Mexico Veterinary Medicine Market Size & Outlook
Mexico veterinary medicine market, 2018-2030 (US$M)
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Mexico veterinary medicine market highlights
- The Mexico veterinary medicine market generated a revenue of USD 1,632.8 million in 2023 and is expected to reach USD 3,005.1 million by 2030.
- The Mexico market is expected to grow at a CAGR of 9.1% from 2024 to 2030.
- In terms of segment, pharmaceuticals was the largest revenue generating product in 2023.
- Biologics is the most lucrative product segment registering the fastest growth during the forecast period.
Veterinary medicine market data book summary
| Market revenue in 2023 | USD 1,632.8 million |
| Market revenue in 2030 | USD 3,005.1 million |
| Growth rate | 9.1% (CAGR from 2023 to 2030) |
| Largest segment | Pharmaceuticals |
| Fastest growing segment | Biologics |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Biologics, Pharmaceuticals, Medicated Feed Additives |
| Key market players worldwide | Zoetis Inc Class A, Boehringer Ingelheim, Merck & Co Inc, Elanco Animal Health Inc, Dechra Pharmaceuticals, Ceva Santé Animale, Phibro Animal Health Corp Class A, Virbac SA, Bimeda Ireland, Biogenesis Bago |
Other key industry trends
- In terms of revenue, Mexico accounted for 3.5% of the global veterinary medicine market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Latin America, Brazil veterinary medicine market is projected to lead the regional market in terms of revenue in 2030.
- Argentina is the fastest growing regional market in Latin America and is projected to reach USD 1,463.0 million by 2030.
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Veterinary Medicine Market Scope
Veterinary Medicine Market Companies
| Name | Profile | # Employees | HQ | Website |
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Mexico veterinary medicine market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to veterinary medicine market will help companies and investors design strategic landscapes.
Pharmaceuticals was the largest segment with a revenue share of 67.76% in 2024. Horizon Databook has segmented the Mexico veterinary medicine market based on biologics, pharmaceuticals, medicated feed additives covering the revenue growth of each sub-segment from 2018 to 2030.
The implementation of stringent government laws for animals is expected to drive the veterinary medicine market. For instance, according to The Domestic Animal Protection Act (2016), any activity that involves unnecessary death of an animal is considered a crime.
The shifting economic and social state in the country is the most significant market driver in Mexico. According to an article published by A-Z-Animals.com, 70% of the country’s households have at least one pet, which is contributing to growth.
Moreover, Mexico has free trade agreements with several countries. For instance, the U.S., Mexico, and Canada (USMCA) agreement lowers the barriers to import & export of goods, which is expected to positively impact the market growth in the country.
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Our clientele includes a mix of veterinary medicine market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the Mexico veterinary medicine market , including forecasts for subscribers. This country databook contains high-level insights into Mexico veterinary medicine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Mexico Veterinary Medicine Market Outlook Share, 2024 & 2030 (US$M)
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