Animal Nutrition is fastest growing segment fueling the growth of Europe Animal Healthcare Market

 Animal healthcare products are vital for the protection and promotion of animal health. Products like veterinary pharmaceuticals and feed additives are widely used for preventing and treating diseases in companion animals and livestock. The increasing demand for animal-derived food products is driving the need for proper animal healthcare

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:
One of the key trends driving the Europe animal healthcare market is the growing adoption of animal nutrition products. Advancements in animal nutrition are promoting better gut health, digestion, and overall health in animals. Customized and species-specific nutritional formulations are gaining favor over traditional feeds. For example, poultry feed manufacturers are offering feeds tailored for broilers, layers, breeders, etc. Pet food companies are also introducing nutritional products fortified with probiotics, prebiotics, and omega fatty acids to support digestive and joint health in companion animals. The customization of feeds and nutrition products is expected to drive the animal nutrition segment in the forecast period.

Segment Analysis
The Europe Animal Healthcare Market is segmented by animal type into companion animals and food-producing animals. The companion animals segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the increasing adoption of companion animals such as dogs and cats across Europe and rising expenditure on pet care and insurance.

Key Takeaways
The global Europe Animal Healthcare Market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing pet ownership and growing demand for animal-derived food products.

Regional analysis
Western Europe dominated the Europe animal healthcare market in 2022 and is expected to continue its dominance over the forecast period, owing to increasing pet care expenditure and advanced animal healthcare infrastructure in countries like UK, Germany, France and Italy.

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.

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