The size of the Latin America Poultry Diagnostics Market was valued at USD 44.33 million in 2022. It is forecasted to grow at a CAGR of 10.83% and be worth USD 74.13 million by 2027.
The Latin American poultry diagnostics market is expected to be driven by the factors such as the increasing prevalence of zoonotic diseases, unprecedented outbreaks in poultry, and growing awareness about poultry diagnostics. Also, the large meat industry, widespread demand, and usage of eggs in various sectors, including food and personal care, are likely to drive market growth.
In the recent past, the demand for poultry-derived food products has been significantly increased.
The loss of productivity due to diseases is one of the poultry industry's significant challenges, driving demand for better health management. This, combined with rising concerns about food security and increased use of animal-derived goods, is driving the market growth. In addition, farmers are now seeking a preventative diagnostic due to the development of catastrophic illnesses and erosive diseases such as avian influenza, Newcastle disease, and other respiratory infections.
Furthermore, the technological advancements in the poultry sector are providing lucrative growth opportunities for the market players, which is likely to expand the market growth. On the other hand, increasing awareness about poultry diagnostics, favorable government initiatives, investments by the provider organizations for the development of poultry healthcare infrastructure is expected to uplift the market growth.
The daily diagnostics monitoring of avian bacterial disease in emerging countries such as Brazil, Mexico, and Argentina influences the market growth. The key market players in the region are adopting various market strategies to gain a competitive advantage over the place. The strategies include collaborations, partnerships, and acquisitions. Furthermore, with the development of high-accuracy and cost-effective enzyme-linked immunosorbent assay (ELISA) tests, market competitors are concentrating on developing better testing tools and point-of-care (POC) diagnostics for emerging ailments such as mortality syndrome.
However, the high cost of production and regional trade disputes are anticipated to hinder the development of the poultry diagnostics market in Latin America. In addition, a lack of awareness in some countries and rising feed costs. Furthermore, the recent COVID-19 epidemic has had a negative impact on the chicken market.
This research report on the Latin American poultry diagnostics market has been segmented and sub-segmented into the following categories.
By Test Type:
By Disease Type:
Based on the region, the Latin American poultry diagnostics market is anticipated to witness a moderate share in the global market during the forecast period. The regional market growth is attributed to the improving poultry healthcare infrastructure, increasing investment by the government and private organizations, and increasing trade in terms of export within the poultry. In addition, other factors such as the increasing incidence of avian influenza, continuous research, and development activities by market players, and product launches are boosting the market growth. Furthermore, the emerging countries in the region, such as Brazil, Mexico, and Argentina, are expanding Latin American regional market growth with a significant market share.
The Brazilian market is leading the market while Argentina is second. Argentina is expected to grow the fastest due to the huge poultry population in this region, increasing demand for poultry-derived products, and increasing awareness regarding animal health.
During the forecast period, Mexico is more likely to showcase a significant share in the Latin American poultry diagnostics market. The market growth is projected to be fuelled by the increasing veterinary healthcare expenditure, technological advancements in the poultry sector, and a growing number of avian disease outbreaks.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating the Latin America poultry diagnostics market profiled in this report are IDEXX Laboratories, QIAGEN, Thermo Fisher Scientific, Zoetis, GD Animal Health, IDVet, AffiniTech, AgroBioTek Internacional, BioNote, BioChek, Boehringer Ingelheim, MEGCORP Diagnostik GmbH, and BioinGentech Biotechnologies.
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