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Animal Healthcare Market Expected to Grow at a Cagr of 5.1% During 2015 to 2020

  • Date Submitted: 10/18/2016 04:02 AM
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Revenues generated through sales of animal healthcare products and services are expected to reach $35 billion by the end of 2016, according to a report, "Animal Healthcare Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020" by Future Market Insights (FMI). Growing pet humanization trend and focus on preventive healthcare are expected to drive demand for animal healthcare products, such as feed additives, pharmaceuticals, and vaccines.

Production Animal Segment Accounts for Higher Demand
FMI’s report has broadly segmented the animal healthcare market into production animal and companion animal. Between these, demand for healthcare products and services is higher from the production animal segment. Production animal healthcare revenues totalled nearly $21.8 billion in 2015 vis-à-vis $11.7 billion of companion animals.

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Feed Additives Segment Worth $15.7 Billion in 2015
The key product categories that account for bulk of the revenues in the animal healthcare market are feed additives, pharmaceuticals, and vaccines. Among these, demand for feed additives is the highest, with global revenues totaling $15.7 billion in 2015. By 2020, feed additives are forecasted to account for nearly 48% revenues of the global animal healthcare market.

US, China, and France among the Largest Markets
FMI’s report has analyzed the animal healthcare market in North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.
North America, Europe, and Asia-Pacific account for nearly 88% revenues of the global market. The US, China, Japan, France, Germany, and the U.K. are among the most lucrative markets for companies operating in the animal healthcare landscape.

The North America animal healthcare market was valued at $11.3 billion in 2015, of which the U.S. accounted for nearly $9.2 billion. FMI’s report forecasts the market to increase at 4.5%...

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