The Farm Animal Drugs Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Farm Animal Drugs Global Market Report 2024, The farm animal drugs market size has grown strongly in recent years. It will grow from $18.21 billion in 2023 to $19.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increasing consumer demand for animal products, rise in zoonotic diseases, disease prevention and control, intensification of livestock farming, global population growth.
The farm animal drugs market size is expected to see strong growth in the next few years. It will grow to $25.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising awareness of antimicrobial resistance, climate change impacts on livestock health, increasing focus on animal nutrition, rise in alternative proteins, phytogenic feed additives, biopharmaceuticals for livestock, digital platforms for farm animal health management. Major trends in the forecast period include technological advancements in veterinary medicine, advancements in precision livestock farming technologies, blockchain technology for supply chain transparency, integration of ai nad ml.
The increasing meat consumption is expected to propel the growth of the farm animal drug market going forward. Meat consumption refers to eating animal flesh as a food source. It is commonly made from livestock like chickens, pigs, or cattle. Farm animal drugs speed up animal development and improve how food becomes meat. Therefore, rising meat consumption would also help to increase farm animal drugs. For instance, in April 2023, according to the report published by the United States Department of Agriculture (USDA), a US-based federal agency responsible for overseeing agriculture, food, and rural development, beef meat consumption increased from 12,712 metric tons in 2021 to 12,803 metric tons in 2022. Pork meat consumption increased from 9,918 metric tons in 2021 to 9,959 metric tons in 2022, and chicken meat consumption increased from 17,164 metric tons in 2021 to 17,674 metric tons in 2022. Therefore, the increasing meat consumption is driving the growth of the farm animal drug market.
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The farm animal drugs market covered in this report is segmented –
1) By Product: Anti-Infective, Parasiticides, Anti-Inflammatory, Anesthetics, Analgesics, Hormones And Related Product, Other Products
2) By Route Of Administration: Oral, Parenteral, Topical, Other Routes
3) By Distribution Channel: Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores, Other Channels
4) By Animal: Livestock Animals, Equine
Major companies in the farm animal drugs market are focused on developing antimicrobial drugs, such as water-soluble granules, for female swine breeding to gain a competitive edge in the market. Water-soluble granules are solid, free-flowing particles that readily dissolve in water, often used for convenient and precise dispersion of substances in various applications. For instance, in October 2023, Pharmgate Animal Health, a US-based livestock pharmaceutical company, received FDA approval for Aivlosin Water Soluble Granules (WSG), a 62.5% w/w tylvalosin as tylvalosin tartrate for female swine intended for breeding, allowing its use in replacement gilts, gestating sows, lactating sows, and weaned sows. Aivlosin, an antimicrobial drug, is prescribed by licensed veterinarians and administered continuously at 50 ppm tylvalosin in drinking water for five consecutive days. The approval expands its use to control porcine proliferative enteropathy and swine respiratory disease in breeding females during outbreaks.
The farm animal drugs market report table of contents includes:
1. Executive Summary
2. Farm Animal Drugs Market Characteristics
3. Farm Animal Drugs Market Trends And Strategies
4. Farm Animal Drugs Market – Macro Economic Scenario
…
32. Global Farm Animal Drugs Market Competitive Benchmarking
33. Global Farm Animal Drugs Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Farm Animal Drugs Market
35. Farm Animal Drugs Market Future Outlook and Potential Analysis
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