South Korea Veterinary Medicine Market Size & Outlook
South Korea veterinary medicine market, 2018-2030 (US$M)
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South Korea veterinary medicine market highlights
- The South Korea veterinary medicine market generated a revenue of USD 336.6 million in 2023 and is expected to reach USD 653.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 9.9% 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 336.6 million |
| Market revenue in 2030 | USD 653.3 million |
| Growth rate | 9.9% (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, South Korea accounted for 0.7% 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 Asia Pacific, China veterinary medicine market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,553.3 million by 2030.
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Veterinary Medicine Market Scope
Veterinary Medicine Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea 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 67.59% in 2023. Horizon Databook has segmented the South Korea veterinary medicine market based on biologics, pharmaceuticals, medicated feed additives covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea veterinary medicine market is anticipated to grow due to rising incidence of disease outbreaks and the presence of prominent market players. For instance, in 2021, according to the National Center for Biotechnology Information, African Swine Fever (ASF) is one of the most complex infectious diseases affecting pigs.
Hence, disease outbreaks would require use of veterinary medicines to control them, as this can affect the life of the animals, which is driving growth of the market within the country. Moreover, some of the market players, such as EASY BIO, Inc., BIONOTE., and Harim Group., are headquartered in South Korea and are taking up various strategic initiatives related to veterinary medicine.
For instance, in 2023, EASY BIO and Opti pharma signed a collaborative agreement to expand the exports of bacteriophage-based feed additives. Functional feed additives with bacteriophages are alternatives for antibiotic resistance, which is a global problem; hence, such initiatives are expected to drive market growth.
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Our clientele includes a mix of veterinary medicine market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea veterinary medicine market , including forecasts for subscribers. This country databook contains high-level insights into South Korea veterinary medicine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea veterinary medicine market size, by product, 2018-2030 (US$M)
South Korea Veterinary Medicine Market Outlook Share, 2023 & 2030 (US$M)
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