Dublin, Feb. 18, 2022 (GLOBE NEWSWIRE) -- The "South Africa Veterinary Medicine Market Size, Share & Trends Analysis Report by Animal Type (Production Animal, Companion Animal), Product, Mode of Delivery, End-use, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The South Africa veterinary medicine market size is expected to reach USD 248.2 million by 2028 and is expected to expand at a CAGR of 10.1% from 2021 to 2028.
The market holds many opportunities to grow during the forecast period owing to the growing livestock and pet population, increasing consumption of meat, rising incidence of diseases in animals, and the presence of key global companies.
According to a report published by the African Union/Interafrican Bureau for Animal Resources (AU/IBAR), MSD Animal Health leads the South African market for veterinary medicines, followed by other key companies.
The COVID-19 outbreak led to several challenges on the manufacturing and supply chain side with challenges such as logistical hurdles, reduced marketing activities, and low demand. Lockdown measures and movement restrictions also led to a fall in vet hospitals and clinic visits.
For instance, the South African Veterinary Association (SAVA) released an advisory in April 2020 urging veterinary care providers to postpone non-essential or elective surgical interventions as well as limit patient visits. However, the demand is estimated to increase over time post-pandemic.
According to the American Society of Animal Science, as of April 2020, there were 14 million cattle in South Africa. Furthermore, the growing consumption of meat in the country is expected to drive the demand for veterinary medicine. The companion animal type segment held the second-largest revenue share in 2020 owing to the growing pet population in the country.
However, the penetration of veterinary medicines for companion animals is low in South Africa as the awareness level is low. In addition, the disposable income in the country is low as compared to developed economies, which further decreases the penetration of veterinary medicines for companion animals over livestock animals.
Key companies are adopting various strategies to maintain a competitive rivalry. For instance, in February 2021, BoehringerIngelheim established Pawru, Inc. as a separate entity within the company's Animal Health business. This expanded the company's digital animal healthcare platform, also known as PetPro Connect.
Furthermore, in July 2020, Zoetis acquired Fish Vet Group from Benchmark Holdings, PLC. This added to the company's Pharmaq business, involved in fish vaccines and services.
South Africa Veterinary Medicine Market Report Highlights
- The production animal type segment held the largest revenue share in 2020. Factors driving the market include the growing need to increase livestock productivity and safeguard the health of livestock animals
- The biologics product segment is anticipated to witness the fastest growth from 2021 to 2028 owing to the increasing usage of vaccines for livestock and companion animals for disease prevention
- By mode of delivery, the parenteral segment held the largest revenue share in 2020 owing to its high preference in the market
- In terms of end-use, the veterinary hospitals and clinics segment captured the largest revenue share in 2020 owing to a wider range of services offered in hospitals and clinics for the diagnosis and treatment of animal diseases
South Africa Veterinary Medicine Market Dynamics
Market Driver Analysis
- Growing livestock & pet population
- Increasing consumption of meat
- Rising incidences of diseases in animals
- Favorable government and research initiatives
Market Restraint Analysis
- Lack of awareness about animal medicines & antimicrobial resistance
- Availability of fake and substandard drugs
South Africa Veterinary Medicine Market Analysis Tools: Porter's Five Forces Analysis
PESTEL Analysis
Regulatory Framework
Estimated Pet Population Statistics (%, 2016 - 2019)
Companies Mentioned
- MSD
- Ceva
- Zoetis
- BoehringerIngelheim International GmbH
- Virbac
- Wildlife Pharmaceuticals
- Nutreco N.V.
- Design Biologix
- Deltamune
- Bupo Animal Health (Pty) Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/6al5lo
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