South American Companion Animal Healthcare Market is segmented into By-Products (Vaccines, Anti-Infectives, Medicinal Feed Additives, Parasiticides, Diagnostics), By Animals (Cats, Dogs, Equine), and By Region (Brazil, Argentina, Peru, Rest of South America) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview
[150 Pages Report] The South America Companion Animal Health market is estimated to grow at a high CAGR in the forecasted period to reach a market value of USD 3,260.4 million by 2027 from an initial market value of USD 1,368.8 million in 2017.
Companies focus on the development of new products, and increasing acquisition activity in the region for strengthening R &D and market share are some of the key trends in the South America Companion Animal Health market
South America Companion Animal Healthcare Market - Strategic Insights
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Metrics |
Details |
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Market CAGR |
High |
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Segments Covered |
By Products, By Animals, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Market Drivers
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The increasing number of companion animal owners is boosting the market growth for the companion animal healthcare market. Developing economies and rising disposable income are some of the prime causes for increased pet ownership within the South American region.
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Further, the continued strengthening of the bond between owners and their animal companions is also helping the market to achieve a sustainable growth rate for the next few years.
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Growing companion animal care expectations and demands also play a vital role in the development and growth of the companion animal healthcare market. The rising prevalence of parasitic & infectious diseases in animals is even driving the growth of the market.
Market Restraints
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Changes in the distribution channel are hampering the market growth. Companion animal owners have changed their purchase patterns and shifted their focus towards internet-based retailers, retail stores, or other over-the-counter distribution channels.
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This shift is leading companion health owners to opt for substitute human health products for animal health products if human health products are deemed to be lower-cost alternatives.
Geographical Analysis
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The South America Companion Animal Health market is growing due to increasing sales of pet medical feed & healthcare products with rising pet ownership and favorable government regulations.
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Pet ownership is highest in South America, with 80% of the online population in both Argentina and Mexico owning a pet, together with three-quarters (75percent) in Brazil. Dogs are the most popular pet in Argentina, Mexico, and Brazil. The market is mainly dominated by Brazil which accounted for 56% of the market.
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Pet specialists such as pet shops and pet superstores are the leading channels to distribute pet care products in Brazil. Pet healthcare in Brazil is set to grow at a 12% CAGR at constant 2018 prices over the forecast period, driven by rising awareness of pet healthcare needs and Premiumisation.
Competitive Trends
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The market in the South American region is a relatively consolidated market with the top 4 companies occupying more than 40% market share in 2017.
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The fluctuation of Brazil's currency over the USD and interest rate is challenging the growth of foreign companies which majorly import products from the United States.
Market Segmentation
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The Companion Healthcare Market is segmented by Products into Vaccines, Anti-Infectives, Medicinal Feed Additives, Parasiticides, Diagnostics, and Others.
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Medicinal Feed Additives provide vital protection against disease-causing pathogen agents like bacteria, viruses, and fungi without involving the side effects associated with vaccines and anti-infectives.
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Demand for parasiticides is also on the rise because of the increase in flea and tick-infested Lyme disease in dogs and cats. The market is driven by the need for these products in tackling increasing cases of healthcare problems in companion animals and awareness of owners towards the availability of these products in commercial markets.
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The emergence of new players in the market through strategic partnerships and meaningful collaborations between companies and laboratories ensures healthy market competition between companies.
