The Asia Pacific veterinary medicines market is anticipated to register a CAGR of 5.85%, over the forecast period of 2019 to 2028. The region’s market growth is fueled by factors, like, the consistent efforts for commercializing veterinary vaccines and pharmaceuticals at fairly lower prices, government initiatives, and the growing investments in research and development.
The Asia Pacific veterinary medicines market growth is evaluated by assessing Vietnam, Australia & New Zealand, India, China, Thailand, Indonesia, Japan, South Korea, and the rest of the Asia Pacific. India is predominantly dependent on agriculture, and has a massive livestock population. Besides, as per the 20th Livestock Census, in 2019, India’s cattle population was more than 193 million, thereby generating a surging demand for veterinary medicine. An increase in livestock rearing, because of the growing demand for products like milk and meat, primarily owing to the country’s surging population, is anticipated to bolster the need for veterinary services.
On the other hand, the efforts established by India’s government for promoting livestock rearing are projected to drive market expansion, further. For instance, the government has initiated numerous schemes for raising the availability of genetically enhanced poultry and livestock. It also encourages farmers to prefer genetically improved animals, while aiding disease management and control. Moreover, the government also offers funding to establish and reinforce existing veterinary dispensaries and hospitals, thereby augmenting the market growth in India. Thus, such factors are expected to drive the region’s market growth, during the forecast period.
Indian Immunologicals Limited, Hester Biosciences Ltd, Neogen Corporation, Biogenesis Bago SA, Kindred Biosciences, etc., are among the key players operating in the market.