Animal Healthcare Market to Expand at a Healthy Growth Rate in the Coming Years

Milk and meat have now become important parts of everyday meals. The demand for these products has also been increasing because of the changing lifestyle in developing countries, surging population, and rising disposable income of people. In addition to this, due to rising health concerns, people are now opting for protein-rich food, including meat, eggs, and milk. This is why, the focus on raising the production of farm animals has grown considerably across the globe. 

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However, there is a risk of transference of animal diseases to human, which is why, the emphasis on animal healthcare is also growing. As per a study by P&S Intelligence, the global animal healthcare market is predicted to reach a value of $42,926.7 million by 2023, increasing from $31,637.0 million in 2017, advancing at a 5.1% CAGR during the forecast period (2018–2023). In addition to this, the adoption of companion animals has also increased over the past few years. 

All these products are available at different distribution channels, such as pharmacies & drug stores, veterinary hospitals, veterinary clinics, retail stores, and online platforms. The largest demand for animal healthcare products was created from veterinary hospitals in the past, owing to the rising preference of pet owners for these settings. Veterinary hospitals provide overall healthcare solutions for pets unlike other veterinary facilities. In the years to come, the demand for these products is also expected to rise from online platforms because of the expanding e-commerce sector. 

Geographically, North America emerged as the major animal healthcare market in the 2017, owing to the rising spending on healthcare of animals by farm animal owners, emerging trend of pet humanization, and growing requirement for animal-based products. Other than this, the demand for animal healthcare products is also predicted to increase in the Asia-Pacific region in the coming years. The increasing requirement for animal-source food products and rising livestock population in various countries are driving the regional market. 

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Hence, the demand for animal healthcare products is growing due to the increasing demand for protein-rich foods and rising trend of pet humanization.