As per the research report, the size of the Latin America Companion Animal Healthcare Market is valued at USD 1.84 Billion in 2023 and is expected to reach USD 2.47 Billion by 2028, growing at a CAGR of 6.12 % during the forecast period 2023 to 2028.
The Latin American companion animal health care market factors are the growing trend toward nuclear family and the increasing number of government initiatives to promote veterinary care products. In addition, increased government support for research and development is also likely to boost the market across Latin America.
The market is expected to grow positively owing to the increase in animal ownership rates, increase in the life expectancy of animals, increase in the number of preparations for treating various ailments of companion animals, and advances in companion animal health care services. Recently, many animals are increasingly part of families, which has led to the development of better products, positively impacting the Latin American companion animal healthcare market over the forecast period.
Moreover, growing awareness and benefits of animal companions on mental health are expected to help the Latin American companion animal health care market gain ground in the coming years.
The increased care and attention provided to animals along with disposable income levels has increased drastically, leading to an increased number of animal adoptions, whereby increasing the demand for companion animal health care.
However, treatment failures due to drug resistance have increased as treatment adherence decreases due to product efficacy issues which are expected to hamper market revenue growth during the forecast period. In addition, animal health care is expected to be expensive, limiting market expansion. Moreover, the Latin American companion animal health care market may face some challenges in terms of the high cost of production & maintenance of equipment, the increasing emergence of counterfeit drugs, and concerns related to product recalls.
This research report on the Latin America Companion Animal Healthcare Market has been segmented and sub-segmented into the following categories.
By Product Type:
Geographically, the Latin American companion animal healthcare market has a moderate growth rate due to increased awareness of animal health among caregivers, increased medicalization, and a higher rate of animal ownership in emerging markets.
Animal ownership is highest in Latin America, with 81% of the population connected in Argentina and Mexico with a pet and three-quarters (77%) in Brazil. In addition, dogs are the most popular pet animals in Argentina, Mexico, and Brazil. The market is dominated mainly by Brazil, representing 55% of the market.
The Brazil companion animal healthcare market dominated the Latin America region with a moderate growth rate because of the growing number of animal owners. In addition, the demand for minimally invasive animal health diagnostics will drive market growth. Furthermore, the Brazil region is forecast to grow at a CAGR of 13.1% over the forecast period because of heightened awareness of animal healthcare needs.
Specialists in companion animals, such as animal shops and large animal stores, are Brazil's leading distribution channels for companion animal healthcare products.
The Argentina companion animal healthcare market holds a significant share of the Latin America companion animal healthcare market due to the increased introduction of products in this region, such as the vaccine against Leishmania infantum, the causative agent of canine leishmaniosis, which is a significant breakthrough against zoonosis, is one of the factors which are positively stimulating the market.
KEY MARKET PLAYERS
Prominent companies dominating the Latin America Companion Animal Healthcare Market profiled in the report are Boehringer Ingelheim, Merial, Virbac, Zoetis.,Bayer HealthCare Pharmaceuticals LLC, Elanco, Merck & Co.,
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