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China Companion Animal Health Market Growth - DataM Intelligence

Market Overview

Companion animals are domesticated or domestic-bred animals whose physical, emotional, behavioral, and social needs can be readily met as companions in the home or a close daily relationship with humans. Companion animal health market mainly comprises of medicines, medicinal feed additives, and vaccines and caters to both food-producing and companion animals.

Market Dynamics

The primary driver of the companion animal health market in China is the willingness of owners to increase spending on their pet’s health. According to a survey, pet ownership is increasing despite the costs, found that 11% of Chinese families spend more than $1,574 annually on pet care, while about 32% spend $145-435 annually.

Further, rising pet ownership has led to increased demand for veterinary care, which is again fostering the demand of more companion animal pets in China thus driving the demand for companion animal health in the country.

According to China's National Bureau of Statistics, in 2017 China ranked third in the world in terms of ownership where it has 73.55 million pet owners. Out of this, 46.1% own dogs and 30.7% have cats.

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Segment Analysis

The market is segmented as – vaccines, anti-infectives, medicinal feed additives, paraciticides, diagnostic, and others. Amongst all product categories, paraciticides accounted for the largest market share of about 28% in 2018. Demand for paraciticides is rising because of an increase in flea and tick-infested Lyme disease in dogs and cats.

Vaccines segment is anticipated to exhibit the next highest market share during the forecast period as they are being used to companion animals to help boost their immune system against disease-causing pathogens. Further, the increasing cases of healthcare problems in companion animals have driven the need for vaccinations against multiple diseases. Owners are increasingly concerned about the safety of their pets and now opt for preventive vaccines beforehand.

Geographical Analysis

The growing popularity of owning pets in China represents a cultural shift. China’s pet ownership is booming as 24% of the population owns dogs and 12% of the population owns cats. 

With urbanization and even more hectic lifestyles, the emotional demand for animal companions is growing rapidly. Companion animal, health market value, have estimated to grow during the forecast period due to rising pet populations.

China has the highest average number of pet ownership between 2002 and 2016 worldwide, 273,474,190 pets in total. In 2017, a 34% market share the majority of a pet in China were dogs, followed by cat with a share of 20%. The two largest cities Shanghai and Beijing of China account for much of that pet ownership, with 24% of Shanghai’s residents owning dogs and 11% owning cats. Twenty-five percent of Beijing residents own dogs, while eight percent own cats.

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Competitive Analysis

The China companion animal health market is fragmented with the presence of multiple local and international players. More than 40% of the China companion animal health market is attributed to top five players –Boehringer Ingelheim, Zoetis, Bayer Healthcare, MSD Animal Health (Merck), and Virbac.

Boehringer Ingelheim, one of the key player in the animal health market, is enhancing market competitiveness through innovations. For instance, in April 2019Health Fitness Articles, Boehringer Ingelheim launched its the first ever registered Stem Cell-Based Veterinary Medicine Arti-Cell Forte in Europe for the reduction of mild to moderate recurrent lameness associated with non-septic joint inflammation in horses.

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ABOUT THE AUTHOR


DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.

For more information:

Sai Kiran

Sales Manager at DataM Intelligence

Email: info@datamintelligence.com

Tel: +1 877 441 4866

Website: www.datamintelligence.com



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