The latest market report published by Credence Research, Inc. “Poultry Health Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global poultry health market was valued at US$ 6,152.1 Mn in 2017 and expected to reach US$ 11,506.3 Mn by 2026, expanding at a CAGR of 7.1% from 2018 to 2026.
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Market Insights
Poultry considered as among the fastest progressing livestock segment and the most thriving industry worldwide. Over the past few years, the concept of maintaining optimum health of the flock, rearing antibiotic free and organically fed birds has been gaining importance. Consumption of leaner white meat as against meat from cattle has been a prominent pattern that is being consistently witnessed in the market. Changing lifestyle and food habits of consumers and growing demand for protein rich diet solutions have also fueled the urge to rear healthy flock and thereby drive the poultry health market. Such trends have led to growing consumption of feed additives, parasiticides, and vaccines in poultry farming.
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The overall poultry health market is highly fragmented, with the presence of several multinational and local players. Rapid penetration of international players in emerging markets of Latin America and Asia Pacific, introducing their products at competitive prices has further intensified the market competition. The market incumbents are further expected to enhance their hold in the market through intensive expansion of product portfolio and penetration in agrarian economies. The market players are also anticipated to enhance their competence in research and development with the intention to introduce technologically advanced solutions at reduced prices.
High costs of poultry feeds and frequent catastrophic disease outbreaks have recently affected poultry production. This has therefore urged poultry farmers to adopt preventive measures to avoid such events and thereby avail prevention from financial loss. Hence, high demand for vaccines is an obvious consequence of the prevailing market trends. Increasing adoption of preventive measures in poultry health has also facilitated new avenues for advanced diagnostic methods such as laboratory based genetic testing and the latest imaging technologies. Increasing consumer concerns over food safety, and growing preference for animal protein foods have also led to escalated demand for feed additives, parasiticides and anti-infectives.
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Considering the geographical demarcation, the global poultry health market is categorized into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America, followed by Asia Pacific held the largest market share in 2017. North America anticipated to continue to dominate the global market throughout the forecast period. Prime factors contributing to this scenario are significantly high domestic demand for poultry foods such as meat and eggs in the region, continuous growth in domestic meat production and improving exports of poultry foods to the neighboring countries.
Moreover, due to growing government emphasis on containing the risk of outbreaks such as salmonella infection, the demand for vaccines in the region has been persistently growing. However, visible slump in the consumption of anti-infectives may be witnessed in the U.S. market. Ongoing trend of adopting the practice of antibiotic free or ABF production is mainly attributed to this situation.
Simultaneously, the Asia Pacific poultry health market will witness the fastest growth on the global front. Burgeoning animal health industry and changing lifestyle and dietary practices in the region are mainly contributing to such swift growth of Asia Pacific market. India, Japan, Philippines and China are the major markets for poultry health products in Asia Pacific. Latin America on grounds of growing exports of food products across Europe and Americas will also witness lucrative growth during the forecast period from 2018 to 2026.
Key Market Movements:
- Growing meat consumption worldwide to further increase the demand for poultry foods
- Increase in the number of diseases and epidemic outbreaks in poultry flocks
- Technological advancement in vaccine production technologies and genetic testing methods making diagnosis and treatments affordable and convenient
- Advent of DNA vaccines
- Potential of advanced diagnostic imaging techniques in poultry farming
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