Companion Animal Pharmaceuticals Market Size Set to Touch USD 45.12 Billion by 2029
companion animal pharmaceuticals market is flourishing because of an increasing awareness about animal health and wellness, rising pet ownership, increasing humanization of pets, and growing adoption of technology advancements in veterinary healthcare.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global companion animal pharmaceuticals market size at USD 34.8 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global companion animal pharmaceuticals market size to grow at a CAGR of 4.42% reaching a value of USD 45.12 billion by 2029. Major growth drivers for the global companion animal pharmaceuticals market include an increasing number of pet adoptions, the rising prevalence of pet diseases, and the growing awareness of the importance of pet health. Also, a surge in demand for pet insurance owing to the rising expenditure on animal health, escalating investments in R&D for animal healthcare, and high rates of pet ownership across the globe are expected to further drive the global market during the period in analysis. However, stringent regulations and lengthy approval processes for animal pharmaceuticals and high costs associated with veterinary drugs and treatments are anticipated to hinder the global market during the forecast period.
Global Companion Animal Pharmaceuticals Market – Overview
A companion animal differs from an assistive animal in that it does not receive any specific training to help a person with a disability. Instead, companion animals provide humans with companionship, entertainment, emotional support, and other functions that humans need from animals. Veterinarians who specialize in companion animals can perform a range of medical services, including treating injuries and illnesses, performing surgeries, administering vaccines, and prescribing medications. They are also responsible for euthanizing animals when necessary. The owners of companion animals are responsible for the animal's well-being, actions, and care. When choosing a companion animal, it is essential to consider the owner's lifestyle, budget, and ability to provide proper care throughout the animal's life. Animal health products, such as feeds, are the most commonly used products for animal healthcare, and this market includes pharmaceuticals and vaccines that improve the health and welfare of animals. Animals obtain nutrition from these products. In recent years, the number of people who own and spend money on companion animals has increased, and pet owners now spend more money per pet than in the past. Pet owners prioritize their pet's health and wellness and expect them to live a healthy life.
Impact of COVID-19 on Global Companion Animal Pharmaceuticals Market
COVID-19 pandemic had a dual impact on the global companion animal pharmaceuticals market. On the positive side, with lockdowns and social distancing measures in place, people were spending more time at home and turning to pets for comfort and companionship. It led to an increase in pet ownership and a surge in demand for animal healthcare products and services, including pharmaceuticals. However, on the negative side, the pandemic disrupted global supply chains and manufacturing activities, causing shortages of raw materials and finished products. It led to production delays and increased prices, which affected the profitability of the market players. Moreover, with the focus on human healthcare during the pandemic, veterinary care and services were deprioritized in some regions, leading to a decline in demand for companion animal pharmaceuticals. Despite these challenges, the overall impact of the pandemic on the companion animal pharmaceuticals market was relatively moderate, and the market is expected to recover as the situation normalizes. As people continue to value the companionship of their pets, the demand for animal healthcare products and services is expected to remain robust in the long term.
Global Companion Animal Pharmaceuticals Market – By Animal
By animal, the global companion animal pharmaceuticals market is divided into Dogs, Cats, and Horses segments. The dogs segment held the highest share in the global companion animal pharmaceuticals market in 2022. According to Holland Insurance Company Pty. Ltd., India is experiencing an exponential growth in its pet dog population, driven by urbanization and millennials opting for dogs as pets. Also, the growing awareness of pet insurance and animal health importance is expected to boost the market growth. On the other hand, the cats’ segment is projected to grow at the highest compound annual growth rate (CAGR) during the forecast period. Cats are becoming increasingly popular in certain countries like Canada and are preferred over dogs. Additionally, many companies are concentrating on expanding their product range for cats due to their greater susceptibility to diseases when compared to other pets.
Major players operating in the global companion animal pharmaceuticals market include Nestle SA, The Hershey Company, Lindt & Sprungli AG, Mondelez International, Inc., Ferrero Group, Haribo GmbH & Co. KG, Perfetti Van Melle, Russell Stover Chocolates, Wrigley Jr. Company, Ricola AG, Chupa Chups SA, Jelly Belly Candy Company, Lotte Group, Swizzels Matlow Limited, and The Topps Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Companion Animal Pharmaceuticals Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Companion Animal Pharmaceuticals Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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