Growing Consumption of Meat Bolsters Growth in Veterinary Antiseptics Market
The rising demand for meat across countries of Asia Pacific, Latin America, and Rest of the World has led to an increased demand for veterinary antiseptics. The growing number of fitness-conscious people shifting their preference towards a protein-rich diet have spurred a high demand for animal healthcare.
Furthermore, the rising disposable income levels that are allowing consumers to spend on various types of meat are also contributing to the revenues of the veterinary antiseptics market in Asia Pacific, Latin America, and Rest of the World in many direct and indirect ways. Antiseptics are used to heal wounds, prevent infections, sepsis, or putrefaction. They are also used to prepare the skin surface before injecting the animal.
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Pet Adoption Emerges as the Key Trend Fueling the Market
According to the research report published by Transparency Market Research, the opportunity in the Asia Pacific, Latin America, and Rest of the World veterinary antiseptics market will be worth US$401.6 mn by 2023 from US$243.0 mn in 2014. During the forecast period of 2015 and 2023, the market will surge at a CAGR of 5.6%, observes the lead analyst of the research report.
The steady CAGR and positively rising revenues of this market will be attributable to the emerging trend of pet adoption in several developing countries. Pet owners are gradually gaining awareness about safeguarding their pets from infections and diseases, which has reflected on the increased uptake of veterinary antiseptics in the past few years.
Growing Number of Companion and Production Animals Keeps Asia Pacific at the Forefront
Asia Pacific holds the leading share in the veterinary antiseptics market in Asia Pacific, Latin America, and Rest of the World due to a strong presence of production and companion animals. The exponentially rising demand for good quality of animal-based products is expected to bolster this market in the near future. Furthermore, the growing demand for antiseptics for looking after domesticated animals is also adding to the revenues of the veterinary antiseptics market in Asia Pacific.
According to the research report, the veterinary antiseptics market in Asia Pacific with be worth US$401.6 mn by 2023 as the market expands at a steady CAGR of 5.6% between 2015 and 2022. The increasing disposable incomes in China and India are encouraging consumers to adopt pets, which is expected have a positive impact on the overall market in the coming years.
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Iodine and Iodophors Segment to Exhibit 6.3% CAGR between 2015 and 2023
On the basis of product, the veterinary antiseptics market in Asia Pacific, Latin America, and Rest of the World is segmented into iodine and iodophors, chlorhexidine, alcohol, hydrogen peroxide, and others. Out of these, the iodine and iodophors segment is expected to grow at the fastest CAGR of 6.3% between 2015 and 2023. During this period, revenue from iodine and iodophors will rise to US$149.4 mn. The popular usage of iodine and iodophors is attributable to its mildness. Thus, it is extensively used for treating both small and large animals. For instance, the most commonly used form of iodophors is povidone-iodine as a solution or a scrub under the popular name of Betadine.
During the same period, the chlorhexidine segment is expected to rise at a CAGR of 5.5% between 2015 and 2023. This antiseptic is largely used for cats, sheep, horses, cows, poultry animals, and dogs for treating their cuts, insect stings, and abrasions. Chlorhexidine is known for improving precipitation of salivary minerals, which leads to calculus in companion animals.
Some of the key players in the market are Continental Manufacturing Chemist, Inc., Indian Immunologicals Ltd., M.B.D. Marketing (S) Pte Ltd., Bayer AG, Merck Animal Health, Merial, and Zoetis, Inc. Acquiring a talent pool by absorbing microbiologists and researchers through collaborations with academies will prove pivotal to the future of the companies.