Westford USA, April 19, 2023 (GLOBE NEWSWIRE) -- In the forecast period of 2023-2030, the Livestock Care & Treatment market is projected to reach USD 41.56 billion, growing at a CAGR of 7.6%. The market growth is being fueled by the increasing demand for animal-derived products such as meat, dairy, and eggs, the rise in livestock population worldwide, growing consumer awareness about animal health and welfare, technological advancements in animal health products and equipment, and an increase in government initiatives and funding for animal welfare. SkyQuest's latest global research has found that 66% of consumers are willing to pay more for products from companies committed to sustainability, which includes animal welfare.
Furthermore, SkyQuest's research suggests that pig farmers can improve animal health and welfare, reduce production costs, and increase profitability by adopting new technologies such as electronic sow feeding systems, improved ventilation systems, and precision feeding systems. 42% of pig farmers have already adopted some form of precision technology in their operations. Additionally, a study published in the Journal of Animal Science and Biotechnology has shown that precision livestock farming (PLF) technologies, which utilize sensors, data analytics, and automation, can enhance productivity and profitability in livestock production, reduce environmental impacts, and improve animal health and welfare.
Browse in-depth TOC on "Livestock Care & Treatment Market"
- Pages - 242
- Tables - 67
- Figures - 80
The livestock care and treatment market ensures the health and welfare of animals in the agriculture industry, playing a crucial role in meeting the rising demand for animal-derived products and increasing awareness about animal welfare. This market's growth has been driven by technological advancements in animal health products and equipment, enabling more effective and efficient care and treatment of livestock. The sustainable growth of the agriculture industry and meeting the growing worldwide demand for animal products depend heavily on the livestock care and treatment market.
Prominent Players in Livestock Care & Treatment Market
- Zoetis
- Merck Animal Health
- Elanco Animal Health
- Boehringer Ingelheim Animal Health
- Bayer Animal Health
- Ceva Santé Animale
- Vetoquinol
- Virbac
- IDEXX Laboratories
- Dechra Pharmaceuticals
- Phibro Animal Health Corporation
- Neogen Corporation
- Heska Corporation
- Bimeda Animal Health
- Norbrook Laboratories
- Huvepharma
- Biovet
- AniCura
- Idexx Laboratories
- VCA Animal Hospitals (part of Mars Petcare)
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Feed Additives Application Segment to Drive Higher Sales As it Improves Feed Efficiency, Increase Weight Gain
A recent analysis has shown that the Livestock Care & Treatment market in 2021 experienced rapid development, with the Feed Additives Application segment playing a significant role. This trend is expected to continue from 2022 to 2030, as it helps improve feed efficiency, increase weight gain, and reduce the risk of diseases. The growing global population and increasing demand for animal protein are driving the demand for feed additives. According to the Food and Agriculture Organization of the United Nations, the world's population is projected to reach 9.7 billion by 2050, resulting in a 70% increase in demand for animal products.
Research analysis indicates that North America is poised to become a dominant player in the Livestock Care & Treatment market from 2022 to 2030. SkyQuest has projected that the region will grow at a CAGR of 6.12% during the forecast period. This expansion is being driven by the increasing demand for high-quality animal protein, the rising prevalence of animal diseases, and the growing awareness of animal health and welfare. Additionally, the development of innovative animal healthcare products and the increasing adoption of precision livestock farming technologies are contributing to the growth in the region. The USDA's Economic Research Service (ERS) conducts research on the livestock industry and provides data on livestock production, prices, and trade. The ERS also publishes reports on emerging trends in the livestock industry, such as the adoption of precision livestock farming technologies and the growing demand for organic and grass-fed meat products.
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Animal Healthcare Product Type Segment to Exhibit Strong Growth Due to the Rising Prevalence of Animal Diseases, and the Growing Awareness of Animal Health
In 2021, the Animal Healthcare Product Type emerged as the dominant method in the Livestock Care & Treatment market and is expected to maintain its lead from 2022 to 2030. This trend is being driven by the increasing demand for animal protein, the rising prevalence of animal diseases, and the growing awareness of animal health and welfare. The development of new and innovative animal healthcare products is also contributing to this trend. A study published in the journal Animal Health Research Reviews highlighted the importance of animal healthcare products such as vaccines, antibiotics, and parasiticides in maintaining animal health and welfare. These products can help prevent and control diseases, improve the efficiency of animal production, and reduce the need for antimicrobial treatments.
The Asia Pacific region has also emerged as a significant force in the Livestock Care & Treatment market and is expected to retain its leading position by 2030. SkyQuest has projected a significant growth rate for the Livestock Care & Treatment market in the Asia Pacific region, with a projected CAGR of 7.97% during the forecast period. This expansion can be attributed to the increasing demand for animal protein, the growing population, and the rising awareness of animal health and welfare in the region. Additionally, the region has a large livestock population, particularly in countries like China and India. According to the Food and Agriculture Organization of the United Nations, Asia accounts for 58% of the world's total livestock population, with China and India having the largest livestock populations globally. The increasing demand for animal protein in the region, coupled with the large livestock population, is driving the growth of the Livestock Care & Treatment market in the Asia Pacific region.
A comprehensive analysis of the major players in the Livestock Care & Treatment market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Livestock Care & Treatment Market
- Zoetis Inc. (NYSE: ZTS) announced that it has finalized the acquisition of Jurox, a privately held animal health company specializing in developing, manufacturing, and marketing a diverse range of veterinary medicines for treating companion animals and livestock. Jurox has operations based in Australia and regional offices in Canada, the UK, New Zealand, and the U.S. The financial details of the transaction, which was announced in August 2021, have not been disclosed.
- In an exchange filing, it was announced that Sun Pharmaceutical Industries Ltd. has agreed to purchase a 60% stake in Vivaldis Health and Foods Pvt., a company operating in the animal healthcare industry. Sun Pharma will pay existing shareholders Rs 143.3 crore in cash to acquire the stake, with the remaining 40% to be purchased in the future based on specific terms and conditions.
Key Questions Answered in Livestock Care & Treatment Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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