Factors such as the rapid rise in livestock population, increasing awareness about animal health, growing demand for animal-derived food products, and rising frequency of animal disease outbreaks are the major factors driving the growth of the Asia-Pacific Animal Health market.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.7% during the forecast period, the global animal health market is estimated to reach USD 20.25 billion by the end of 2021. Geographically, the Asia-Pacific Animal Health market is segmented into China, Japan, India, and the Rest of APAC. In 2015, China commanded a major share of the market and is expected to witness the highest growth rate during the forecast period.
Based on product, the market is segmented into growth promoters, feed additives, vaccines, parasiticides, antimicrobials and antibiotics, and other pharmaceuticals. Growth promoters accounted for the largest share of the market in 2015 owing to its wide utilization by livestock producers and pet owners.
Based on the type of animal, the market is segmented into food-producing animals and companion animals. The food-producing animals segment accounted for the largest share of the market, while companion animals are expected to register the highest growth during the forecast period.
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What Drives the Market?
The growth of the global market for animal health is primarily influenced by the following factors:
- Rising Demand for Animal-Derived Food Products
- Increasing Livestock Population and Growing Awareness About Animal Health
- Growing Frequency of Animal Disease Outbreaks
However, restrictions on the use of parasiticides in food-producing animals, rising storage cost of animal vaccines, and the shift towards vegetarian diets are restraining the growth of this market to a certain extent.
Geographical Region of Animal Health Market
Geographically, the Asia-Pacific Animal Health market is segmented into China, Japan, India, and the Rest of APAC. In 2015, China commanded a major share of the market and is expected to witness the highest growth rate during the forecast period. Growth in the Chinese animal health market can be attributed to the growing livestock population, increasing consumption of animal-derived food products, growing awareness about animal health and zoonotic diseases, and rising frequency of animal disease outbreaks in China.
Some of the prominent players in the market include Zoetis, Inc. (U.S.), Sanofi (France), Eli Lilly and Company (U.S.), Merck and Co., Inc. (U.S.), Bayer AG (Germany), Boehringer Ingelheim GmbH (Germany), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), and Cargill, Inc. (U.S.).
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The report "Asia-Pacific Animal Health Market by Product (Parasiticides (Endoparasiticides, Ectoparasiticides), Antimicrobial & Antibiotic, Vaccines, Feed Additive (Vitamin, Amino Acids, Antioxidant), Growth Promoter), Animal (Livestock, Companion) - Forecast to 2021", report analyzes and studies the major market drivers, restraints, challenges, and opportunities in China, Japan, India, and the Rest of Asia-PacificThe APAC animal health market has witnessed significant growth during the last decade and is expected to grow at a CAGR of 5.7% during the forecast period to reach USD 20.25 Billion by 2021.
Growth in this market can majorly be attributed to factors such as rapidly increasing livestock population, increasing demand for animal-derived food products, growing awareness about animal health, and rising frequency of animal disease outbreaks.However, the shift towards vegetarian diets, rising cost of vaccine storage, and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of the APAC animal health market.Growth in companion animal ownership and rising adoption of pet health insurance in APAC offer significant growth opportunities for players operating in the APAC animal health market.Download a PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=106215485Growth promoters accounted for the largest share of the market in 2015Based on product, the animal health market is segmented into growth promoters, feed additives, vaccines, parasiticides, antimicrobials and antibiotics, and other pharmaceuticals.
Growth promoters accounted for the largest share of the market in 2015 owing to its wide utilization by livestock producers and pet owners.The food-producing animals segment accounted for the largest share of the marketBased on the type of animal, the animal health market is segmented into food-producing animals and companion animals.
The food-producing animals segment accounted for the largest share of the market, while companion animals are expected to register the highest growth during the forecast period.China is the largest regional segment for the animal health marketChina is the largest regional segment for the animal health market and is expected to witness the highest growth rate during the forecast period.
The large share of this regional segment is driven by the increasing livestock population, rising demand for animal-derived food products in China, increasing pet ownership, and growing adoption of pet insurance.Request a Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=106215485Leading CompaniesKey players operating in this market include Zoetis, Inc. (U.S.), Sanofi (France), Merck and Co., Inc. (U.S.), Eli Lilly and Company (U.S.), and Boehringer Ingelheim GmbH (Germany).
Other players include Bayer AG (Germany), Ceva Santé Animale (France), Virbac (France), Perrigo Company Plc.
The Asia-Pacific Animal Health Market is projected to reach a value of USD 22.1 billion by 2025 from USD 15.6 billion in 2020, at a CAGR of 7.2% during the forecast period.Factors such as the rapid rise in livestock population, increasing awareness about animal health, and rising frequency of animal disease outbreaks are expected to drive the growth of the APAC animal health market.However, restrictions on the use of parasiticides in food-producing animals, shift toward vegetarian diets, and the rising cost of storage of animal vaccines are expected to restrain the growth of this market.To know about the assumptions considered for the study, Request for Free Sample ReportAPAC animal health Market Dynamics Drivers: Rising demand of animal-derived food products According to FAO, South Asia is one of the major regions for dairy production and accounted for 20–25% of the global milk production in 2019.
In this region, India was the largest producer and consumer of milk, followed by China and Pakistan.
In 2020, the consumption of meat in India was found to be over 3.9 million metric tons; by 2030, this is expected to increase to 145.7 million metric tons.Restraints: Shift towards vegetarian diet There is a significant rise in the prevalence of obesity and other chronic disorders.
The prevalence of obesity has increased more than twofold since 1980.
According to a journal published by Development Asia in 2018, two of five adults in the Asia Pacific region are found to be overweight or obese, and it is considered to be home to the largest absolute number of obese people, about 1 billion.To know about the assumptions considered for the study, download the PDF brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=106215485Opportunities: Lucrative growth opportunities in India an China Over the last few years, companion animal ownership has experienced steady growth, especially in emerging markets such as China and India.
Rapid urbanization and growing disposable incomes are some of the key factors driving pet ownership in these countries.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
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The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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