Saudi Arabia Veterinary Medicine Market
Saudi Arabia Veterinary Medicine Market to Boost in Coming Years – Projected to Grow at a CAGR of 5.8% during 2022-2028
Published | 01 August 2022
The growth of the Saudi Arabia veterinary medicine market can be attributed to the rising awareness related to animal health, increased love for pets, and the growing number of veterinary hospitals…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Saudi Arabia veterinary medicine market anticipated to grow at a lucrative CAGR of 5.8% during the forecast period of 2022-2028. The market growth is attributable to various initiatives being taken by regional governments throughout the country to encourage the usage of veterinary medicinal products and medicated feed additives. The increased prevalence of chronic diseases in pets is projected to be the main driver of the Saudi Arabian market for veterinary medications. Advancements and innovation drive the Saudi Arabian veterinary therapeutics market in veterinary medicines. Players constantly prioritize drug research as they evaluate the overall efficacy of their offerings. Moreover, the increasing love for pets and elevation in demand for high-quality protein in the region are making the veterinary medicine market flourish in upcoming years.
Surging Medical Treatment Demand Coupled with Growing Number of Hospitals to Drive the Market Growth
The surging demand for high-quality animal treatment is expected to drive the growth of veterinary medicine. The market for veterinary services is significantly impacted by Saudi Arabia's rising pet ownership rate, and the need for veterinary clinics in the region. Furthermore, it is anticipated that rising sales of over-the-counter medicines, will offer market participants lucrative opportunities. The Saudi Arabian veterinary facilities strive to treat animals as effectively as possible by utilizing a variety of approaches. The enhancement in the R&D investments coupled with the technological advancements and cost-effective production technologies are further likely to propel the veterinary medicine market growth over the forecast period 2022-2028.
Livestock Animal Segment Accounted For The Largest Market Share In Animal Type
Based on animal type, the Saudi Arabia veterinary medicine market has been segmented into companion animals and livestock animals. Amidst the segmentation, the livestock animal segment accounted for the largest market share in animal type. In addition, the companion segment is anticipated to grow at a faster pace in the Saudi Arabia veterinary medicine market over the forecast period 2022-2028. The companion animal segment is classified into dogs, cats, and horses. The segmentation of dogs acquires a significant revenue share due to increasing demands for high-quality treatments for pets suffering from chronic ailments. The USDA's National Agricultural Statistics Service estimated the entire output of eggs, broilers, and turkey and the value of chicken sales was USD 35.5 billion in 2020.
Impact of COVID-19 on the Saudi Arabia Veterinary Medicine Market
One of the biggest downturns since World War II was brought on by the COVID-19 pandemic. The unprecedented global public health emergency known as COVID-19 has impacted almost every business, and the long-term effects are anticipated to impact industry growth throughout the projected period. The market for veterinary medicines in Saudi Arabia has also been severely affected by the COVID-19 outbreak. The import & export of animals and their products were stopped as a result of the lockdowns in many major regions across the world. The interruptions in the delivery of raw materials posed a barrier to the industry's expansion. State-by-state lockdowns around the globe have made it extremely impossible to move live animals and the goods they produce, such as meat, milk, and eggs. These elements have a negative effect on market trends for veterinary care as a whole. Despite this, the veterinary medicine market is anticipated to increase again during the projected period due to the improving market situation in the post-COVID era.
The Saudi Arabia veterinary medicine market is moderately fragmented, with numerous players serving the market. Due to a large number of small and medium-sized firms, the market is quite competitive. The market's strong growth potential is attracting new domestic and foreign businesses. The key players operating in Saudi Arabia's veterinary medicine market are Boehringer Ingelheim, Ceva Sante Animale, Dechra Pharmaceuticals Plc, Elanco, Al-Takamul Agriculture Co, Vetoquinol S.A., Virbac, Zoetis Health, Saudi Pharmaceutical Industries (SPI), The Arab Pesticides and Veterinary Drugs Mfg, Merck Animal Health (MSD), Montajat Pharmaceuticals, Pharmacare Limited, MAS Group, Philbro Animal Health, and other prominent players. Across the industry the market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics are used, including strategic alliances, agreements, mergers, and partnerships.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Saudi Arabia veterinary medicine market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia veterinary medicine market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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