The global animal healthcare market was valued at USD 40.2 billion in 2022, and this number is projected to reach USD 84.9 billion by 2030, progressing at a CAGR of 9.8% during 2022–2030, as per a report by a market research firm, P&S Intelligence.
The growth of the industry can be credited to the snowballing consumption of milk and meat, increasing acceptance of pet animals, and rising frequency of food-borne zoonotic diseases.
In Germany, the veterinary authorities and the regulation together guard animal health. The German government also join forces with the veterinary administration of other EU member states because the transmission of animal viruses across the border is an important issue.
Moreover, pet adoption in Germany is climbing sharply can be credited to the pandemic, with people looking for approaches to fight boredom and loneliness, hence boosting the need for dogs, cats, and other animals.
In 2022, North America had the largest revenue share, of approximately 35%. The need for feed additives is growing because of the heavy consumption of animal products. The U.S. is the world’s major beef producer and prominent exporter as well. To supply nutritive animal-derived food, the need for feed additives is growing in the continent.
Hence, the snowballing consumption of milk and meat, increasing acceptance of pet animals, and rising frequency of food-borne zoonotic diseases, are some major factors that will drive the animal healthcare industry in the future.