The Farm Animal Drugs Market is projected to reach US$ 28,364.08 million by 2028 from US$ 18,253.09 million in 2021; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. Factors such as the growing use of pain management drugs in farm animals, rising incidence of foodborne diseases and infections, and surging demand for quality pharmaceuticals and food security boost the growth of the farm animal drugs market. However, the side effects of drugs in animals and strict government rules related to the usage of farm animal drugs hamper the growth of the market.
Drugs play a key role in maintaining the health of farm animals and improving the economic condition of farm producers. The need for better productivity has become important more, as the population are looking for nutritious and disease-free food products. The pharmacologically active compounds help prevent the passing of diseases from animals to humans. Farm animal’s health have been considerably shaped by the use of drugs. Farm animal drugs are medicines used for healthcare-based practices for diagnosis, cure, mitigation, treatment, or prevention of diseases that could affect livestock. These medicines are used as per strict requirements based on their essentiality to maintain the well-being of farm animals. Simply said, farm animal drugs are a key factor supporting the growth of the livestock industry across the world.
The farm animal drugs market is segmented on the basis of product type, animal type, route of administration, and distribution channel. Based on product type, the market is segmented into anti-infective, parasiticides, anti-inflammatory, anesthetics, analgesics, hormones and related product, and others. The parasiticides segment held the largest market share in 2021 and is expected to register the highest CAGR in the market during 2021–2028. Based on animal type, the market is bifurcated into livestock animals and equine. The livestock animals segment led the market in 2021 with a market share of 90.77%, and it is expected to retain its dominance during the forecast period. Based on route of administration, the farm animal drugs market is segmented into oral, parenteral, topical, and others. The oral segment led the market in 2021 with a market share of 42.81%, and it is expected to retain its dominance during the forecast period. Based on distribution channel, the farm animal drugs market is segmented into veterinary hospitals, veterinary clinics, pharmacies and drug stores, and others. The veterinary hospitals segment held the largest market share in 2021. However, the market for the veterinary clinics segment is expected to grow at a CAGR of 6.9% during the forecast period.
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