Europe Animal Healthcare Market includes veterinary pharmaceuticals, feed additives, and vaccines used in animal healthcare and treatment. These products help prevent and cure diseases in companion animals and livestock. They ensure the health and well-being of animals.
The global Europe Animal Healthcare Market is estimated to be valued at US$ 14,096.3 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Europe animal healthcare market is growing pet ownership. According to the European Pet Food Federation, around 64 million households own a pet in Europe. This high pet ownership drives the demand for pet healthcare products like vaccines, parasiticides, and feed additives to keep pets healthy. Moreover, growing concerns about zoonotic diseases are propelling veterinary drug developments to prevent the transmission of diseases from animals to humans. The advancement in animal medicine through updated vaccines and drugs is also supporting the market growth.
SWOT Analysis
Strength: The Europe animal healthcare market has a strong presence of key vendors that offer extensive product portfolios for animal healthcare. Europe also has stringent regulations to ensure animal welfare, thus driving sales of animal healthcare products.
Weakness: High costs associated with research and development of new animal drugs and therapies is a major restraint for market players. Lack of veterinary healthcare infrastructure and awareness in some regions also hinders market growth.
Opportunity: Rising adoption of companion animals and increasing expenditure on pet care presents an opportunity for animal healthcare vendors to introduce innovative products. Growth in livestock population also creates demand for vaccines, pharmaceuticals and feed additives.
Threats: Easy availability of generic and counterfeit products is a threat to established brands. Strict regulations surrounding the use of antibiotics in animal feed can impact sales of certain drug categories.
Key Takeaways
The global Europe Animal Healthcare Market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing pet ownership and expenditure on pet care across the region. Better focus on animal health and welfare is another factor boosting market revenues.
Regional analysis
Germany accounted for the largest share of the Europe animal healthcare market in 2022. This can be attributed to growing population of companion animals and increasing veterinary healthcare expenditure in the country. France and the UK also hold significant market shares due to rising pet adoption and availability of advanced products. However, countries like Italy, Spain and Eastern Europe are expected to witness fastest growth during the forecast period.
Key players operating in the Europe animal healthcare market are Merck & Co., Inc., Virbac, Dechra Pharmaceuticals Plc., Vetoquinol S.A., Zoetis Inc., Ceva Santé Animale, Bayer AG, Elanco, Evonik Industries AG, and Archer Daniels Midland Company. These players are focusing on new product launches, acquisitions and geographical expansion to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
