The market is currently estimated to be valued at $2615.58 million for the year 2016 and is poised to reach $4501.50 million by the end of 2020. The CAGR during this period of forecast is 11.47%.
Growing animal food product consumption is leading to an increase in demand for animal healthcare products and services. While poultry constitutes a significant share of total animal food product consumption globally, production growth of poultry products has been growing over the last few years.
High feed costs and disease outbreaks have particularly affected poultry meat supply in 2013. On a more general level, higher demand for animal protein and increasing consumer concern over food safety will enable growth in demand for poultry healthcare products and services.
Currently, North America leads the Global market for Poultry Health, followed by Europe. However, developing regions like Asia-pacific and Africa are expected to grow rapidly, forming a new revenue pockets in the market. Countries such as India, China, and Brazil will be major contributors to this market over the next decade. For instance, India has consistently averaged over 13% growth in their broiler industry, making it the fourth largest producer in the world.
The global poultry health market is segmented by type of products (vaccines, Paraciticides, Anti-Infectives, Medicinal feed additives, and other pharmaceuticals), by diagnostics (Enzyme Linked Sorbent Assay (ELISA), Rapid Immuno migration (RIM), and Agar Gel Immuno diffusion (AGID)), by molecular diagnostic tests (PCR, diagnostic imaging, ultrasound imaging, MRI), by genetics and by geography, the market is divided into North America, Asia-Pacific, Europe and the rest of world.
Improved nutrition, intensifying consumer focus on food safety, greater livestock production rates and increasing foodborne diseases are the major factors contributing to the growth of the Poultry Health market.
However, scarcity of arable land and water, increased competition for cultivated land and cost effective production are the factors hindering the poultry health market growth.
What the report offers