Veterinary Antibiotics Market Size to be worth USD 20,277.5Million by 2032
It is anticipated that the global veterinary antibiotics market is worth US$ 10,904.3 million in 2022. The veterinary antibiotics market is expected to expand at a sluggish CAGR of 5.8%, and reach US$ 20,277.5 million by 2032. Over the past few years animal antibiotics have accounted for major share in animal health industry owing to the rising need to treat, control or prevent animals against diseases. These are also used as growth promoters and play a vital role in maintaining animal health. Antibiotics are generally the anti-bacterial compounds that have a direct action on bacteria, thereby preventing the infection in livestock and companion animals.
Growing concerns over antibiotic resistance in human beings coupled with rising demand for milk, eggs and meat is influencing the veterinary antibiotic market across the globe. Rising prevalence of zoonotic disease worldwide is one of the major factor fueling the demand for veterinary antibiotics both in livestock animals as well as companion animals.
However, many farm and pet owners supported by veterinary healthcare activists are shifting towards vaccines owing to the harmful effects, such as antibiotic resistance, caused by long term usage of antibiotics. Also, stringent regulations imposed by FDA on use of prescribed antibiotics by the veterinarians is also hindering the market for veterinary antibiotics at present. Whereas in long run, regulations imposed by U.S. FDA are anticipated to pace the demand for these antibiotics.
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Veterinary Antibiotics Market: Drivers and Restraints
Some of the factors such as rising awareness about zoonotic disease, rising incidence of disease outbreaks in animals, growing demand for animal derived food products, implementation of stringent regulations to prevent animal diseases and elevating animal population and pet adoption are anticipated to drive the market for veterinary antibiotics across the globe. Also, the growing demand for pet health insurance coupled with rise in healthcare expenditure is propelling the demand for veterinary antibiotics globally.
However, increasing antibiotic resistance among food producing animals along with regulatory authorities restricting their use is restraining the growth of veterinary antibiotics market. Also, presence of competitive replacement products such as vaccines and probiotics are also limiting the usage of antibiotics to treat animals on large scale.
Veterinary Antibiotics Market: Overview
The market for the veterinary antibiotics is increasing due to the growing animal healthcare industry coupled with continuous development in this sector. On the basis of product type, tetracycline is anticipated to hold the largest market share in veterinary antibiotics market on the account of widespread use in food producing animals. Also, the rising awareness among people regarding essential pet health care is facilitating the market for veterinary antibiotics.
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Veterinary Antibiotics Market: Regional Overview
On the basis of region, veterinary antibiotics market is segmented into North America, Latin America, Asia-Pacific excluding Japan, Eastern Europe, and Western Europe, Japan MEA and others. Among these, North America accounts for major share in veterinary antibiotics market, whereas, Asia-Pacific is anticipated to register the fastest growth at highest CAGR during the forecast period owing to presence of lenient regulations. However, unlike developed countries, the developing nations are projected to experience large demand for veterinary antibiotics due to less stringent regulations imposed on their usage.
Veterinary Antibiotics Market: Key Players
Some of the key players in the veterinary antibiotics market involves Zoetis, Inc., Merck & Co., Inc., Bayer AG, Sanofi, Eli Lilly and Company, Ceva Sante Animale and others.
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