The market in Italy was valued at USD 2188.19 million in 2016 and is projected to reach USD 3106.52 million by 2021, at a CAGR of 7.26% during the forecast period from 2016 to 2021.
Italy’s veterinary healthcare market is gaining importance as a result of manufacturers focusing on the production of products with specialized formulations and manufacturing processes.
Italy Veterinary Healthcare Market- Market Dynamics
The importance of livestock animals is generating growth in the animal healthcare market owing to more people consuming meat and dairy products. The boom in population and the stable economy are also expected to result in increased demand for protein-rich foods, especially in developing regions. Animal health companies are well-positioned to address this growing emerging market demand for higher-protein diets. However, the increased competition for cultivated land and scarcity of arable land are the major restraints for the market growth.
The new types of diseases in animals and their subsequent transfer to humans via animal food product consumption and companionship are escalating the veterinary healthcare industry globally. The strategic decisions in the research and development activities of manufacturers are also expected to positively impact Italy’s veterinary healthcare market.
This market has faced challenges in the past five years due to the fall in disposable incomes. The rising demand from farms has also become a major constraint for the market and has restricted this industry’s growth. However, the changing attitude of people towards pet ownership has given this market a much-needed reason to grow. Meanwhile, radio and TV shows have increased consumer awareness regarding the animal health issues. Pet insurance is also one of the key factors for the growth of Italy’s veterinary healthcare market. Increased production of farm animal products (eggs, milk, beef, and other dairy products), increased pet ownership, and new product developments in animal health products are the major driving factors for this market.
Italy’s veterinary healthcare market has been segmented on the basis of products into vaccines, anti-infectives, parasiticides, medicinal feed additives, and other pharmaceuticals. On the basis of animals, the market has been segmented into farm animal health market and companion animal health market. The farm animal health market segment has been further segmented into poultry health market, swine health market, fish health market, cattle health market, and sheep health market. The companion animal health market has been further segmented into dogs and cats market and horse health market.
Some of the key players in the market are:
Key Deliverables in the Study