Report : South and Central America 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 South & Central America Farm Animal Drugs Market during 2021–2028
According to our latest study on “South & Central America 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$ 1,701.8 million by 2028 from US$ 1,213.8 million in 2021; it is expected to grow at a CAGR of 4.9% 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.
COVID-19 have emerged as a challenge due to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities however, the pandemic has slight positive impact on market for animal drugs as companies rearrange their operations. Currently, the companies are rapidly increasing its clinical programs to fight against the food borne and zoonotic diseases. There has been a growing focus on R&D. Thus, the market has been slightly negatively affected or neutral due to the pandemic due to disrupted supply chains, shortage of raw material, among others.
Based on product type, the South & Central America 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., Boehringer Ingelheim International GmbH, and MSD Animal Health are among the leading companies in the South & Central America 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 South & Central America 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 South & Central America (Brazil, Argentina, Rest of South & Central America).
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