Summary

The animal hormone therapy market studied is expected to witness an estimated CAGR of 5.52% over the forecast period.

With the outbreak of COVID-19, the animal hormone therapy industry has faced both patterns. Initially, when the pandemic strike, with a rise in a sudden demand for meat, eggs, milk, and other animal food products, the industry faced a sudden spike in demand for growth promoters and performance enhancers. Since animal food processing is not such a process where human involvement and proximity are avoided with animals and humans, the units have to shut amid the threat of spreading the COVID-19. Thus, the market faced a demand reduction. However, the animal hormone used for therapeutic purposes for animals remained continuously in demand and supported the industry. Thus, COVID-19 is expected to show a considerable positive impact on the animal hormone therapy market.

The study market growth is predominantly characterized by factors, such as the growing burden of hormonal deficiency diseases in animals, rising demand for meat, and increasing animal husbandry. The growing burden of diseases in animals drives the market by focusing on hormones used in the treatment of hormonal deficiency diseases, neoplasia treatment, or replacement therapy. According to the Pathogenesis of Endocrine Disease in Animals Article of April 2019, hyperthyroidism, Type I diabetes, primary hyperparathyroidism, and primary hyperadrenocorticism are the most common diseases in small animals that involve endocrine hypofunction. Animal hormones are used for fattening and production boosting purposes in the animal food industry. Furthermore, in June 2021, the United States Department of Agriculture reported a decline in beef production over a year but a strong demand for broilers, turkey, and pork. Moreover, the number of animal husbandry is increasing all over the world, which largely concerns with animal hormone use for better health of animals. According to the Report of National Agricultural Statistics Services, United States, April 2021, broiler production in the United States is increasing over the last five decades (1970-2020). Thus, concerning the above facts, the animal hormone market is expected to witness large growth over the forecast period.

Although animal hormone therapy has wide applications, the risk associated with the use of animal hormone and the stringent regulatory norms associated with its use may hamper the growth of the animal hormone therapy market.

Key Market Trends

Livestock Animal Segment is Expected to Boosts Market Over the Forecast Period

Hormones can be used as a supplement or to replace any particular deficient hormone in animals. The steroidal hormones such as androgens, estradiol, progesterone, and testosterone are anabolic hormones used for promoting growth, production, and breeding in animals. The steroidal hormones are either implanted in-ear or injected intramuscularly into the animals.

Livestock animals include cattle, swine, poultry, aquaculture species, etc. The response of hormones varies largely among animals. When the same concentration of estradiol is used in pigs and cattle to increase meat products, a very less increase in lean meat is seen compared to cattle. Furthermore, in the United States, any feed ingredients and medicines administered to animals are regulated by the United States Food and Drug Administration (USFDA). Moreover, according to the National Agricultural Statistics Service (NASS) report, the total number of cattle herds in the United States is 94.8 million in January 2019, reduced to 93.6 million in January 2021. However, in order to meet the rising demand for meat consumption among the population, the demand for hormonal therapy is expected to grow in the future.

North America Holds Significant Share in Market and Expected to Grow in the Forecast Period

North America, along with Canada, the United States, and Mexico, is one of the very well infrastructure animal health facilities. Along with focusing on continuous research on animal and technological advanced processes for animal products processing, North America is expected to dominate the market over the forecast period.

Moreover, according to the February 2020 Report of the FCC Economics, the domestic demand for red meat in Canada has remained robust in 2020. There is a significant rise in the price of beef by 3.5%, 0.7% in pork, and 3% in chicken compared to 2019. This implies that a rise in demand for meat in the market accounts for more business. Furthermore, in June 2021, Poultry World Article reported that net egg production in Canada rose by 2.1% in 2020, accounting for a rise in the value of 3.9% compared to the previous year, 2019. The increasing demand for nutritious and healthy animal-derived products directly boosts the demand for performance enhancers and health and growth-promoting feeds and supplies. Moreover, in June 2021, the United States Department of Agriculture (USDA) announced an investment in mid-and small-sized poultry processors and producers of about USD 55.2 million to build capacity and increasing economic opportunity for them across the country. Thus, the government authorities are taking steps to encourage the participation of different level players across the world to make North American Market, a preferable choice by industry players.

Competitive Landscape

The animal hormone therapy market is highly competitive, with several players across the world. In terms of market share, major players currently dominate the market. With the increasing burden of diseases and technological advancement in animal healthcare, many new players are expected to be part of the animal hormone therapy market over the forecast period. Some of the major players of the market are Merck & Co. Inc, Boehringer Ingelheim, Elanco Inc, Virbac Group, and Vetoquinol SA.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Hormonal Deficiency Diseases in Animals
4.2.2 Rising Demand of Meat
4.2.3 Increase in Animal Husbandary
4.3 Market Restraints
4.3.1 Side Effects Associated with Use of Animal Hormones
4.3.2 Stringent Government Regulations Associated with Animal Hormones
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Growth Promotors
5.1.2 Performance Enhancers
5.1.3 Other Applications
5.2 By Animals
5.2.1 Companion Animals
5.2.2 Livestock
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Merck & Co. Inc.
6.1.2 Zoetis Inc.
6.1.3 Elanco (Bayer Animal Health)
6.1.4 Boehringer Ingelheim
6.1.5 Bimeda Animal Health
6.1.6 Vetoquinol SA
6.1.7 Virbac Group
6.1.8 CEVA Sante Animale
6.1.9 HIPRA Animal Health
6.1.10 Syntex SA
6.1.11 Huvepharma
6.1.12 Jurox Pty Ltd

7 MARKET OPPORTUNITIES AND FUTURE TRENDS