Report : North 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 North America Farm Animal Drugs Market during 2021–2028
According to our latest study on “North 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$ 12,454.7 million by 2028 from US$ 7,848.8 million in 2021; it is expected to grow at a CAGR of 6.8% 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.
Some associations, such as the Canadian Cattlemen's Association, has called farmers to put cattle on maintenance rations rather than finishing rations to limit feedlot placements, coping with the closure of processing plants, and limited market capacities. Indeed, many farmers failed to obtain essential veterinary services, including routine health check-ins, drugs, vaccines, and testing and diagnostic tools. Thus, disease control of animals has become an additional challenge conflicting with animal welfare aspects. Unfortunately, the effect of COVID-19 on the activities related to animal healthcare is not restricted only on the farm-scale, but there are also national and international restrictions. The pandemic's impact on the livestock supply chain affected the local marketing process by reducing marketing opportunities, blocking of import/export activity, and lowering purchasing power, and consumers', demand (misconception regarding animal products safety and reduced consumers' income). All of these interruptions in the livestock supply chain put the producers (farmers) at risk of not being able to continue in the field. The limitation of movements and the disruption of national and international trade routes drive to a substantial decrease in vital livestock farming materials and facilities, such as feed materials, replacement stocks (e.g., day-old chicks, piglets, gilts, heifers, and semen straws), drugs and vaccines, feed additives, and other livestock farming inputs. Thus, Covid-19 has a negative impact on the market’s growth.
Based on product type, the North 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., Alembic Pharmaceuticals Limited, Boehringer Ingelheim International GmbH, and MSD Animal Health are among the leading companies in the North 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 North 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 North America (US, Canada, Mexico).
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