Yahoo Finance Asia Pacific, the animal health market, is anticipated to reach US$ 27,884.0 Mn in 2027 from US$ 16,425.4 Mn in 2019
The market is projected to grow with a CAGR of 6. 9% from 2019-2027. The animal health market is growing primarily due to therise in demand for proteinaceous food. Restraining factors, such as high complexity and cost of animal drug development and approval processes, is likely to damage the growth of the market in the coming years.
New York, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Animal Health Market to 2027 - Regional Analysis and Forecasts by Product ; Animal Type ; and Country" - https://www.reportlinker.com/p05953730/?utm_source=GNW
On the other hand, growing R&D activities is expected to have a positive impact on the growth of the Asia Pacificanimal health market in the coming years.
Controlling animal health by preventing animal disease epidemic and monitoring animal food supplies is vital to the any economy and safety of the any country’s food supply.Breeding of healthy livestock guarantees a safe supply of food and keep selling prices stable.
Animal disease epidemic costs the country millions of dollars owing to livestock trade halts, animal slaughters and subsequent disease elimination efforts. For example, in November 2017, Porcine reproductive and respiratory syndrome virus (PRRSV), causes stillborn piglets which costs U.S. farmers an annual $600 million. Animal diseases with human health connection can adversely affect public health, international trade, and the stability of the agricultural sector. Disease free and healthy animals likely to result in safer food supplies, higher farm productivity, reduced environmental impacts, reduced use of antibiotics.
Increased urbanization and changes in lifestyle alter patterns of food consumption and are the major factors leading to the increase in meat and milk consumption, globally.Livestock products have emerged out as a primary source of dietary proteins.
With population growth and elevated living standards, rapid growth in the consumption of animal products has forced the livestock industry to adapt to this change and meet the expectations of society with improved-quality products.In addition, in South Asia, there has been a slow, but steady growth in the consumption of animal products, predominantly milk and poultry meat, while in East Asia, pork is the predominant product consumed.
However, in China, the consumption of poultry meat and eggs has increased in the last decade.As per Our World in Data, global demand for meat is growing: over the past 50 years, meat production has more than quadrupled.
The world now produces more than 320 million tons of meat each year. Moreover, to fulfill the demand for protein-rich food, such as eggs, milk, and meat, the global emphasis has shifted over increasing the production of farm animals. However, due to the mounted risk of transfer of animal diseases to humans, the need for animal healthcare products has also surged at the reginal level.
In 2019, the prescription segment accounted for the largest market share in the Asia Pacificanimal health market based on the product. However, the non-prescription segment is estimated to mark the highest CAGR in the market during the forecast period, owing to the standard shift from Rx to OTC by most of the pharmaceutical manufacturers.
Some of the significant primary and secondary sources for animal health included in the report are Centers For Disease Control And Prevention (CDC), Cattle Health and Welfare Group (CHAWG), Japanese Animal Hospital Association (JAHA), Veterinary Public Health Program (VPH), and among others.
Read the full report: https://www.reportlinker.com/p05953730/?utm_source=GNW
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