Animal Health Care Industry in India
In safeguarding the health, productivity and potential of the large animal population in India, Animal Health Care Industry has played a significant role in India.
For an industry which started shaping up in late Sixties / Early Seventies, as an extension of Human Health Care Businesses of Indian Pharma Companies as well as International MNCs, it certainly is a matter of pride to now have a number of stand alone, Animal Health Care Only companies.
Over this period of time, the Animal Husbandry Practices / Rearing and Management of different animal species has also undergone a tremendous change in India and Animal Health Care industry has been at fore front of this change and has played its role quite effectively.
Similar to other industries and markets, there has been a constant evolution, or should we say, a paradigm shift in the business operations of the constituent players of Animal Health Industry in India.
From treatments with broad spectrum products to specific products for specific conditions, new formulations, new delivery mechanisms to shift towards disease prevention, to a current shift towards productivity enhancement and overall wellbeing of animals – Animal Health Industry has undergone a tremendous evolution. Much more is yet to come…for sure.
Animal Health Care Industry in India is estimated to be around INR 3,000 Crores (USD 500 Million; 1 USD = INR 60) in 2013. The industry has been steadily growing at around 8 – 9% annually on account of various macro-economic factors at play in India including favorable demographics, rising disposable incomes resulting in increased spending on animal proteins (milk as well as meat) and consequent higher spending on companion animals etc.
The future of Animal Health Industry is more promising now than ever – this is a topic which we will cover over the coming days. We strongly believe that we cannot use the historical growth rates to accurately forecast the future and at best, the historic growth rates only point to the broad direction of the market.
For further details on our reasoning on the futility of using historical growth rate, please refer to our report on the Potential of Veterinary Vaccines / Animal Biologicals, published elsewhere on this site.