The animal health care market in India has been displaying high potential for growth, thanks to the increasing consumption of animal protein by humans, rise in veterinary population, and a number environmental factors. The continual surge in the prevalence of veterinary diseases and expensive treatment procedures are also expected to boost this market substantially over the next few years.
The India market for animal health care stood at US$590.0 mn in 2015. Over the period from 2016 to 2024, the opportunity in this market is likely to expand at a CAGR of 8.0% and reach a value of US$1,179.4 mn by the end of 2024. The development of new generation antibiotics for veterinary animals will also add to the market’s growth in the years to come.
In terms of the distribution channel, the India animal health care market has been classified into veterinary hospitals, veterinary clinics, drug stores, pharmacies, and various other channels, such as direct distribution and pet shops. Veterinary clinics have emerged as the leading distribution channel for animal health care products in India and are expected to continue to be over the next few years. The segment led the overall market with a share of 33% in 2015. The increasing population of animals, growing prevalence of veterinary diseases, and the massive market penetration are the key factors behind the progress of veterinary clinics in India.
Apart from this, the veterinary hospitals and the pharmacies and drug stores segments are also expected to witness a healthy rise in their market shares, especially in emerging regions of this country over the forthcoming years. The increasing concerns over animal health are likely to boost other distribution channels in the near future.
North India, South India, East India, and West India are the four major zones, across which, the market for animal health care has spread in this country. With a share of 37%, South India has dominated the overall market in 2015. Researchers expect this zonal market to be driven by the rising consumption of animal protein and remain on the top over the next few years. The growing trend of keeping companion animals as pets is also propelling the animal health care market in South India.
Andhra Pradesh and Karnataka have emerged as the most prominent local markets for animal health care in South India and are expected to present substantial scope for future growth. The soaring demand for antibiotics, dewormers, analgesic drugs, and other high-quality animal health care products in this zone is projected to create lucrative opportunities for market players over the coming years.
Amongst other zonal markets, North India is anticipated to witness a healthy rise in near future. The animal health care market in North India is driven by the growing awareness about animal health management practices, frequently changing climatic conditions, increasing prevalence of causative agents for various diseases, augmenting demand for quality animal health care products, and the rising veterinary population. Over the forthcoming years, the escalating demand for feed additives, vaccines, and various veterinary drugs, such as antibiotics and NSAIDs, is expected to boost the market in this zone remarkably.
Natural Remedies Pvt. Ltd., Ayurvet Ltd., The Himalaya Drug Co., Zydus Animal Health, Venky’s India, Cargill Inc., Cipla Inc., Intas Pharmaceuticals Ltd., Vetoquinol, Ceva Santé Animale, Virbac, Boehringer Ingelheim GmbH, Merial, Elanco, Bayer AG, Zoetis Inc., and Merck & Co. Inc. are some of the leading players in the market for animal health care in India.
Source: Medgadget (blog)