The global veterinary active pharmaceutical ingredients (API) market has been witnessing significant growth in recent years, driven by the increasing demand for animal healthcare products and the growing focus on livestock and companion animal health. The market is expected to continue to grow in the coming years, with several factors contributing to its growth. In this article, we will provide an insight into the current status and future forecast of the global veterinary API market.
Current Status
The global veterinary API market was valued at USD 1.53 billion in 2020 and is expected to reach USD 2.32 billion by 2028, growing at a CAGR of 5.3% from 2021 to 2028. The market is dominated by synthetic APIs, which accounted for the largest share of the market in 2020, followed by biologics.
The market is segmented based on the type of animal, with the livestock segment accounting for the largest share of the market in 2020. However, the companion animal segment is expected to witness the highest growth rate during the forecast period, driven by the increasing demand for pet healthcare products.
Geographically, the Asia Pacific region accounted for the largest share of the market in 2020, followed by North America and Europe. The market in the Asia Pacific region is driven by the growing demand for animal healthcare products in emerging countries such as China and India.
Future Forecast
The global veterinary API market is expected to continue to grow in the coming years, driven by several factors such as increasing demand for animal healthcare products, growing focus on livestock and companion animal health, and rapid technological advancements in the field of animal health.
The market is expected to witness significant growth in the companion animal segment, driven by the increasing adoption of pets and the growing demand for pet healthcare products. The biologics segment is also expected to witness significant growth in the coming years, driven by the increasing demand for vaccines and other biological products.
Geographically, the Asia Pacific region is expected to continue to dominate the market, driven by the growing demand for animal healthcare products in emerging countries such as China and India. The North America and Europe regions are also expected to witness significant growth in the coming years, driven by the increasing focus on animal healthcare and the growing demand for animal healthcare products.
Conclusion
The global veterinary API market is expected to continue to grow in the coming years, driven by several factors such as increasing demand for animal healthcare products, growing focus on livestock and companion animal health, and rapid technological advancements in the field of animal health. The market is expected to witness significant growth in the companion animal segment and the biologics segment. Geographically, the Asia Pacific region is expected to continue to dominate the market, followed by North America and Europe.
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