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
- U.S.
- Canada
- 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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