted for the largest share of the market, while companion animals are expected to register the highest growth during the forecast period.
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