June 15, 2024

Europe Animal Healthcare Market Propelled by Rising Pet Adoption Rates in Europe

The Europe animal healthcare market comprises pharmaceuticals and vaccines used to prevent and treat animal diseases. Rising pet adoption across Europe coupled with increasing awareness about animal welfare have boosted demand for animal healthcare products in the region. The Europe animal healthcare industry players offer drugs and medicines for livestock including cattle, swine, poultry and fish as well as companion animals such as dogs, cats and horses. The global Europe Animal Healthcare Market is estimated to be valued at US$ 14,096.3 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing pet adoption rates across European countries have been a key driver of growth for the Europe animal healthcare market. According to recent data, around 62.6 million households or 37% of households in Europe owned a pet in 2020. Dogs and cats remained the most popular pets, owned by 31.9 million and 27.4 million households respectively. With rising pet ownership, demand for vaccines, parasiticide products and other veterinary care services has increased significantly. Moreover, growing consumer awareness about pet wellness has also boosted expenditure on animal health and nutrition. Market players have leveraged this opportunity by expanding their product portfolios of pharmaceuticals and nutritional supplements for common companion animals. The trend of humanizing pets by considering them as family members has further augmented the Europe animal healthcare industry revenues.

SWOT Analysis
Strength: The Europe animal healthcare market has wide adoption of pet insurance and growing awareness among owners regarding animal health. R&D investments in veterinary vaccines and pharmaceuticals is spurring market growth.

Weakness: High costs associated with veterinary care and animal drugs limits their widespread adoption. Lack of adequate veterinary infrastructure and professionals in some regions pose challenges.

Opportunity: Rising demand for pet ownership and humanization of pets offer significant market opportunities. Growth opportunities lie in manufacturing and sales of animal healthcare products for livestock and companion animals.

Threats: stringent regulations for drug approvals and lack of standard treatment guidelines hampers new product introduction. Global economic uncertainties and supply chain disruptions post challenges.

Key Takeaways
The global Europe animal healthcare market is expected to witness high growth. The market was valued at US$ 14,096.3 Mn in 2024 and is projected to reach US$ 19,881.5 Mn by 2030, expanding at a CAGR of 4.8% during the forecast period.

Regional analysis: Germany accounted for the largest share of 24.4% in the Europe animal healthcare market in 2024. This is attributed to growing pet adoption, rising per capita animal healthcare expenditure, and availability of pet insurance. France and the U.K. also have sizeable shares owing to expanding veterinary infrastructure and services.

Key players: Key players operating in the Europe animal healthcare market are Merck & Co., Inc., Virbac, Dechra Pharmaceuticals Plc., Vetoquinol S.A., Zoetis Inc., Ceva Santé Animale, Bayer AG, Elanco, Evonik Industries AG, and Archer Daniels Midland Company. Merck, Zoetis, and Bayer have strong product portfolios and global presence while local players like Virbac and Dechra have substantial shares in their home countries.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it