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Europe is home to over 255 million companion animals including dogs, cats, and horses. Animal healthcare products such as veterinary pharmaceuticals including vaccines and parasiticides play an important role in proper care and overall well-being of these animals. Vaccines help provide vital protection against infectious diseases in pets while parasiticides fight external parasites like fleas, ticks, and mites. Rising humanization of pets in the region has fueled increased expenditure on pet care and various healthcare measures. Demand for pet insurance and growing adoption of animal health clubs by vets are further promoting preventive care and expenditure on animal healthcare. The global Europe Animal Healthcare Market is estimated to be valued at US$ 14,096.3 Mn in 2024 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:
One of the key trends observed in the Europe animal healthcare market is the rising demand for nutraceuticals and supplements. Pet owners in Europe are increasingly focusing on promoting pet health through dietary supplements and functional ingredients. Major animal drug makers are exploring opportunities in this segment through acquisitions and new product launches. For instance, in 2021, Dechra Pharmaceuticals acquired BASF’s pet supplement business Canagan. The acquisition strengthened Dechra’s position in the fast-growing pet nutritional supplements sector. Similarly, Royal Canin launched a probiotic supplement line called Veterinary Care Probiotic in 2022 to support digestive and immune health in dogs and cats. Rising awareness about nutritional therapies for disease prevention is expected to further drive the adoption of pet nutraceuticals in Europe during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market requires high initial investment and regulatory restrictions. However, opportunities exist for new entrants offering innovative products.
Bargaining power of buyers: The bargaining power of buyers is high as the market has several buyers in the forms of veterinarians, animal owners etc. Buyers can also opt for generic substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of many raw material suppliers. However, suppliers of active pharmaceutical ingredients have some bargaining power.
Threat of new substitutes: The threat of new substitutes is moderate as few therapeutic alternatives exist for certain diseases. However, alternative treatment options also pose a threat.
Competitive rivalry: The competition in the market is high due to presence of many global as well as local players. Players compete based on product range, quality, and pricing.
Key Takeaways
The global Europe Animal Healthcare Market is expected to witness high growth. Germany dominates the market due to high pet ownership and growing awareness. Other major markets include France, UK, Italy and Russia.
Regional analysis: Western Europe dominates the market due to increasing pet care spending and rising veterinary services. Increasing pet ownership in countries like Germany, UK and France favor market growth. On the other hand, Eastern Europe is expected to grow at a faster pace during the forecast period.
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 & Co., Inc. and Zoetis dominate the market due to their diverse product portfolio and strong geographical presence across the region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
