June 22, 2024
Middle East And Africa Animal Healthcare Market

The Middle East and Africa Animal Healthcare Market is Poised for Exponential Growth driven by Rising Pet Ownership

The Middle East and Africa animal healthcare market comprises products such as vaccines, pharmaceuticals, and feed additives used for disease prevention and treatment in livestock animals. The demand for animal healthcare products is increasing due to rising awareness about zoonotic diseases and quality animal proteins. Advances in veterinary medicine and growth of the companion animal market have also fueled the demand for veterinary services and healthcare products in the region.

The Global Middle East and Africa Animal Healthcare Market is estimated to be valued at US$ 5478.77 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Middle East And Africa Animal Healthcare Market Demand are Siegfried, Sanofi, Johnson Matthey, Mallinckrodt, Noramco, Unichem Laboratories, Arevipharma GmbH, Resonance-labs, Sun Pharmaceutical Industries Ltd., Rusan Pharma, Micro Orgo Chem, and Faran Shimi Pharmaceutical Co. These companies are actively focusing on product innovations and expansion strategies to consolidate their market presence.

The demand for animal healthcare products is driven by rising pet ownership and growing consumption of animal-derived food products in the region. Various public and private organizations are undertaking initiatives to promote responsible pet ownership and prevent the spread of zoonotic diseases.

Major animal healthcare companies are augmenting their production capacities and distribution networks across Middle Eastern and African countries. Strategic partnerships with local players help global companies to strengthen their supply chain and improve access to remote and rural areas. Collaboration with veterinary bodies and livestock industry associations also help gain consumer trust and market penetration.

Market Key Trends

The trend of pet humanization is contributing to the growth of the companion animal healthcare market in the region.Pet owners are increasingly spending more on nutritious pet food, grooming products, accessories, insurance, and advanced medical care. Growing pet obesity and lifestyle diseases have also increased the demand for therapeutic diet food and nutraceuticals for companion animals. E-commerce platforms are further facilitating the accessibility of diverse pet care products in the region.

Porter’s Analysis

Threat of new entrants: High capital requirements and ongoing R&D investments of new drugs pose substantial barriers to entry.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established brands to choose from.
Bargaining power of suppliers: Suppliers of raw materials and components have moderate bargaining power due to differentiated inputs required.
Threat of new substitutes: Threat of new substitutes is moderate as alternative treatment options are available in case of non-performance or high prices.
Competitive rivalry: Intense competition exists among existing players to gain market share through product differentiation, marketing activities and competitive pricing.

Geographical Regions

The Middle East and Africa animal healthcare market in terms of value is currently concentrated in countries like Saudi Arabia, South Africa, and Egypt. Rapid urbanization and rising pet ownership are driving the demand for animal healthcare products in these countries. South Africa accounts for over 25% of the total market value in the region currently due to strong beef and dairy industries.

The fastest growing geographical region for the Middle East and Africa animal healthcare market is expected to be West Africa over the forecast period 2024 to 2031. Countries like Nigeria, Ghana, and Ivory Coast are projected to witness double-digit growth rates during this period led by rising livestock production, increasing awareness about animal diseases, and growing veterinary healthcare infrastructure in the region. Economic development and changing diets are supporting the expansion of the livestock sector which is supporting the animal healthcare market growth.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it