According to a new marketing research report published by Meticulous Research, the market for veterinary active pharmaceutical ingredients is expected to grow at a compounded annual growth rate of 7.7% from 2024 to reach $15.84 billion, or Rs1.31 lakh crore, by 2031.
Veterinary active pharmaceutical ingredients refer to the essential compounds used to formulate animal pharmaceuticals/veterinary drugs. These ingredients are the biologically active components responsible for the therapeutic effects in animals when they receive medical care.
The growth of the market for these ingredients is driven by growing spending on animal health, rising prevalence of animal, food-borne, and zoonotic diseases, and the growing demand for animal-derived food products globally. In addition, increasing awareness of animal health in emerging economies and the growing application of precision medicine in veterinary care are expected to create growth opportunities for stakeholders in this market, the research report said.
Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt Ltd in 2013 as a private limited company under the Companies Act, 1956. It is today a leading provider of premium market intelligence in North America, Europe, the Asia-Pacific, Latin America, and West Asia and Africa. Its report on the veterinary pharmaceutical market is 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’.
According to the report, 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 growing awareness about the safety of food products, including those derived from animals, the research found. 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.
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 pharmaceutical ingredients market.
The key players profiled in the study are Alivira Animal Health Ltd (India), Excel Industries Ltd (India), Suan Farma, SAU (Spain), Chr Olesen (Denmark), Qilu Pharmaceutical Co, Ltd (China), FIS – Fabbrica Italiana Sintetici SpA. (Italy), Rochem International Inc (USA), NGL Fine-Chem Ltd (India), MENADIONA SL (Spain), and Chempro Pharma Pvt Ltd (India). The report includes extensive assessment of the product portfolios, geographical presence, and key strategic developments of the leading market participants over the past years. The veterinary pharmaceutical ingredients market has recently witnessed several new product launches and acquisitions.
The global veterinary pharmaceutical ingredients market is segmented by product type (parasiticides [Albendazole, Clorsulon, Ivermectin, Moxidectin, Fipronil, and other parasiticide ingredients], vaccines, antibiotics [penicillin, trimethoprim-sulfa, cephalexin, enrofloxacin, other antibiotic pharmaceutical ingredients], anti-inflammatory [carprofen, deracoxib, firocoxib, meloxicam, other anti-inflammatory ingredients], and other types [oxycodone, hydromorphone, pimobendane, levothyroxine, other type of active pharmaceutical ingredients]), synthesis type (chemical active pharmaceutical ingredients, biological APIs, and high potency 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.
Geographically, North America is expected to dominate the veterinary pharmaceutical ingredients market this year, followed by Europe and the 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, the Asia-Pacific veterinary pharmaceutical ingredients market is expected to record the highest compounded annual growth rate during the forecast period.
