The increase in the number of livestock and animals, the increase in pet adoption, the increase in demand for animal food, and the understanding of zoonotic diseases are driving market demand.
Market size-USD 859.1 million in 2019, market growth-compound annual growth rate of 6.5%, market trend-high demand for animal-derived foods.
It is estimated that by 2027, the global veterinary chemical analyzer market will reach 1.446.9 billion US dollars. Increasing spending on animal health and increasing pet ownership are some of the main factors driving market growth. One of the main factors contributing to the increase in market growth is the increase in the incidence of zoonotic diseases. According to an article published by the Centers for Disease Control and Prevention (CDC) in 2017, scientists report that in humans, 3 out of 4 emerging infectious diseases are transmitted through animals, while in humans, 10 have been transmitted. It is known that more than 6 kinds of infectious diseases are spread by animals. By animals.
The increasing demand for animal protein has led to an increase in global livestock production and an increase in animal exports. Increasing disposable income and changing lifestyles are stimulating demand for animal food.
According to data from the American Pet Products Association (APPA), US pet food sales increased to 22 billion U.S. dollars from 2000 to 2014, and it is expected to increase. According to Mintel, in 2014, 79.0% of US pet owners believed that the quality of pet food was as important as the quality of their own products.
It is expected that the market for veterinary chemical analyzers will see significant growth in the next few years. The demand for animal-derived foods will increase, the number of livestock and companion animals will increase, the number of animals in developed countries will increase, the demand for pet insurance will increase, and animal health will increase Increasing expenditures, the incidence of zoonotic diseases, and the number of veterinarians. In addition, new markets in the veterinary chemical analyzer industry are expected to provide companies with substantial growth opportunities. Nevertheless, the increase in pet care costs is expected to inhibit the growth of this market.
There is no doubt that the COVID-19 pandemic will jeopardize the growth of the industry to a certain extent. Important industry players do not understand the market prospects and constantly change their support methods. The aviation industry has been hit by the pandemic, and most foreign companies have to avoid manufacturing and other industries. For some parts of the world, there is a shortage of jobs due to daily lockdowns. COVID-19 has affected foreign markets, imports and exports, resulting in a sharp drop in demand. The largest companies in the market are looking to clean up assets and focus on cash reserves. The true net income of manufacturers is undoubtedly limited, so new products with lower prices will meet consumer needs.
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Post time: Jun-28-2021