Animal Pharmaceuticals Market Size

Animal Pharmaceuticals Market Future Prospects

The global animal pharmaceuticals market size stood at USD 43.6 billion in 2024, and it is set to reach USD 73.9 billion by 2032, growing at a CAGR of 6.9% during 2025–2032. The major factors credited for the rising demand for veterinary drugs are the increasing consumption of meat and milk products, booming pet adoption trend, and growing incidence of zoonotic diseases.

Over the past two decades, the incidence of zoonotic diseases has increased globally, primarily as a result of the rising pet population. According to the International Livestock Research Institute (ILRI) and United Nations Environment Programme (UNEP), 75% of all emerging infectious diseases are zoonotic.

Moreover, the increasing investment in vet R&D and mandates for the immunization of companion and production animals are expected to fuel the demand for veterinary medications, including vaccines. Furthermore, the rising demand for pet insurance, increasing expenditure on animal welfare, and surging number of initiatives by government agencies and animal welfare associations in this regard will drive the growth of the animal pharmaceuticals market.