Poultry animals are prone to diseases such as avian influenza caused by improper feed additives, improper management of waste, and environmental conditions. Due to the rising demand for protein and meat sources, poultry farms and products have gained a lot of significance. The global market for poultry pharmaceuticals is fuelled owing to the increasing shift toward the health of livestock, technological developments, and increasing vaccination programs. The global poultry pharmaceuticals market is predicted to touch US$7.8 bn by 2024, rising from a valuation of US$3.7 bn in 2015. The market is predicted to rise at an 8.50% CAGR between 2015 and 2024. The growing poultry franchise amongst developing regions and the increasing initiatives taken by governments globally for vaccination programs in poultry farms will also bode well for the development of the poultry pharmaceuticals market.
Instant Effect of Vaccines to Raise their Adoption Globally
There are a number of products present in the market for poultry pharmaceuticals such as feed additive medication, vaccines, and drugs. Amongst these, vaccines are majorly employed by poultry farmers for poultry animals’ immunization because of their instant effect. Thus, the segment of vaccines emerged as a leader in the market in 2015. In vaccines, Poulvac has emerged as the most extensively utilized vaccine in poultry animals and this segment is predicted to maintain its superiority all through the forecast period. The segment of drugs is also poised to rise at a high CAGR over the forecast period. On the other hand, the demand for feed additive medication is also on the rise due to their ability to easily dissolve in animal feed.
Duck Farming to Experience Strong Growth by Volume till 2024
There are mainly five types of poultry animals, namely goose, chicken, duck, turkey, and others. Of these, the segment of chicken came up as the most dominant segment in the market in 2015. The reason for the dominance of this segment is the growing popularity of meat globally. The increased consumption of chicken is owing to its related health benefits. On the other hand, the segment of duck meat has also gained prominence in the market owing to its fatty liver and tender and lean meat. Duck farming will experience strong development on the basis of volume by 2024. The eggs of ducks are also being highly consumed by individuals owing to their rich protein content.
Growing Awareness on Animal Healthcare Products to Bolster North America Poultry Pharmaceuticals
In terms of geography, the global poultry pharmaceuticals market is categorized into Latin America, Asia Pacific, the Middle East and Africa, Europe, and North America. Amongst these, North America emerged as the leader in the market in 2015 due to the high demand for feed additive medication and the increasing awareness about animal healthcare products in this region. In addition, the growing concerns about poultry diseases also fuel the market for poultry pharmaceuticals in this region. On the other hand, Latin America is anticipated to emerge as amongst the most promising markets for poultry pharmaceuticals over the forecast horizon. This is because of the increasing proliferation of multinational companies within this region.
Browse the full Global Poultry Pharmaceuticals Market report http://www.mrrse.com/poultry-pharmaceuticals-market
Players such as Merck Animal Health, Zoetis, Inc., Ceva Sante Animale, Elanco Animal Health, and Merial Animal Health are dominant in the global poultry pharmaceuticals market.