ANIMAL HEALTHCARE MARKET ANALYSIS

Animal Healthcare MarketSize and Trends

The Global Animal Healthcare Market was estimated at US$ 50.45 Billion in 2023 and is anticipated to reach around US$ 71.39 Billion by 2030, growing at a CAGR of roughly 5.1% between 2023 and 2030.

North America held dominant position in the global animal healthcare market in 2019, accounting for 33.1% share in terms of value, followed by Europe and Asia Pacific, respectively.

 Figure 1. Global Animal Healthcare Market Share (%), by Animal Type, 2022

Global Animal Healthcare Market – Driver

Increasing consumption of meat, milk and other animal byproducts is expected to boost growth of the global animal healthcare market over the forecast period. For instance, Released December 19, 2022, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, U.S. Department of Agriculture (USDA). In November ,2022 milk production in the 24 major states reached a total of 17.5 billion pounds, representing a 1.4% increase compared to November 2021.

The animal healthcare market is growing due to the increase in foodborne and zoonotic diseases, rising pet adoption, and the demand for natural products with transparent labeling. These factors are driving market expansion and increasing the need for comprehensive animal healthcare solutions.

In 2021 there was an overall increase in reported cases of zoonotic diseases and foodborne outbreaks compared to the previous year, but levels are still well below those of the pre-pandemic years, reveals the latest annual EU One Health zoonosis report released by European Food Safety Authority (EFSA)  and European Centre for Disease Prevention and Control (ECDC).

Figure 2. Global Animal Healthcare Market Value ( U.S.$ Million), By Region, 2023