Rising Demand for Animal Healthcare Drives Growth in the Veterinary Active Pharmaceutical Ingredients Market
The global veterinary active pharmaceutical ingredients (API) market is seeing significant growth, driven by rising demand for animal healthcare products and services. As the world’s population grows and incomes rise, demand for animal protein is increasing, driving investment in animal health and welfare. This, in turn, is driving demand for veterinary APIs used in animal feed additives, vaccines, antibiotics, and other treatments.
Here are some of the key factors driving growth in the veterinary API market:
- Increasing demand for animal protein:
As the global population grows and incomes rise, demand for animal protein is increasing. This is driving investment in animal health and welfare, including the use of veterinary APIs in animal feed additives, vaccines, 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 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 used in pet healthcare products.
- Increasing focus on preventive care:
There is a growing focus on preventive care in the veterinary industry, including the use of vaccines and other prophylactic measures. This is driving demand for veterinary APIs 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 used in combination therapies.
Overall, 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.
In conclusion, the rising demand for animal healthcare products and services is driving growth in the veterinary API market. Companies in the market must stay abreast of these trends 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.