Report : Asia Pacific Farm Animal Drugs Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Anti-Infective, Parasiticides, Anti-inflammatory, Anesthetics, Analgesics, Hormones and Related Product, and Others), Animal Type (Livestock Animal, and Equine), Route of Administration (Oral, Parenteral, Topical, and Others), Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores, and Others)
Parasiticides Segment has the Largest Share of Product Type in the Asia Pacific Farm Animal Drugs Market during 2021–2028
According to our latest study on “Asia Pacific Farm Animal Drugs Market Forecast to 2028 – COVID-19 Impact and Analysis – by Product Type, Animal Type, Route of Administration, and Distribution Channel,” the market is projected to reach US$ 5,604.7 million by 2028 from US$ 3,468.1 million in 2021; it is expected to grow at a CAGR of 7.1% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the changing perception toward use of farm animal drugs products and increasing investments by market players that drive the market growth. However, side effects associated with the use of farm animal drugs hampers the market growth.
A revolutionized change occurred in the animal drugs market due to the impact of the covid-19 virus. The complete lockdown in various countries forbidden the transportation of raw materials and forbade service providers’ business. Due to which the operations of various companies failed however, few companies managed to be afloat. For Instance: Even during the pandemic Virbac ensured the best possible continuity of commitments to veterinarians, farmers and animal owners who, every day on the front line, continued their essential work to care for and raise those animals. Therefore, manufacturing of these drugs became difficult to an extent, which directly negatively impacted the APAC Farm Animal drugs market.
Based on product type, the Asia Pacific farm animal drugs market is bifurcated into anti-infective, parasiticides, anti-inflammatory, anesthetics, analgesics, hormones and related product, and others. In 2021, the parasiticides segment is estimated to account for the largest market share owing to the growing incidence of zoonotic diseases, the rise in animal welfare laws, and the increasing number of government initiatives are driving the growth of the parasiticides segment.
PHIBRO ANIMAL HEALTH CORPORATION, Zoetis Inc., Ceva, Elanco, Virbac, INTAS PHARMACEUTICALS LTD., Vetoquinol SA, Alembic Pharmaceuticals Limited, Boehringer Ingelheim International GmbH, and MSD Animal Health are among the leading companies in the Asia Pacific farm animal drugs market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for farm animal drugs market is segmented into product type, animal type, route of administration, and distribution channel. Based on product type, the Asia Pacific farm animal drugs market is segmented into anti-infective, parasiticides, anti-inflammatory, anesthetics, analgesics, hormones and related product, and others. Based on animal type, the farm animal drugs market is segmented into livestock animal, and equine. Based on route of administration, the farm animal drugs market is segmented into oral, parenteral, topical, and others. Based on distribution channel, the farm animal drugs market is segmented into veterinary hospitals, veterinary clinics, pharmacies and drug stores, and others. Geographically, the farm animal drugs market is segmented into Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia Pacific).
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