Increasing Meat Production Is Supporting The Veterinary Services Market
November 26, 2021
The Business Research Company’s Veterinary Services Global Market Report 2021 - COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, November 26, 2021 /EINPresswire.com/ -- Global meat production is expected to rise in the forecast period, supporting the growth of the veterinary healthcare market. According to the US Department of Agriculture, in 2020, the beef production in the USA is expected to increase to 27.5 billion pounds, the highest production volume registered in the country. The rising meat production is especially prominent in developing countries such as China, India and Brazil, where increasing population and rising income levels are stimulating the demand for meat products. By 2027, the production of meat and poultry in emerging markets is expected to increase by 76%. By 2050, China's meat imports are expected to grow over 3,500% to $150 billion as consumption of chicken, pork and beef will surge due to the country's rising middle class. The rising production of meat products supported by growing population will increase the demand for feed additives in the livestock industry, driving the veterinary healthcare market.
North America was the largest region in the global veterinary services market, accounting for 52% of the market in 2020. Western Europe was the second largest region, accounting for 22% of the global veterinary services market. Africa was the smallest region in the global veterinary services market.
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The global veterinary services market size is expected to grow from $93.23 billion in 2020 to $107.21 billion in 2021 at a compound annual growth rate (CAGR) of 15%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $131.47 billion in 2025 at a CAGR of 5%.
Telemedicine is gaining traction as this technology enables pet owners to get access to quality care from remote locations. Telemedicine is a subset of Telehealth which includes remote clinical and non-clinical elements of healthcare system. It refers to the direct communication between veterinarians and client via communication systems such as phone, mails and video conference technologies. This technology also helps in improving existing veterinarian-client-patient relationships. Busy lifestyles and consumers preference for personalized services is driving the demand for telemedicine services. For instance, some of the veterinary clinics offering telemedicine include Televet, Fuzzy Pet Health and Healthpets.
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Major players covered in the global veterinary services market are VCA, Banfield Pet Hospital, Greencross Limited, CVS Group.
TBRC’s global veterinary services market report is segmented by type into animal hospitals and veterinary clinics, veterinary laboratory testing services, by type of animal into livestock, companion animals, by type of expenditure into public, private, by type of service into onsite, offsite.
Veterinary Services Global Market Report 2021 - By Type (Animal Hospitals And Veterinary Clinics, Veterinary Laboratory Testing Services), By Type of Animal (Livestock, Companion Animals), By Type of Expenditure (Public, Private), By Type of Service (Onsite, Offsite), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides veterinary services market overview, forecast veterinary services market size and growth for the whole market, veterinary services market segments, and geographies, veterinary services market trends, veterinary services market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Veterinary Healthcare Global Market Report 2021 - By Type (Veterinary Services, Veterinary Medical Equipment, Animal Medicine), By Type of Animal (Livestock, Companion Animals), COVID-19 Impact And Recovery
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