Poultry Pharmaceuticals Market Value to Worth Over US$ 10,095.6 Million at 8.2% CAGR Growth Rate by 2027, Owing to Increasing Outbreak of Diseases Linked to Poultry
Poultry pharmaceuticals are used to keep the chickens healthy and free from any kind of disease. These pharmaceuticals include, chicken antibiotics, chicken medicines, and vaccines such as INNOVAX, NOBILIS, and Poulvac.
The global poultry pharmaceuticals market is estimated to account for US$ 5,807.2 Mn in terms of value and is expected to reach US$ 10,095.6 Mn by the end of 2027.
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Global Poultry Pharmaceuticals Market: Drivers
Increasing outbreak of diseases linked to poultry is expected to propel growth of the global poultry pharmaceuticals market over the forecast period. For instance, according to the Centers for Disease Control and Prevention, in 2019, 1,134 people infected with the outbreak strains of Salmonella were reported from 49 states and the District of Columbia in the U.S. The disease was caused due to people coming in contact with backyard poultry.
Global Poultry Pharmaceuticals Market: Opportunities
Availability of farm loans in developed and emerging economies is expected to offer lucrative growth opportunities for players in the market. For instance, in the U.S., Department of Agriculture Maine Farm Service Agency offers specially targeted farm ownership and farm operating loans. In 2019, the agency offered US$ 5.97 million in loans.
Global Poultry Pharmaceuticals Market: Restraints
Increasing vegan population is expected to decrease demand for poultry, thereby hindering growth of the global poultry pharmaceuticals market. For instance, according to The Vegan Society, the number of people consuming only vegetarian food in the U.K. increased from 276,000 in 2016 to 600,000 in 2019.
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The global poultry pharmaceuticals market was valued at US$ 5,337.8 Mn in 2019 and is forecast to reach a value of US$ 10,095.6 Mn by 2027 at a CAGR of 8.2% between 2020 and 2027. Major factor driving the growth of global poultry pharmaceuticals market during the forecast period increasing prevalence of animal diseases, and increasing demand for safe poultry products.
Vaccines held dominant position in the global poultry pharmaceuticals market in 2019, accounting for 40.7% share in terms of value, followed by feed additive and drugs, respectively. Vaccines are useful in preventing infections from diseases, and they impart an immunity against several diseases which is expected to support growth of the market.
Chicken segment held dominant position in the global poultry pharmaceuticals market in 2019, accounting for 73.8% share in terms of value, followed by duck and turkey, respectively. Chicken is the widely consumed poultry product globally which is expected to increase demand for use of pharmaceuticals for this animal category.
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Increasing funding to boost the poultry sector is expected to aid in growth of the market. For instance, in May 2020, The U.S. Poultry Foundation awarded a US$ 7,000 grant to the University of North Georgia to recruit students into the poultry science program.
Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in April 2020, Pacific GeneTech, a vaccine developer, partnered with Kemin Industries, under which Kemin Industries will commercialize Pacific GeneTech’s Salmonella vaccine for poultry.
Global Poultry Pharmaceuticals Market: Competitive Landscape
Major players operating in the global poultry pharmaceuticals market include Bayer AG, Bimeda, Ceva Sante Animale, Elanco Animal Health (Eli Lilly and Company), Merck Animal Health, Merial Animal Health (Sanofi), Virbac, Boehringer Ingelheim, Zoetis, Inc., Pacific GeneTech, and Avivagen Inc.
Global Poultry Pharmaceuticals Market: Key Developments
April 2020: Avivagen Inc., a developer of products for livestock, companion animal and human applications, announced that the company received its largest yet order of three tons for OxC-beta Livestock from UNAHCO, Inc., a manufacturer of veterinary products
February 2020: Elanco Animal Health Inc. announced that its shared value East Africa Growth Accelerator initiative has delivered a Social Return on Investment of almost 250% for dairy and poultry smallholder farmers, their families, and other stakeholders in the region
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- By Product
- Other Drug Products
- Other Vaccine Products
- Feed Additives
- Other Feed Additives
- By Animal Type
- By Region
- North America
- Asia Pacific
- Latin America
- Middle East
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