Milk and meat have now become important parts of everyday meals. The demand for these products has also been increasing because of the changing lifestyle in developing countries, surging population, and rising disposable income of people. In addition to this, due to rising health concerns, people are now opting for protein-rich food, including meat, eggs, and milk. This is why, the focus on raising the production of farm animals has grown considerably across the globe.
However, there is a risk of transference of animal diseases to human, which is why, the emphasis on animal healthcare is also growing. As per a study by P&S Intelligence, the global animal healthcare market is predicted to reach a value of $42,926.7 million by 2023, increasing from $31,637.0 million in 2017, advancing at a 5.1% CAGR during the forecast period (2018–2023). In addition to this, the adoption of companion animals has also increased over the past few years.
Access Report Summary - Animal Healthcare Market Segmentation Analysis Report
As per an American Pet Products Association 2008 survey, people who owned cats and dogs in the U.S. were observed to be healthier and happier as compared to those who did not own any pets. Furthermore, in 2017, Americans spent more than $69.5 billion on pets. Humans are increasingly getting aware regarding the benefits of keeping pets, which is also leading to the growing focus on animal healthcare all over the world.
A number of products are used for maintaining the health of farming animals, including anti-inflammatories, feed additives, parasiticides, vaccines, and anti-infectives. Some other animal healthcare products include drugs for productive problems, oncological and antiemetic products, and medicines for pain sedation. Out of these, the demand for food additives was the highest in the past, their demand is further predicted to be the highest in the years to come as well. The increasing feed production and rising consumption of animal-derived products are driving the demand for feed additives.
