Investments in Veterinary Medicine Keep Pace with Pet and Livestock Trends

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Researched by Industrial Info Resources (Sugar Land, Texas)--Recent trends in the global pet and livestock market have positively affected the market for veterinary medicines and vaccines. An increase in pet ownership has been witnessed due to factors like rising disposable incomes, a growing number of nuclear family households, inclination toward pet companionship, and changing lifestyles. According to Forbes, 66% of U.S. households own at least one pet. The global pet care market is estimated to grow from $246 billion in 2023 to $368 billion by 2030. At the same time, an increase in awareness toward disease prevention in livestock has resulted in increased demand for vaccines and medications.

Industrial Info is tracking 139 active capital-spending projects, worth US$1.65 billion, for the manufacture of veterinary medicines and vaccines. About 40% of the spending is being tracked in Europe across 23 projects. North America and Asia together have potential investments totaling US$650 million. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pharmaceutical & Biotech Project Database can click here for a list of detailed project reports.

By country, the U.S. is attracting the highest potential investment, worth US$321.4 million, followed by Spain (US$234.5 million) and Ireland (US$161.7 million). Some of the other countries with substantial investments are Argentina, Austria, South Korea, Mexico and France.

The key players in the market are Zoetis Incorporated (NYSE:ZTS) (Parsippany, New Jersey), Merck & Company Incorporated (NYSE:MRK) (Rahway, New Jersey) and Universities of Wisconsin System (Wisconsin) with a cumulative value of US$583.93 million.

Projects with 39% of the overall spending are under construction, 46% are in their planning phase and the remaining 15% are being engineered. A majority of the projects are expected to be completed between February 2024 and December 2028.

At length, as the animal health and pet care market continues to expand and adapt to technological advancements, opportunities for veterinary medicine companies grow. In return, the industry eyes for increased investment in research, production, and distribution of veterinary medicines and vaccines worldwide.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).