The top three players in the Asia Pacific, Latin America, and Rest of the World veterinary antiseptics market are Zoetis Inc., Merial, and Merck Animal Health. Collectively, these companies held a share of 46.3% in 2014. Companies will focus progressively more on developing solutions for the companion animals segment as the growing number of pet owners has created scope for business diversification, says Transparency Market Research (TMR) in a new research report. For instance, developing cosmetic-based antiseptic products such as skin lotions and shampoos will prove to be a game-changing tactic for companies operating in the market.
The report suggests that the Asia Pacific, Latin America, and Rest of the World veterinary antiseptics market was worth US$243.0 mn in 2014 and will rise steadily to touch US$401.6 mn by 2023. Between 2015 and 2023, the market is expected to progress at a CAGR of 5.6%.
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“Absorbing a talent pool of microbiologists and immunologists by collaborating with institutes will benefit players in the coming years,” observes the lead author of this research report. This will help the companies to gain an insight into not yet recognized conditions, which in turn could prove to be a catalyst in development a preventive veterinary antiseptics. Thus, innovation will be a key sustainable strategy adopted by players to stay ahead of the competition.
Growing Meat Consumption Escalates Demand for Veterinary Antiseptics
The growing demand for meat, milk, eggs, and other protein-rich food items across Latin America and Asia Pacific due to rising disposable income is the primary market driver for the veterinary antiseptics in the overall market. The increasing awareness about fitness has also been fuelling the demand for these antiseptics that ensure that animals reared for consumption are well looked after. Thus, the rising expenditure on animal healthcare is creating a direct impact on the revenues of the veterinary antiseptics market of Asia Pacific, Latin America, and Rest of the World.
The growing adoption of animals in emerging market is also anticipated to drive the veterinary antiseptics market of Asia Pacific, Latin America, and Rest of the World. Pet ownership has considerably made its mark in the veterinary antiseptics market as growing number of pet owners are investing in the high quality of animal care products.
Country-specific Regulatory Guidelines Hamper Overall Market
Country-specific regulatory guidelines, especially in countries such as Japan, have been hampering the growth of this market in the recent years. The long-drawn process of approval, despite the international approval of the product, has restrained the Asia Pacific, Latin America, and Rest of the World veterinary antiseptics market in the recent years. The overall market is also being hampered by the significant dip in the number of veterinarians across emerging economies. Poor career prospects for veterinarians in developing nations of India, China, and Brazil in the past few years is also anticipated to put a downward pressure on sales of veterinary antiseptics as the number of prescriptions will drop.
Asia Pacific Leads Veterinary Antiseptics Market due to Rising Pet Adoption
The market will be led by the iodine and iodophors market at a CAGR of 6.3%. Despite the other types of products, iodine and iodophors are being popularly as they are milder on the skins of both small and large animals.
On the basis of geography, the Asia Pacific, Latin America, and Rest of the World veterinary antiseptics market will witness the veterinary antiseptics market is Asia Pacific rising at a steady CAGR of 6.0% between 2015 and 2023. This growth will be supplemented by the rising number of companion and production animals in the region. By the end of 2023, the Asia Pacific veterinary antiseptics market will contribute revenue worth US$193.6 mn to the overall market.
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