Pet Humanization & Focus on Safe Food and Raising Healthy Livestock Drive Global Consumption of Animal Medication
Rising demand for animal protein, increasing emphasis on animal health, trend towards pet humanization, higher insurance coverage, and new product development are poised to drive the global market for Animal Medication to reach US$38 billion by 2024 . The global market for animal health remains in good health on account of increasing global population, rapid urbanization and continuous expansion of the middle class. The ever-increasing global population is placing immense pressure on farm owners to expand yield of farm animal products, such as eggs, dairy, meat and other related products in a sustainable way. With majority of zoonotic infections that are witnessed among humans being livestock-transmitted, increasing focus on food safety from consumers and producers alike in addition to growing emphasis on increasing livestock yield are driving demand for animal medication in the farming animal space. Growing income in emerging markets and the trend towards better nutrition is dri...