Global Veterinary Active Pharmaceutical Ingredients Market Analysis: Trends, Drivers, and Forecast
The global veterinary active pharmaceutical ingredients (API) market is growing steadily, driven by factors such as the increasing demand for animal protein, the growing prevalence of animal diseases, and the rise in pet ownership. Here are some of the key trends, drivers, and forecasts for the veterinary API market:
Trends:
- Increasing Focus on Preventive Care:
There is an increasing focus on preventive care in the veterinary industry, which includes the use of vaccines and other prophylactic measures. This is driving demand for veterinary APIs that can be used in preventive care products.
- Growing Use of Combination Therapies:
Combination therapies are becoming more common in veterinary medicine, as they can provide more effective treatment for complex diseases. This is driving demand for veterinary APIs that can be used in combination therapies.
- Rising Demand for Biopharmaceuticals:
Biopharmaceuticals, which are derived from living cells or organisms, are becoming increasingly important in the veterinary industry. This is driving demand for veterinary APIs that can be used in biopharmaceuticals.
Drivers:
- Increasing Demand for Animal Protein:
The growing global population and rising incomes are driving demand for animal protein, which is leading to increased investment in animal health and welfare. This is driving demand for veterinary APIs that can be used in animal feed additives and other products that promote animal health.
- Growing Prevalence of Animal Diseases:
The increasing prevalence of animal diseases, such as avian influenza, African swine fever, and foot-and-mouth disease, is driving demand for veterinary APIs that can be used in vaccines, antibiotics, and other treatments.
- Rise in Pet Ownership:
The rise in pet ownership, particularly in emerging markets, is driving demand for veterinary APIs that can be used in pet healthcare products.
Forecast:
The global veterinary API market is expected to continue growing in the coming years. According to a report by MarketsandMarkets, the market is projected to reach USD 1.73 billion by 2023, growing at a CAGR of 6.5% from 2018 to 2023. North America is expected to be the largest market for veterinary APIs, followed by Europe and Asia Pacific.
Conclusion:
The global veterinary API market is growing steadily, driven by factors such as the increasing demand for animal protein, the growing prevalence of animal diseases, and the rise in pet ownership. Companies in the veterinary API market must stay abreast of these trends and drivers, and invest in research and development to remain competitive and successful in the market.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.