New York –Persistence Market Research has recently published a research document titled “Global Market Study on Animal Healthcare: Feed Additives to Witness Highest Growth by 2019”. The report details the market drivers, restraints, and opportunities in the market. All facts and figures compiled in this release have been extracted directly from the publication.
According to the report, the global animal healthcare market was valued at US$27,861.2 million in 2013. The market will reach an estimated value of US$41,929.2 million in 2019, after growing at a CAGR of 7.1% from 2014 to 2019.The primary driver for the global animal healthcare market is the growing population of production animals and companion animals.
The top ten companies in the global animal healthcare market occupy three-fourths of the market share, making it a highly competitive one. Most of the focus by the top players is given to the research and development activities. It helps them improve existing vaccines and products or to develop new products to combat the prevalence of diseases better.
The global consumption of meat has increased in the recent past. This is a direct result of increasing per capita income, rising global population, and changes in lifestyles. This has created a consequent increase in the number of animal farms that provide milk, eggs, and meat. With increasing animal numbers, there is a greater demand on the global animal healthcare market.
The European Food Safety Authority reported close to 320,000 cases per year in zoonotic and food borne diseases in the E.U. In 2012, 220,209 people have been affected by campylobacteriosis infused broiler chicken. These statistics make it all the more apparent for the global animal healthcare market to act faster and deliver more promising results.