Poultry Pharmaceuticals Market Size, Trends, Shares, Insights and Forecast – 2020-2027
Poultry Pharmaceuticals Market Report Analyses competitive environment such as key players, future trends, growths, challenges and acquisitions in the market.
The global Poultry Pharmaceuticals Market is estimated to account for US$ 5,807.2 Mn in terms of value and is expected to reach US$ 10,095.6 Mn by the end of 2027.
Global Poultry Pharmaceuticals Market: Opportunities
Availability of farm loans in developed and emerging economies is expected to offer lucrative growth opportunities for players in the market. For instance, in the U.S., Department of Agriculture Maine Farm Service Agency offers specially targeted farm ownership and farm operating loans. In 2019, the agency offered US$ 5.97 million in loans.
The global poultry pharmaceuticals market was valued at US$ 5,337.8 Mn in 2019 and is forecast to reach a value of US$ 10,095.6 Mn by 2027 at a CAGR of 8.2% between 2020 and 2027. Major factor driving the growth of global poultry pharmaceuticals market during the forecast period increasing prevalence of animal diseases, and increasing demand for safe poultry products.
Vaccines held dominant position in the global poultry pharmaceuticals market in 2019, accounting for 40.7% share in terms of value, followed by feed additive and drugs, respectively. Vaccines are useful in preventing infections from diseases, and they impart an immunity against several diseases which is expected to support growth of the market.
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Increasing funding to boost the poultry sector is expected to aid in growth of the market. For instance, in May 2020, The U.S. Poultry Foundation awarded a US$ 7,000 grant to the University of North Georgia to recruit students into the poultry science program.
Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in April 2020, Pacific GeneTech, a vaccine developer, partnered with Kemin Industries, under which Kemin Industries will commercialize Pacific GeneTech's Salmonella vaccine for poultry.
Global Poultry Pharmaceuticals Market: Key Developments
April 2020: Avivagen Inc., a developer of products for livestock, companion animal and human applications, announced that the company received its largest yet order of three tons for OxC-beta Livestock from UNAHCO, Inc., a manufacturer of veterinary products
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