Market Trends of Global Ceftiofur Industry
This section covers the major market trends shaping the Ceftiofur Market according to our research experts:
Swine segment is Expected to Hold the Major Market Share in the Ceftiofur Market
The swine segment is expected to account for the largest market revenue share during the forecast period. This dominance is attributed to increased awareness about animal health and protein-rich foods for pet animals. Also, the increased revenue can be attributed to their higher consumption across the world. According to the statistics published by The National Pork Board for the year 2020, the World Per Capita Pork Consumption shares 41.3% of total meat consumption across the globe. Thus, increased demand for these antibiotics is expected to increase to maintain a healthy swine population. Furthermore, a rise in funding by government authorities and livestock producers for research activities is likely to create more opportunities that are fueling the growth of the segment.
Major companies in the market such as Zoetis provide Ceftiofur for swine. EXCEDE by Zoetis for Swine is the crystalline-free acid of ceftiofur, a broad-spectrum cephalosporin antibiotic active against Gram-positive and Gram-negative bacteria, including strains that produce -lactamases, is present in the ready-to-use preparation known as sterile suspension. Like other cephalosporins, ceftiofur suppresses the formation of cell walls in vitro, making it antibacterial.
The presence of ceftiofur from key companies and the rising population of swine are expected to propel the market growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to retain its significant market share, owing to factors, like rising pet adoption and increasing per capita animal healthcare expenditure. Additionally, the rise in the prevalence of various animal diseases and injuries is a major factor that fuels the market growth.
According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The same source also reported that annual expenditure on routine visits for dogs accounted for USD 242, whereas it was USD 178 for cats. According to the Animal Cancer Foundation, 65 million dogs and 32 million cats in the United States are diagnosed with cancer. Moreover, approximately 6 million new cancer diagnosed in pets every year. With increasing ownership of pets and livestock, US citizens become more considerate of the health of these animals. According to the American Pet Products Association, the expenditure on pets in the United States is also rising, which may propel market growth.
Thus, with increased awareness and expenditure on animal health, the market is expected to show significant growth in the future.
