The Europe animal healthcare market has been witnessing significant growth over the past couple of years owing to the rising companion animal adoption in countries such as UK, Germany, France, Spain, and others. Animal healthcare products ensure the well-being and longevity of pets through nutrition, grooming care, and preventive protection against diseases and injuries. Companion animal owners are willing to spend on high-quality animal feed, vaccines, pharmaceuticals, and other healthcare essentials for their pets. The rising humanization of pets and growing pet insurance further boosts the healthcare expenditure on animals. The Global Europe animal healthcare market is estimated to be valued at US$ 15,270.3 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Europe animal healthcare market are Merck & Co., Inc., Virbac, Dechra Pharmaceuticals, Vetoquinol S.A., Zoetis Inc., Ceva Santé Animale, Bayer AG, Elanco, Evonik Industries AG, Archer Daniels Midland Company, Cargill, Incorporated. The key players are focusing on product launches and strategic collaborations to expand their market share and geographic presence.
Some of the important opportunities in the Europe animal healthcare market include rising expenditure on vet clinics, increasing awareness about animal health, and growth in e-commerce. The European animal healthcare market is also witnessing significant expansion opportunities in countries like Poland, Hungary, Czech Republic, and others owing to growing pet ownership in these nations.
The Europe Animal Healthcare Market Demand increasing availability of animal healthcare products through online retailers and e-commerce platforms is further propelling the Europe animal healthcare industry. Large corporations are investing heavily in R&D to develop advanced species-specific vaccines and drugs. The global players are also acquiring regional players to strengthen their market position.
Market Drivers
A major market driver for the Europe animal healthcare industry is the rising companion animal adoption across European nations like UK, Germany, France, and others. According to recent surveys, over 60% of households in Western European countries own a pet. This growing pet ownership is driving the demand for animal vaccines, nutritional products, and other healthcare services in the region.
PEST Analysis
Political: Regulations regarding animal welfare and proper veterinary care are becoming more stringent across Europe. Governments aim to ensure the well-being of animals through policies.
Economic: Rising disposable incomes have increased pet ownership in Europe. Owners are willing to spend more on premium animal healthcare and wellness products. Additionally, population growth of livestock animals will drive market revenues.
Social: Europeans view companion animals as part of the family. They seek quality medical care and nutrition for their pets. Growing humanization of pets has boosted demand for advanced animal healthcare services and technologies.
Technological: Technological advancements are improving diagnostic tools and treatments. Personalized vaccines, digital health solutions and precision medicines are gaining traction. Telehealth is enabling remote veterinary consultations and treatment monitoring.
Geographical concentration
Western Europe dominates the animal healthcare market in terms of value. Countries like Germany, France, UK and Italy have high pet ownership rates and growing companion animal populations. Their citizens spend significantly on animal wellness and medicines annually. Advance vet care infrastructure aids market growth in these nations.
Fastest growing region
Central and Eastern Europe are projected to experience rapid market expansion through the forecast period. Nations like Poland, Romania, Czech Republic and Russia are witnessing rising pet adoption, as more citizens view dogs and cats as family members rather than property. Their increasing incomes will drive heavier spend on quality animal care products and services. Market players are also actively expanding presence and offerings in these high potential emerging markets.
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