The global veterinary medicine market size was estimated as USD 29.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. Asia Pacific is expected to become the fastest evolving market for veterinary medicines by 2028.In India according to TMR report the market would rise at a 8.0% CAGR over the course of the forecast period of 2016 to 2024.
Increase in the number of pets and animal husbandry along with the increasing demand for protein food, medicines and vaccine spurred the growth of medicine industry. Global increase in the zoonotic and food borne diseases contributed to this. Animal market in India can be divided into livestock and companion. High growth is expected in this sector as animal husbandry contributes to GDP of India.
Increased consumption of meat and other animal products also augmented the industrial growth. By 2030 the world wide population is expected to rise to 8.5billion.A tremendous increase in the population will result in higher demand for food.