Veterinary API Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (Antimicrobials, Vaccines, Hormones, Anti-inflammatory, and Others), By Synthesis Type (Chemical Based API, Biological Based API, and Highly potent API), By Administration Route (Oral, Injectable, Topical, and Others), By Animal Type (Companion Animals, Livestock Animals) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global veterinary API market was valued at USD 6,894.2 Million in 2022 and is anticipated to reach a value of USD 11,669.3 Million by 2030 expanding at a CAGR of 6.9% between 2023 and 2030.

A veterinary API is an active chemical ingredient used to produce the intended effect from a drug. It is an active substance used in manufacturing of veterinary medicines. Most of the APIs are type of substances that are obtained by chemical synthesis, biotechnology synthesis, or extraction of natural drugs by manufacturers. As an increasing prevalence of various animal health-related diseases has been driving demand for veterinary medicines which ultimately boost in demand for veterinary APIs for drug production. Similar to medicines that are for humans, veterinary drugs are used for animal health. Veterinary APIs are the major ingredients of animal medicines. There are several benefits of veterinary APIs include effective in treating animal diseases, are safe for animals, affordable. Veterinary APIs are an essential for good health, prevention and treatment for animals. Veterinary APIs can be classified as antimicrobials, vaccines, hormones, anti-inflammatory, and others. Also it can be classified on the basis of synthesis chemical based API, biological based API, and Highly potent API. Veterinary APIs are used for both companion animals and livestock animals.

Veterinary API Market Major Driving Forces

Rising Incidence of Transboundary and Zoonotic Diseases: The count of zoonotic disease cases in animals has risen rapidly in recent years, which can be transmitted to humans. With the rise in the incidence of zoonotic diseases, the necessity to treat these diseases has also increased significantly, which is expected to drive the growth of the veterinary API market.

Increased Adoption of Pet Animals: The increasing number of pet owners around the globe can significantly contribute to the growth of the veterinary API market. The increased disposable incomes and affection towards pet animals are some driving factors of the veterinary API market.

Growing Demand for Animal-derived Food Products:

The demand for animal-derived food products has increased due to the increase in consumption of animal-derived food. The increasing awareness of food safety leads to increased demand for veterinary API. Increasing popularity of organic and sustainable food products driving demand for the veterinary API market.

Economic Growth in Developing Countries: Due to rapid adoption of modern lifestyle, spending on animal health have been increased due to rising disposable income in emerging regions. This leads to increased spending on animal health which is another factor propelling the demand for veterinary API. 

Veterinary API Market Key Opportunities

Rising Awareness about Animal Health and Welfare: People are becoming more aware of animal health and welfare. There has been a significant rise in public awareness of providing proper care and attention to animals. Pet owners and livestock farmers are seeking preventive care for their animals which creates an opportunity for market growth.

Increasing Investments by Pharmaceutical Companies:

Pharmaceutical companies are actively investing in the research and development of new veterinary API products. The growing demand for veterinary drugs owing to the rising prevalence of zoonotic diseases is expected to create lucrative opportunities for the market.

Growing Demand for Companion Animal Care:

Due to the continuous rise in pet ownership, the demand for veterinary care and treatment also increasing.  The growth of the pet pharmaceutical industry presents opportunities for developing veterinary API for various medications, vaccines, and treatments for animals.

Veterinary API Market Key Trends

·         Growing focus on preventive healthcare in veterinary medicine leads to a boost in demand for veterinary API used in the treatment of animals. 

·         Growing trend of owning a pet amongst people due to rising disposable income.

·         Increasing Demand for sustainable veterinary APIs owing to growing consumer awareness of the environment.

·         The development of new types of antimicrobials owing to increasing prevalence of antimicrobial resistance.

·         Increasing concern of animal health and welfare leading to an increase in demand for animal health products.

·         With technological advancements, the industry players are actively engage in development of innovative APIs. 

·         Ongoing research and development for the development of more efficient and advanced veterinary APIs.

·         Manufacturers are developing sustainable products due to rising environmental concerns.

Region-wise Market Insights

North America accounted for the largest market share at 35.4% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 7.5% between 2023 and 2030.

In North America, the demand is driven by factors such as increased investments in research and development for veterinary API and government support for the establishment of API manufacturing facilities. The increasing incidence of zoonotic diseases is a major driver of market growth in this region. Europe is expected to be a second-largest market for veterinary APIs. The growth of the market in this region is driven by increasing prevalence of antimicrobial resistance, the growing demand for veterinary APIs and the increasing popularity of companion animals. The increasing demand for sustainable and good quality veterinary products is a significant driver of market expansion in this region. In Asia-Pacific, the market is characterized by growing population of pet animals, increasing demand for animal-derived food products, growing consumption of animal-derived food proteins, and the existence of top exporters of animal products. Furthermore, governments initiatives to improve animal health and welfare and increasing incidence of zoonotic and transboundary diseases in the region drives the market growth. The Middle East and Africa has been witnessing a significant demand for veterinary products owing to growing concerns for animal health and welfare.

Market Competition Landscape

The global veterinary API market is characterized by high degree of competition among a large number of manufacturers. Key players in the veterinary API market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global veterinary API market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Alivira Animal Health Ltd

·         Qilu Pharmaceutical Co., Ltd.

·         Procyon Life Sciences.

·         SUANFARMA

·         NGL Fine-Chem Ltd.

·         Huvepharma

·         Jiangsu Lingyun Pharmaceutical Co. Ltd

·         Excel Veterinary HealthcareVetpharma

·         Menadiona

·         Indukern Group

·         Lasa Supergenerics Ltd.

·         Phibro Animal Health Corporation

·         Insulnsud Pharma