REDDING, Calif., May 23, 2024 /PRNewswire/ -- According to a new
market research report titled, 'Veterinary API
Market by Type (Parasiticide [Albendazole, Ivermectin,
Moxidectin, Fipronil] Antibiotic [Penicillin, Cephalexin]
Anti-inflammatory [Meloxicam, Carprofen, Deracoxib] Vaccine)
Synthesis (Chemical, Biological, HPAPI) – Global Forecast to
2031,' published by Meticulous Research®, the
veterinary API market is expected to grow at a CAGR of 7.7% from
2024 to reach $15.84 billion by
2031.
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Veterinary APIs are a critical component of the animal
healthcare industry. It involves the production of essential
compounds for the formation of animal pharmaceuticals/veterinary
drugs. These APIs are the biologically active components
responsible for the therapeutic effects in animals when they
receive medical care.
The growth of the veterinary pharmaceutical ingredients market
is driven by the growing expenditure on animal health, the rising
prevalence of animal, foodborne, and zoonotic diseases, and the
growing demand for animal-derived food products globally.
Additionally, increasing awareness regarding animal health in
emerging economies and the growing application of precision
medicine in veterinary care are expected to create growth
opportunities for the stakeholders in this market.
Growing Awareness Regarding Animal Health in Emerging
Economies Drives the Veterinary API Market
The demand for animal protein in emerging economies is high due
to population growth and changing dietary habits. This has resulted
in increased livestock production, requiring proper animal health
management. Healthy animals lead to higher productivity, and animal
pharmaceuticals play a role in preventing and treating diseases.
There is a growing awareness about the safety of food products,
including those derived from animals. Consumers are becoming more
cautious about the quality of animal-derived products they consume.
This has led governments and producers to adopt better animal
health practices, including the use of veterinary drugs.
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Many emerging economies are implementing regulations and
guidelines for animal health and welfare. This includes promoting
the proper and responsible use of veterinary pharmaceuticals to
ensure the safety of both animals and consumers. Such initiatives
are expected to create opportunities for players operating in the
veterinary API market.
The key players profiled in this market study are Alivira Animal
Health Limited (India), Excel
Industries Ltd. (India),
Suan Farma, S.A.U. (Spain), Chr. Olesen
(Denmark), Qilu Pharmaceutical Co., Ltd. (China), FIS - Fabbrica Italiana Sintetici
S.p.A. (Italy), Rochem
International Inc. (U.S.), NGL Fine-Chem Ltd. (India), MENADIONA S.L (Spain), and Chempro Pharma Private
Limited. (India). The report
also includes an extensive assessment of the product portfolios,
geographic presence, and key strategic developments of the leading
market participants over the past years. The veterinary API market
has recently witnessed several new product launches and
acquisitions.
The global veterinary API market is segmented by product type
(parasiticides [Albendazole, Clorsulon, Ivermectin, Moxidectin,
Fipronil, and other parasiticide APIs], vaccines, antibiotics
[penicillin, trimethoprim-sulfa, cephalexin, enrofloxacin, other
antibiotic APIs], anti-inflammatory [carprofen, deracoxib,
firocoxib, meloxicam, other anti-inflammatory APIs], and other
types [oxycodone, hydromorphone, pimobendane, levothyroxine, other
type of APIs]), synthesis type (chemical APIs, biological APIs, and
high potent APIs), animal type (livestock and companion animals),
and geography. The study also evaluates industry competitors and
analyzes the market at the regional and country levels.
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Based on product type, the veterinary API market is segmented
into parasiticides, vaccines, antibiotics, anti-inflammatories, and
other types. The vaccines segment is expected to grow at the
fastest CAGR during the forecast period. The growth of this segment
is attributed to the growing awareness regarding animal health in
developing countries, the growing adoption of vaccines for animals
concerning prevention rather than cure, and the growing livestock
population globally.
Based on synthesis type, the veterinary API market is segmented
into chemical APIs, biological APIs, and highly potent APIs. The
chemical APIs segment to account for the largest market share of
the veterinary API market in 2024. The factors attributed to the
segment's large share are control & precision, scale-up, cost
efficiency, and consistency of the chemical API synthesis method.
Chemical synthesis methods can be efficient and cost-effective for
producing large quantities of APIs. However, the biological APIs
segment is expected to grow fastest during the forecast period.
This growth can be attributed to the growing concerns regarding the
harmful effects of chemical-based animal pharmaceuticals on the
environment and the growing need for specific drugs for specific
diseases and species, which biopharmaceuticals and biotechnology
applications can achieve.
Based on animal type, the veterinary API market is segmented
into livestock and companion animals. The livestock segment is
expected to grow faster during the forecast period. Factors
contributing to the segment's growth are increasing demand and
consumption of animal-derived food products in developing
countries, increasing livestock population to meet the growing
demand, and government initiatives to curb the spread of diseases
in animals. To meet the global demand for animal-derived food
products, farmers are increasing the number of their livestock. For
instance, according to the Food and Agricultural Organization of
the United Nations (FAO), the number of cattle in 2021 increased to
1,529 million from 1,477 million in 2017.
Geographically, North America
is expected to dominate the veterinary API market in 2024, followed
by Europe and Asia-Pacific. Well-established agriculture and
animal husbandry, awareness of animal health among farmers and pet
owners, high production and export of animal-derived food products,
and a large pet population base are expected to support
North America's largest share.
However, Asia-Pacific
veterinary API market is expected to record the highest CAGR during
the forecast period.
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Scope of the Report:
Veterinary API Market Assessment, by Product Type
- Parasiticides
- Albendazole
- Clorsulon
- Ivermectin
- Moxidectin
- Fipronil
- Other Parasiticide APIs
- Vaccines
- Antibiotics
- Penicillin
- Trimethoprim-sulfa
- Cephalexin
- Enrofloxacin
- Other Antibiotic APIs
- Anti-inflammatory
- Carprofen
- Deracoxib
- Firocoxib
- Meloxicam
- Other Anti-inflammatory APIs
- Other types
- Oxycodone
- Hydromorphone
- Pimobendan
- Levothyroxine
- Other type of APIs
(Other types include cardiovascular, dermatology, respiratory,
gastrointestinal agents, nutraceuticals, and Others)
Veterinary API Market Assessment, by Synthesis
Type
- Chemical APIs
- Biological APIs
- High Potent APIs
Veterinary API Market Assessment, by Animal
Type
- Livestock
- Companion Animals
Veterinary API Market Assessment, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Switzerland
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America
(RoLATAM)
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East &
Africa
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Forecast to 2029
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