Boom Expected in Electric Power Steering Market in Future

The growing integration of electric power steering (EPS) systems in commercial vehicles such as buses and trucks is pushing up their demand all over the world. Commercial vehicles usually operate at night and have to travel through remote locations, often facing harsh weather and conditions. Thus, commercial vehicle drivers and fleet owners are increasingly incorporating electric power steering systems in their vehicles in order to reduce the chances of road accidents.

Electric Power Steering Market

Additionally, the implementation of regulations regarding the adoption of advanced driver assistance systems (ADAS) with several vehicle systems by the governments of various countries is also propelling the demand for electric power steering systems. For example, as per the Regulation No. 79 of the Economic Commission for Europe, of the United Nations (UN/ECE), the uniform provisions pertaining to the approval of automobiles mandate the installation of advanced steering equipment in vehicles.

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This is, in turn, fueling the expansion of the global electric power steering market. EPS systems are installed in both commercial vehicles and passenger cars. Between these two, the adoption of these systems was found to be higher in the passenger cars between 2014 and 2019. This was because of the large number of passenger cars in operation and the launch of new models equipped with advanced EPS systems.

Hence, it can be said with confidence that the demand for electric power steering systems will surge sharply in the coming years, primarily because of their growing requirement in the commercial vehicles, on account of the rising prevalence of road accidents and the enactment of stringent government regulations regarding their integration in these vehicles across the world.

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Electric Power Steering Market Size Breakdown by Segment

The electric power steering market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.

Based on Type

·      Rack assist

·      Column assist

·      Pinion assist

Based on Vehicle Type

·      Passenger car

·      Commercial Vehicle

Based on Mechanism

·      Collapsible

·      Rigid

Based on Components

·      Steering Wheel

·      Steering Column

·      Sensors

·      Steering Gear

·      Mechanical Rack and Pinion

·      Electronic Control Unit (ECU)

·      Electric Motor

·      Bearings

Based on Motor Type

·      Brushed DC Motors

·      Brushless DC Motors

 

Massive Growth of Mexico Shower Glass Door Market by 2030

The flourishing tourism and hospitality industries and increasing consumer focus on do-it-yourself (DIY) activities and home décor will drive the Mexican shower glass door market at a 6.7% CAGR during the forecast period (2021–2030). According to P&S Intelligence, the market stood at $255.7 million in 2020 and it is expected to reach $483.1 million by 2030. Moreover, the rising purchasing power of customers, on account of enhancing per capita income, will allow them to spend on luxury consumer goods, such as shower glass doors.

Mexico Shower Glass Door Market

The expanding tourism and hospitality sectors have a positive impact on the Mexican shower glass door market. The growth in these sectors has resulted in an exponential rise in the number of resorts and hotels. Owing to this reason, the adoption of shower glass doors has significantly increased. As bathrooms are an important part of the resorts and hotels, the service charges of rooms also depend on the luxury components of the bathrooms.

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The shower glass door products offered through indirect sales and direct sales channels in Mexico are produced by Megaluminio Servicios Sociedad Anónima de Capital Variable, Luxury Glass Doors, Contractors Wardrobe Inc., Soliglass S.A. de C.V., American Standard Brands, Luma ´k S.A. de C.V., Vitralum Glass Solutions Inc., Kinetic S.A. de C.V., VIGO Industries LLC, and Foshan Korra Bath Ware Co. Ltd. These market players are involved in the production of framed and frameless shower glass doors, which are being adopted in the country.

Thus, the bolstering tourism and hospitality industries and the growing popularity of the DIY concept will augment the demand for shower glass doors in Mexico, during the forecast period.

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The research offers market size of the Mexico Shower Glass Door market for the period 2014–2030.

Market Segmentation by Product Type

·      Frameless

·      Framed

Market Segmentation by Sales Channel

·      Indirect Sales

o   Kitchen and bath showrooms

o   Big-box stores

o   Online channels

·      Direct Sales

Market Segmentation by Glass Type

·      Tempered

·      Laminated

·      Others

Market Segmentation by Door Type

·      Bifold

·      Sliding

·      Single

Market Segmentation by Thickness

·      1/4”

·      5/16”

·      3/8”

·      1/2”

·      Others

Market Segmentation by End User

·      Residential

·      Commercial

o   Hospitality

o   Healthcare

o   Corporate

o   Others

 

Boom Expected in Automotive Cybersecurity Market in Future

The development of level 4 and level 5 autonomous cars by automobile manufacturers depends on the integration of artificial intelligence (AI) technology in these models. Usage of this technology has led to the development of connected devices and services that have smoothened the collection of vehicular data. This data must be used only for in-vehicle systems and stored safely for the optimum utilization of the collected data. Thus, the rising incorporation of AI in connected cars will accelerate the penetration of safety and security solutions in the vehicles. 

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Moreover, increasing integration of in-vehicle connectivity features such as roadside assistance, collision warnings, smartphone connectivity, and real-time traffic monitoring will drive the automotive cybersecurity market at 18.5% CAGR during the forecast period (2020–2030). In the coming years, vehicles would adopt more connectivity solutions, through cloud services, to connect with the outside world. Moreover, rise in partnerships between automobile manufacturers and consumer electronics and information technology (IT) vendors is supporting the market growth. Due to these factors, the market size is projected to rise from $1,152.7 million in 2019 to reach $7,280.2 million by 2030.

Automotive Cybersecurity Market Research Report

According to P&S Intelligence, the Asia-Pacific automotive cybersecurity market will demonstrate the fastest growth during the forecast period. This can be attributed to the establishment of numerous automobile production plants in developing countries, such as India and China. Additionally, continuous infrastructure development along with industrial advancement in the emerging nations have created immense growth opportunities for automobile original equipment manufacturers (OEMs) that offer connected vehicles. In addition, developed countries of the region, such as Japan, are also adopting a large number of autonomous vehicles, thus, supporting the regional market growth.

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Thus, the escalating threat of data breaches and cyberattacks has led to the widescale installation of safety and security features in automobiles.

Demand for Forklift Delivery Booming Globally

With the rapid advancement of the e-commerce industry, the sales of forklifts are rising sharply across the world. Due to the rising popularity of online shopping and e-commerce, delivery schedules are becoming more and more challenging. Moreover, the traditional logistics solutions are not able to cater to the mushrooming customer requirements. As a result, e-commerce companies are rapidly adopting autonomous and electric forklifts that can help them speed-up the product delivery operations.

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Due to the above-mentioned reason, the usage of forklifts is rising sharply in warehouses, where they are used for loading and picking goods and transporting items from one place to another. Besides this factor, the increasing adoption of advanced technologies such as robotics and industrial internet of things (IoT) by warehouses is also pushing up the demand for forklifts across the world. Moreover, with rapid advancements and innovations in technology, several e-commerce companies are making huge investments in automation solutions.

Forklift Market Report 2021

For example, a dual-mode pantograph robotic reach truck was launched by Hyster-Yale Materials Handling Inc. in April 2019. This truck has the ability to autonomously deposit and retrieve loads from locations that are as high as 30 feet. In addition to these, this truck has double-deep storage. Due to these factors, the demand for forklifts is exploding around the world. This is, in turn, propelling the advancement of the global forklift market.

The valuation of the market is predicted to grow from $33,878.7 million in 2019 to $42,519.4 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 2.8% between 2020 and 2030. There are mainly 5 types of forklifts used in warehouses- class 5, class 4, class 3, class 2, and class 1 forklifts. Out of these, the usage of the class 5 forklifts was observed to be the highest during the past few years.

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Hence, it can be said confidently that the sales of forklifts will shoot-up across the world in the upcoming years, mainly because of the rising popularity of online shopping, the boom of the e-commerce industry, and the growing demand for automation in warehouses and factories around the world.

Automotive Wire Harness Market to Witness Robust Growth in Coming Years

The global automotive wire harness market had a valuation of $42.8 billion in 2019 and it is predicted to advance at a CAGR of 4.7% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will reach a value of $59.3 billion by 2030. The main factors driving the progress of the market are the rapid technological advancements and the mushrooming electric vehicle manufacturing in several countries around the world.

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With the rise in environmental degradation and the surge in air pollution levels, the global demand for environment-friendly automobiles is growing rapidly. This is fueling the rising popularity of electric vehicles, particularly battery electric vehicles (BEVs) in the U.S., China, Germany, and Japan, which is, in turn, pushing up the demand for wire harness products. Electric vehicles contain a large number of wire harnesses, on account of the fact that they have more electronic components than the ICE-powered vehicles.

Apart from the aforementioned factor, the increasing incorporation of advanced features in the conventionally used ICE-powered vehicles, particularly passenger cars, is also propelling the worldwide sales of wire harnesses. The surging requirement for advanced driver assistance systems (ADAS) that include radar sensors, light detection and ranging (LiDAR) sensors, speed sensors, connectivity features, autonomous driving systems, and several other smart features is massively boosting the need for wire harnessing in vehicles.

Depending on vehicle type, the automotive wire harness market is divided into commercial vehicle and passenger car. Between these, the commercial vehicle category is predicted to demonstrate faster growth in the market in the future years. This is because of the ballooning requirement for the export and import of goods for catering to the demands of the surging population in several countries. The market is further classified, on the basis of propulsion, into electric vehicles and internal combustion engine.

Between these, the internal combustion engine category recorded higher growth in the market in the past years, due to the large-scale adoption of electronic features such as heat sensors and speed sensors in the ICE vehicles for enhancing the safety of passengers. Across the globe, the automotive wire harness market will demonstrate the highest growth in Asia-Pacific in the future years, mainly because of the soaring manufacturing of electric vehicles in the region.

Additionally, the existence of a large consumer base for internal combustion engine-powered vehicles is also bolstering the sales of automotive wire harnesses in the region. The ballooning sales of commercial and passenger vehicles in India, China, South Korea, and Japan are propelling the manufacturing volume of automobiles, which is, in turn, fueling the market expansion in the region. The market will exhibit the fastest growth in Latin America, Middle East, and Africa (LAMEA) in the coming years.

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Hence, it can be said with surety that the market will demonstrate huge expansion all over the world in the coming years, primarily because of the surging manufacturing of electric and ICE-powered vehicles and the growing demand for the integration of ADAS in vehicles.

Automotive Wire Harness Market its Future Outlook and Trends

The global automotive wire harness market had a valuation of $42.8 billion in 2019 and it is predicted to advance at a CAGR of 4.7% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will reach a value of $59.3 billion by 2030. The main factors driving the progress of the market are the rapid technological advancements and the mushrooming electric vehicle manufacturing in several countries around the world. 

Automotive Wire Harness Market Research Report

With the rise in environmental degradation and the surge in air pollution levels, the global demand for environment-friendly automobiles is growing rapidly. This is fueling the rising popularity of electric vehicles, particularly battery electric vehicles (BEVs) in the U.S., China, Germany, and Japan, which is, in turn, pushing up the demand for wire harness products. Electric vehicles contain a large number of wire harnesses, on account of the fact that they have more electronic components than the ICE-powered vehicles.

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Apart from the aforementioned factor, the increasing incorporation of advanced features in the conventionally used ICE-powered vehicles, particularly passenger cars, is also propelling the worldwide sales of wire harnesses. The surging requirement for advanced driver assistance systems (ADAS) that include radar sensors, light detection and ranging (LiDAR) sensors, speed sensors, connectivity features, autonomous driving systems, and several other smart features is massively boosting the need for wire harnessing in vehicles.

Depending on vehicle type, the automotive wire harness market is divided into commercial vehicle and passenger car. Between these, the commercial vehicle category is predicted to demonstrate faster growth in the market in the future years. This is because of the ballooning requirement for the export and import of goods for catering to the demands of the surging population in several countries. The market is further classified, on the basis of propulsion, into electric vehicles and internal combustion engine. 

Between these, the internal combustion engine category recorded higher growth in the market in the past years, due to the large-scale adoption of electronic features such as heat sensors and speed sensors in the ICE vehicles for enhancing the safety of passengers. Across the globe, the automotive wire harness market will demonstrate the highest growth in Asia-Pacific in the future years, mainly because of the soaring manufacturing of electric vehicles in the region.

Additionally, the existence of a large consumer base for internal combustion engine-powered vehicles is also bolstering the sales of automotive wire harnesses in the region. The ballooning sales of commercial and passenger vehicles in India, China, South Korea, and Japan are propelling the manufacturing volume of automobiles, which is, in turn, fueling the market expansion in the region. The market will exhibit the fastest growth in Latin America, Middle East, and Africa (LAMEA) in the coming years.

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Hence, it can be said with surety that the market will demonstrate huge expansion all over the world in the coming years, primarily because of the surging manufacturing of electric and ICE-powered vehicles and the growing demand for the integration of ADAS in vehicles. 

Organic Personal Care Products Market to See Massive Growth by 2030

Organic personal care products are primarily derived from natural sources, such as flowers, herbs, leaves, plant roots, essential oils, and barks. The natural components are combined with naturally occurring preservatives, emulsifiers, carrier agents, humectants, and surfactants. These natural ingredients induce anti-oxidation property and offer skin immunity to personal care products, such as skincare, oral care, and hair care products and color cosmetics. Among the various types of products, customers mostly opt for organic skincare products, due to the rising concerns regarding skincare and anti-aging.

Organic Personal Care Products Market Report 2021

In recent years, the increasing awareness among customers regarding advantages of organic personal care products over synthetic products has supported the progress of the organic personal care products market. Additionally, the surging population of working-class women in emerging economies, such as India, China, and Brazil, will also fuel the consumption of such products in the coming years. According to the World Bank, in 2019, around 22.26% of the female population in India, within the age group of 15–64 years, were a part of the workforce of the country.

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According to P&S Intelligence, the APAC organic personal care products market will advance at the highest rate in the foreseeable future. This will be due to the soaring popularity of and concerns regarding hair and skincare products in India and China, and increasing disposable income of the people. Among APAC nations, Japan consumes organic personal care products at a considerable rate, due to the aging population that requires cosmetics in large quantities. 

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Thus, the surging customer awareness about organic products and the booming women workforce will augment the usage of organic personal care products in the coming years.  

Demand for Reefer Container Booming Globally

The increasing number of trade routes, burgeoning demand for pharmaceutical drugs, expanding e-commerce sector, and improving real-time tracking technology will drive the reefer container market at a CAGR of 8.0% during the forecast period (2020–2030). The market stood at a size of 3,169.2 thousand twenty-foot equivalent units (TEU) in 2019 and it is projected to attain7,063.3 thousand TEU of container space by 2030. In recent years, the market has observed a notable number of acquisitions, partnerships, and mergers among container lines. 

Sales of Reefer Container - Research Report 2021

With the expansion of trade routes, the usage of reefer containers has surged at a substantial rate. A trade route refers to a logistical network of stoppages and pathways for the commercial transportation of cargo. Allowing products to reach distant markets, a single trade route includes multiple long-distance arteries, which may be further connected to smaller network of non-commercial and commercial transportation routes. The expanding trade routes will, further, amplify the maritime trade volume, which will increase the requirement for reefer containers, globally.

Globally, the Asia-Pacific (APAC) reefer container market generated the highest revenue in 2019 and it is projected to retain its position in the forecast period. This is attributed to the developments in the reefer container technology, expanding global trade of seaborne perishable reefer cargo, and home to inland ports and numerous seaports in the region. Whereas, the Latin America (LATAM) market will register the fastest growth in the forecast years, owing to the booming population and rapid urbanization that have led to a considerable spike in transportation and shipping of food items.

Hence, as international trade volumes, especially of perishable cargo, grow, so will the procurement of reefer containers by shipping, trucking, and rail freight companies.

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The research offers market size of the Global Reefer Container Market for the period 2014–2030.

Market Segmentation by Size

·      20 Feet

·      40 Feet

·      More than 40 Feet

Market Segmentation by Transportation Mode

·      Seaways

·      Roadways

·      Railways

Market Segmentation by Industry

·      Food

o   Fruits

o   Meat/poultry

o   Fish/seafood

o   Vegetables

o   Dairy products

o   Others

·      Pharmaceutical

o   Liquid medicines

o   Pills

o   Vaccines

o   Biologicals

o   Others

·      Chemical

COVID-19 Impact on the Omega-3 Market

It is highly unlikely that junk food will ever go out of trend, however, people are becoming more conscious regarding their health, which is why they are opting for healthier food items. Food items rich in nutrient especially are becoming popular day-by-day among the general public. A major drawback in the past regarding the adoption of healthier food items was their high cost, but due to economic growth and rise in disposable income, a large number of people are able to make healthy choices. A new continuum of nutrient-positioned products ranging from fortified/functional foods to nutrient supplements is emerging across the globe.

Research Report on Omega-3 Market

According to a P&S Intelligence report, in 2019, the global omega-3 market attained a value of $19.7 billion and is expected to generate a revenue of $49.7 billion by 2030, witnessing a CAGR of 8.8% CAGR during the forecast period (2020–2030). Omega-3 is available in tablet or capsule form and liquid form. The larger demand in 2019 was created for liquid form of omega-3, which is ascribed to the availability of this form at a lower price than tablets or capsules and higher levels of eicosapentaenoic acid (EPA) concentration.

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The major sources of omega-3 are plants, including algae pol and flaxseed oil, and animals, including cod liver oil, fish oil, and krill oil. Omega-3 from animal sources was more in demand in 2019. Human body needs EPA and DHA in much larger quantities than it does alpha-linolenic acid, and animal-based omega-3 has EPA and DHA, its requirement is expected to increase in the coming years as well. The major end users of omega-3 are veterinary supplements, dietary supplements, infant nutrition formulas, functional food ingredients, and pharmaceuticals. Dietary supplements made the most use of omega-3 in 2019, which is because these supplements are preferred by a large number of consumers for healthy lifestyle choices.

Geographically, Asia-Pacific (APAC) is projected to emerge as the largest omega-3 market in the coming years, which is attributed to the shifting consumer preference towards a healthy diet that consists of omega-3 ingredients. In the region, China consumes a significant amount of DHA and EPA, and the consumers in the country obtain omega-3 mostly from fortified foods and fish supplements. Apart from APAC, North America also consumes a considerable amount of omega-3, particularly because of its health benefits.

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In conclusion, the growing awareness of people regarding the consumption of healthy food is resulting in the rising demand for market for omega-3.

India Electric Bus Market to Witness a Pronounce Growth During 2021-2025

The Indian electric bus market had a valuation of $94.3 million in 2020 and it is predicted to advance at a CAGR of 48.8% between 2021 and 2025. According to the market research company, P&S Intelligence, the market will generate a revenue of $1,364.4 million by 2025. The key factors driving the advancement of the market are the increasing implementation of favorable government policies regarding electric bus deployment and the surging domestic manufacturing of electric buses in the country.

Due to the rapid environmental degradation in the country, the government is enacting various policies and regulations aimed at encouraging the deployment of environment-friendly modes of transportation such as electric buses in the country. The Ministry of Heavy Industry and Public Enterprise announced the eligibility criteria for electric passenger vehicles, buses, and two- and three-wheelers to avail the various benefits sanctioned under the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) II incentives in March 2019.

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Moreover, the government announced the procurement and deployment plan of 5,585 electric buses all over the country in August 2019. These government measures are propelling the expansion of the Indian electric bus market. Besides these initiatives, the soaring domestic manufacturing of electric buses is also fueling the advancement of the market. Many local players are increasingly announcing collaborations with leading foreign players for meeting the surging electric vehicle requirements in the country.

For example, GreenCell Mobility and PMI Electro Mobility Solutions entered into a partnership with each other for deploying 350 electric buses in Uttar Pradesh, India. This move is predicted to generate as many as 1,000 jobs in the country in the coming years. Depending on type, the market is classified into hybrid electric bus (HEB) and battery electric bus (BEB). Of these, the BEB category is predicted to register higher growth in the market in the future years.

This will be because of the higher utilization of these buses and the existence of proper infrastructure for the manufacturing of these buses in the country. Furthermore, the provision of various government incentives and subsidies is also augmenting the sales of electric buses in the country. When application is taken into consideration, the market is divided into intercity and intracity. Between these, the intercity category will exhibit higher market growth in the future.

The Indian electric bus market will demonstrate the fastest growth in North India in the coming years. This is credited to the implementation of favorable policies by both state and central governments for promoting the deployment of electric buses in this region. In addition to this, the surging pollution levels and the increasing enactment of strict emission regulations and norms are also fueling the adoption of electric buses by various state transport undertakings in the region.

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Hence, it can be said with full surety that the market will register huge expansion in the upcoming years, primarily because of the growing requirement for environment-friendly modes of transportation and the surging enactment of favorable government policies regarding electric bus deployment in the country.

Electric Toothbrush Market to Witness Robust Growth in Coming Years

 “It is estimated that oral diseases affect nearly 3.5 billion people.”, says the World Health Organization (WHO). Additionally, over 530 million children on the planet suffer from primary teeth caries. In fact, dental caries are a major problem in developed countries too, affecting a large population of children as well as adults here. The rising prevalence of such issues is ascribed to the unhealthy diets in such countries, which are dominated by sugary food and alcohol. Due to this, the need for taking good care of the teeth and gums is rising around the world.

According to P&S Intelligence expects the electric toothbrush market to grow from $2.7 billion in 2019 to $4.8 billion by 2030, at a 5.7% CAGR between 2020 and 2030. Such devices have a motor doing most of the brushing work, while users just have to hold them in their hand and move them around inside the mouth. A number of studies have established such devices to be more effective than conventional toothbrushes. This is another of the key factors that are encouraging people around the world to adopt them for comprehensive oral care.

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Around the world, the European electric toothbrush market is the largest as a result of the unhealthy diets and rising population of the elderly in the region. In addition, the European Union (EU) and government of individual countries are collectively raising awareness regarding oral health and making it a key focus in their healthcare plans. Apart from Europe, the usage of these devices is also picking up rapidly in Asia-Pacific (APAC) due to the increasing geriatric population and e-commerce activities, the latter of which are resulting in an easy access to electric toothbrushes.

Hence, with electric toothbrushes proving more effective than manual ones in maintaining the desired oral hygiene, their usage is bound to rise.

Growth of the Autonomous Car Market in Europe

One of the prominent trends presently being witnessed in the automotive lithium-ion battery market is the rising incorporation of lithium nickel manganese cobalt oxide (NMC) batteries in electric vehicles across the globe. This is primarily attributed to the ability of the NMC batteries to provide high energy density and the rising requirement of vehicles having high ranges throughout the world. In addition to this, the declining prices of the NMC batteries, their lesser space requirements, and lighter weights are further boosting The adoption of autonomous cars has increased tremendously in Europe over the last few years and is predicted to rise even more in the coming years. The main reason promoting the deployment of autonomous cars in this region is the presence of favorable laws for the adoption of autonomous cars in many European countries. The policies pertaining to the intellectual property, product liability, corporate /M&A transactions, and cybersecurity in several European countries are very favorable for the development and sales of autonomous cars.

The regulatory policy recently implemented in Spain is the biggest example of such favorable policies related to autonomous vehicles. The Directorate General of Traffic (DGT) collaborated with Mobileye in 2017 for preparing an infrastructure ecosystem and favorable regulatory policy in the country for autonomous vehicles. The DGT encourages the adoption of all autonomous cars up to level 5 in the country. Similarly, in Germany, the Road Traffic Act was recently amended (June 2017) and this new amendment allows drivers to transfer driving control to an autonomous vehicle.

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Globally, the European autonomous car market registered the highest volumetric growth in Germany during the past few years, as per the findings of the market research firm, P&S Intelligence. This is ascribed to the existence of prominent OEMs (original equipment manufacturers) in the country such as Volkswagen AG, Tesla Inc., and BMW and the subsequent launch of new and advanced models having higher automation features. These vehicles are equipped with various advanced driver assistance systems (ADASs) such as smart park assist, anti-lock braking, and blind spot detection systems, which make them highly sought after amongst customers.

The other major factor fueling the demand for autonomous cars in Europe is the increasing customer preference for cars equipped with advanced safety systems and features. Moreover, people nowadays are preferring cars that provide them with an enhanced driving experience. Besides this, the growing popularity of connected car technologies is also boosting the sales of autonomous vehicles in Europe. Due to these factors, the European autonomous car market is predicted to register consistent growth in the coming years.

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Thus, it can be safely said that the sales of autonomous vehicles will climb in Europe in the upcoming years, mainly because of the increasing implementation of favorable government policies in the European countries and the burgeoning customer demand for advanced vehicles equipped with enhanced safety systems and possessing self-driving features. their sales across the world.

What is Biggest Trend Currently Witnessed in Animal Healthcare Market?

Milk and meat have now become important parts of everyday meals. The demand for these products has also been increasing because of the changing lifestyle in developing countries, surging population, and rising disposable income of people. In addition to this, due to rising health concerns, people are now opting for protein-rich food, including meat, eggs, and milk. This is why, the focus on raising the production of farm animals has grown considerably across the globe. 

However, there is a risk of transference of animal diseases to human, which is why, the emphasis on animal healthcare is also growing. As per a study by P&S Intelligence, the global animal healthcare market is predicted to reach a value of $42,926.7 million by 2023, increasing from $31,637.0 million in 2017, advancing at a 5.1% CAGR during the forecast period (2018–2023). In addition to this, the adoption of companion animals has also increased over the past few years. 

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As per an American Pet Products Association 2008 survey, people who owned cats and dogs in the U.S. were observed to be healthier and happier as compared to those who did not own any pets. Furthermore, in 2017, Americans spent more than $69.5 billion on pets. Humans are increasingly getting aware regarding the benefits of keeping pets, which is also leading to the growing focus on animal healthcare all over the world. 

A number of products are used for maintaining the health of farming animals, including anti-inflammatories, feed additives, parasiticides, vaccines, and anti-infectives. Some other animal healthcare products include drugs for productive problems, oncological and antiemetic products, and medicines for pain sedation. Out of these, the demand for food additives was the highest in the past, their demand is further predicted to be the highest in the years to come as well. The increasing feed production and rising consumption of animal-derived products are driving the demand for feed additives. 

All these products are available at different distribution channels, such as pharmacies & drug stores, veterinary hospitals, veterinary clinics, retail stores, and online platforms. The largest demand for animal healthcare products was created from veterinary hospitals in the past, owing to the rising preference of pet owners for these settings. Veterinary hospitals provide overall healthcare solutions for pets unlike other veterinary facilities. In the years to come, the demand for these products is also expected to rise from online platforms because of the expanding e-commerce sector. 

Geographically, North America emerged as the major animal healthcare market in the 2017, owing to the rising spending on healthcare of animals by farm animal owners, emerging trend of pet humanization, and growing requirement for animal-based products. Other than this, the demand for animal healthcare products is also predicted to increase in the Asia-Pacific region in the coming years. The increasing requirement for animal-source food products and rising livestock population in various countries are driving the regional market. 

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Hence, the demand for animal healthcare products is growing due to the increasing demand for protein-rich foods and rising trend of pet humanization.