The global Poultry Health Market is highly fragmented with several new players entering the market, reports Transparency Market Research (TMR). The new entrants have made the vendor landscape highly competitive by coming up with new marketing strategies. The existing players are emphasizing on research and development activities to maintain a stronghold in the market.
Prominent players in the poultry health market encompass Merck Animal Health, Zoetis Inc., Bimeda Inc., Bayers AG, and Ceva Sante Animale. These players are emphasizing on enhancing their distribution network to gain an upper-hand in the global poultry health market. Additionally, they are penetrating in agrarian economies to grow their frontiers in the market.
As per expert analysts, the global poultry health market is envisioned to grow at a 7.6% CAGR during 2017 to 2025. The world poultry health market valued at US$5.7 bn in 2016 and is expected to reach a valuation of US$11.0 bn by the end of the forecast period.
In terms of products, the genetic test and vaccine segment is expected to lead the global poultry health market. There is a growing need for poultry vaccinations owing to an increasing prevalence of poultry outbreaks. This has contributed to the dominance of the genetic test and vaccine segment. Regionally, North America is perceived to lead the poultry health market and is expected to grow at 7.4% CAGR during the forecast period owing to a rise in domestic meat and eggs consumption.
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- Rising Consumption of Livestock Animals to Soar Market’s Growth
Rising population across the globe has led to an increase in consumption of livestock animals. This is a major driver in the expansion of the global poultry health market. Additionally, it has proven to be a key source of subsidiary income for a lot of people. Consequently, there has been a rise in poultry production, thereby propelling the market.
In recent times, there has been a major shift in the lifestyle and eating habits leading to an escalated demand for protein-rich food, thus surging the market’s growth. Moreover, a rising awareness regarding poultry diseases and its prevention has led to an expansion in the global poultry health market. In addition to this, technological advancements such as genetic testing leading to the discovery of new therapies have ushered the poultry health market’s growth.
Initiatives taken by governments to ensure sustainable development of livestock such as the National Livestock Mission program undertaken by the Indian government expedited the growth of global poultry health market. In addition to this, various programs implemented by the animal welfare organizations have contributed to the industry’s expansion.
Factors such as presence of counterfeit or falsified products may restrain the growth of the global poultry farm market. However, companies are working on expanding their product portfolio which may support the market’s expansion. Along with this, an evolution in vaccine manufacturing techniques will stimulate the global poultry health market’s growth.
- Genetic Improvement to Create Growth Prospects for the Market
Recent advancements in technology allow studying the genetic code of chickens, thus facilitating genetic improvement. It helps in preventing chickens from contracting several poultry diseases. In addition to this, new techniques such as Near Infra Red (NIR) helps in assuring the consistency in feed’s nutrient content. It enables identification of complex amino acids and nutrients which allows optimal quantification of nutrients in the feed. Moreover, development of new generation of vaccines that can combat Eimeria, the parasite causing coccidiosis in animals has created new growth opportunities for the global poultry health market.