Poultry products and farms have started gaining an important spot among humans as a prime source for food and a profitable and potential business solution. The prime factors supporting the progress of the global poultry pharmaceuticals market are rising focus for livestock preventive healthcare, widespread of vaccination programs, and ongoing technological advancements. Poultry animals are extensively prone to ailments such as avian influenza and coccidiosis which are caused by improper feed additives, inappropriate waste management, and unsuitable environmental conditions. With the demand for protein sources and meat rising significantly across the globe, consumers and poultry farm owners are becoming concerned about the health of their poultry animals.
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Leading companies operating in the global poultry pharmaceuticals market are adopting strategies such as product innovation to enhance their consumer base and expand their business. The rivalry among the players is quite high owing to the presence of numerous companies in the market with varied products. This also ensures that companies maintain regular interaction with poultry farmers, governments, and drug retailers.
The global poultry pharmaceuticals market is likely to expand at a significant 8.5% CAGR from 2016 to 2024. By the end of 2024, the market is expected to be worth US$7.8 bn from a valuation of US$3.7 bn in 2015.
Poultry Pharmaceuticals Market to Benefit from Rising Consumption of Feed Additive Medication
On the basis of products, the global poultry pharmaceuticals market has been classified into feed additive medication, vaccines, and drugs. Poultry farmers use vaccines to provide immunity to their poultry animals as they have an immediate impact on them. As a result of this, in 2015, this segment emerged dominated in the global poultry pharmaceuticals market. However, the consumption of feed additive medication for the poultry is rising significantly across the poultry farming sector due to the capability of feed additive to dissolve easily with feed. The feed additive medication segment is expected to exhibit strong growth over the forthcoming years.
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In terms of animal type, the market was dominated by chicken in 2015. The growing consumption of chicken can be attributed to its popularity among meat lovers worldwide. The consumption of meat is expected to be further driven by the high quality of meat and health benefits associated with it. The duck meat segment is also expected to gain a sizeable share in the global poultry pharmaceuticals market.
North America to Lead whereas Latin America to Present Potential Growth Opportunities
In 2015, North America emerged dominant in the global poultry pharmaceutical market owing to the growing adoption of animal healthcare products due to its rising awareness among consumers and the mounting need for feed additive medication. The market in North America is also expected to be driven by the rising concerns over the spread of poultry diseases. Nevertheless, Latin America is expected to present manufacturers of poultry pharmaceuticals with lucrative growth opportunities in the near future. The region is significantly focusing on the export of poultry products to meet the global demand. Specialized regional players are expanding their production capacities benefit from the arising opportunities.
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The players in the market are Merial Animal Health, Elanco Animal Health, Ceva Sante Animale, Zoetis Inc., and Merck Animal Health.
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