Poultry Pharmaceuticals Market is Expected to Reach US$7.8 bn by 2024
The poultry pharmaceuticals market is dominated by Merck Animal Health and Zoetis Inc. and the two companies together accounted for over half the market in 2015. The rest of the market is, however, fragmented and is characterized by the presence of several large and small players. Transparency Market Research notes that the rivalry within the animal healthcare industry is quite high due to the existence of a large number of players and this trend is also reflected in the global poultry pharmaceutical market. “The high degree of competition ensures that poultry pharmaceutical companies maintain regular interaction and collaborations with drug retailers, governments, and poultry farmers,” the author of the study states.
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Product innovation has also proven to be a successful strategy adopted by players in the poultry pharmaceutical market, TMR finds. For instance, in September 2015, Merial Animal Health globally launched its innovation in poultry vaccination technology, known as Merial Avinew. This move has strengthened Merial’s position in the market.
The revenue generated by the global poultry pharmaceuticals market was pegged at US$3.7 bn in 2015 and is projected to reach US$7.8 bn by 2024, registering a healthy CAGR of 8.5% during the forecast period.
North America and Latin America Emerge as Most Promising Markets for Poultry Pharmaceuticals
By type of product, vaccines held the leading share in the global poultry pharmaceuticals market in terms of revenue, accounting for just over 41% in 2016. Feed additive medications, on the other hand, will register an 8.8% CAGR during the forecast period, emerging as a highly lucrative product segment.
Based on type of animal, chicken is the key contributor to the overall market and is likely to remain so through 2024. The segment will also register a higher growth rate than any other category. Geographically, while North America dominates the global poultry pharmaceutical market, accounting for just short of 36% in 2016, Latin America is forecast to clock in the highest CAGR of 9.2% from 2016 to 2024.
Rising Poultry Franchises in Emerging Nations a Key Growth Driver
The Food and Agriculture Organization (FAO) in the U.S states that the demand for food is expected to double due to the increase in global population, which is projected to be around 9.1 billion by 2050. In order to cater to this ever-rising demand for food, the number of poultry farming operations and franchises has increased significantly in recent years. China, Brazil, Mexico, India, Russia, and Argentina are among the leading countries with a high growth rate in terms of poultry animal ownership. This has benefited the poultry pharmaceutical market.
Apart from this, the poultry pharmaceuticals market is fueled by the growing emphasis on wellness and preventive care by veterinarians and poultry animal owners, the rising consumption of animal protein, the increasing incidence of poultry diseases, and the support from government and private organizations in the form of vaccination initiatives.
In contrast, the poultry pharmaceutical market is hampered by stringent regulations, lengthy product approval periods, and limited vaccination production. The growing concerns regarding the use of antibiotics and growth promoters in animal feed are also hindering the growth of the global market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.