Europe Animal Health Market Trends: Insights and Forecasts for 2024-2030
The Europe animal health market size was estimated at USD 16.5 billion in 2023 and it is projected to grow at a CAGR of 8.0% from 2024 to 2030. An increase in the number of pet owners, growing pet humanization, unceasing demand for meat and milk leading to a rise in livestock population, increase in the expenditure on veterinary medicines and other animal health products, growing awareness about animal welfare, government initiatives directed toward the wellbeing of animals, and growing availability of animal health solutions have driven the market growth in Europe. Europe’s animal health market accounted for a 26.5% share (second-largest) of the global animal health industry in 2023. In recent years, the total population of production and companion animals has been on the rise. According to the FEDIAF 2023 report, 91 million households in the European Union region own a pet (46%), with around 127 million cats, 104 million dogs, and other pets. This population...