Valley Cottage, NY, June 03, 2015 --(PR.com
)-- In its new report, titled, “Animal Healthcare Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2020,” FMI projects that the global animal healthcare market will witness a compound annual growth rate (CAGR) of over 5% through 2020 and reach a valuation of US$ 43 billion.
The animal healthcare market is witnessing a shift towards preventive healthcare, with farm owners investing in feed additives and periodic health check-ups of their livestock. This trend was phenomenal in Asia Pacific, which is a lucrative region for the animal healthcare market. It is anticipated that the feed additives segment will expand at a CAGR of 5.4% during the forecast period (2015-2020).
The lucrative feed additives business has prompted the entry of new entrants in the market. Wuliangye Yibin Co. Ltd., a leading alcohol producer in China diversified into the animal feed business last year by partnering with New Hope Liuhe. It is anticipated that there will be greater investments in the animal feed segment in the near future.
According to the Food and Agriculture Association (FAO) of the United States, global meat production is anticipated to reach 341 million tonnes by 2030. This increase in demand will be accompanied by rising concerns about food-borne zoonotic diseases. Consumer focus on safe and healthy meat products will provide an impetus to the animal healthcare market. The market for production animals - animals raised for meat and milk - is anticipated to be worth US$ 27 billion by 2020.
Browse Full: "Animal Healthcare Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020" Market Research Report at http://www.futuremarketinsights.com/reports/details/animal-healthcare-market
Pet humanisation trend has caught the attention of people in Asia, especially in China, India, and Southeast Asian countries. Consumers in these countries are spending more on pet food and pet care. Rising trend of pet adoption is anticipated to fuel the animal healthcare market during the forecast period. European and American market is already mature as far as pet humanisation is concerned, and generates strong demand for pet care products.
Region-wise, North America, Europe, and Asia Pacific are the three most lucrative markets for the animal healthcare market. The North American animal healthcare market was worth US$ 10.9 billion in 2014 and it is anticipated that it will expand at a CAGR of 4.5% through 2020 to reach a valuation of US$ 14.1 billion. In terms of revenue, the U.S. dominates the North American animal healthcare market; it had a market share of over 80% in 2014. Among the product segments, the demand for pharmaceutical products was more than that of vaccines and feed additives.
The European animal healthcare market is anticipated to exhibit a 4.7% CAGR through 2020 and reach a valuation of US$ 12.2 billion by 2020. France, Germany, and U.K. are the top three markets for animal healthcare in Europe. Turkey and CIS countries are anticipated to witness a higher growth rate than other European countries.
The animal healthcare market in Asia Pacific is anticipated to witness a CAGR of 6.2% through 2020 and reach a valuation of US$ 11.2 billion. China dominates the Asia Pacific animal healthcare market and it is anticipated to remain the most lucrative market through 2020 as well. Unlike Europe and North America, where pharmaceuticals are anticipated to generate the highest demand, the Asia Pacific animal healthcare market is characterised by high demand for feed additives.
For key insights on the Animal Healthcare Market, Request a sample at http://www.futuremarketinsights.com/reports/sample/rep-gb-431
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