The new report by Expert Market Research titled, ‘India Veterinary Drugs Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the India veterinary drugs market, assessing the market based on its segments like products, animal types, routes of administration, distribution channels, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators and analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7.90%
The India veterinary drugs industry is being driven by the growing demand for companion animals among the population. This was especially the case during the COVID-19 induced lockdown period in 2020, during which, consumers increasingly adopted companion animals including dogs, cats, and fish to help combat the lockdown blues. This trend is further expected to be fuelled by the rapid urbanisation, rising disposable incomes, and improved living standards of the people. In addition, the increased availability of veterinary care services is also estimated to add to the industry growth. These factors are expected to drive the market growth in the forecast period.
India Veterinary Drugs Industry Definition and Major Segments
Veterinary drugs refer to medications that are developed for the treatment and care of animals suffering from injuries or diseases. The medications also include routine vaccinations that help prevent infections, ensuring the safety of the animal while also safeguarding their owners from contracting any diseases through them.
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The veterinary drugs industry, on the basis of product, can be distributed into:
- Biologics
- Pharmaceuticals
- Medicinal Feed Additives
Based on animal type, the industry can be segregated into:
- Companion
- Livestock
On the basis of route of administration, the market can be categorised into:
- Oral
- Parenteral
- Topical
Based on distribution channel, the industry can be segmented into:
- Veterinary Hospitals and Clinics
- Pharmacies and Drug Stores
- Online
- Others
The regional markets for veterinary drugs include:
- North India
- East India
- West India
- South India
India Veterinary Drugs Market Trends
The India veterinary drugs industry is being driven by the rising livestock population in the region. This can be associated with the growing demand for animal-based products among consumers including food, fibre, and animal waste. In addition, the growing investments by the government in the veterinary healthcare services to enhance the healthcare of the livestock as well as companion animals are also projected to bolster the market growth in the forecast period. Another factor augmenting this trend includes the rising population of stray animals in the region, which is driving the demand for sterilisation and spaying procedures.
Key Market Players
The major players in the market are Zovix Pharmaceuticals, ANI Healthcare, MarchVET, Century Pharmaceuticals Ltd, Adani Pharmachem Private Limited, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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