The animal health care market in the world has grown remarkably over the past few years due to the growth in the emerging markets such as China, India, Indonesia, Thailand, Malaysia and Taiwan followed by US and Europe. The animal health industry’s SWOT analysis provides animal health solutions to society depends on its in-depth knowledge of both cutting-edge technologies and classical veterinary science to innovate and keep up with the animal and human health challenges of new and emerging diseases. The main finding of this project indicates India is one of the important markets and can be seen as a key growth area in global animal health care industry.
- The Indian animal healthcare industry is responsible for maintaining the health and productivity of the over 640 million livestock and 2 billion poultry in India and ensuring the wholesomeness and abundance of the food they produce. Apart from, the industry must also cater to the health and well being of companion animals. Despite this, the global animal healthcare market is 50 times larger than the Indian animal healthcare combined market for all nonhuman species. In spite of this India’s largest milk and 3rd largest meat producer, and blessed with largest cattle population 20% of the world population, and largest buffalo more than 50% of the world. Veterinary Pharmaceutical is yet not considered as big industry as compared to Human Pharmaceutical. The reality is that the global animal health market is very complex, operating under stringent and increasingly strict regulations similar to those for human health, yet the market opportunities are considerably smaller. In an increasingly risky environment for new product development and innovation, the difference between success and failure in the future usually lies in successfully identifying the next growth segment, developing the right product candidates and being the first to market. The situation in developing countries like India is varied and economic and institutional framework of the live stock is often quite different in several respects to that encounter in developed world.
A challenging aspect of the overall market is within the animal food industry as consumers continue to express concern about the conditions under which their daily food is produced. Indian consumers are becoming more health conscious, willing to pay any amount and demanding healthy and balanced diets. By implementing a feeding plan that provides vitamins and supplements, consumers enjoy additional nutritional benefits. Additionally, healthy feeding results in minimized impact on the environment.