by The global enrofloxacin market is an important segment of the veterinary pharmaceutical industry. Enrofloxacin is a synthetic fluoroquinolone antimicrobial agent used for treating bacterial infections in animals. It has broad-spectrum bactericidal activity against both gram-positive and gram-negative bacteria. Enrofloxacin is widely used for treating respiratory infections in poultry and other livestock. It is also used for treating udder infections in dairy cattle. The growing meat and dairy industry has increased the demand for enrofloxacin to prevent losses due to disease outbreaks.
The global enrofloxacin market is estimated to be valued at US$ 450 million in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Global Enrofloxacin Market Size is the rising aquaculture industry. Aquaculture involves farming of aquatic organisms such as fish, crustaceans, molluscs and aquatic plants. It is one of the fastest growing food production systems globally. However, intensification and intensification of aquaculture has increased the risk of infectious disease outbreaks. Enrofloxacin is commonly used to treat bacterial infections in aquaculture species. Its use helps in curbing losses due to mortality. Another trend is the development of newer delivery systems for enrofloxacin. Traditionally it was available as injectable formulation. However, newer delivery systems like oral formulations and feed premixes have been developed to facilitate ease of administration in livestock and poultry. This has boosted its demand from farmers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Establishing manufacturing facilities and distribution channels for veterinary drugs require large investments and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have the option to choose from various generic versions of the drug.
Bargaining power of suppliers:The bargaining power of suppliers is moderate. Key raw materials are commoditized and suppliers have few differentiators.
Threat of new substitutes: The threat of new substitutes is moderate. While there are several alternatives available, most have limitations and side effects.
Competitive rivalry: The competitive rivalry is high. The market has the presence of many generic manufacturers leading to competitive pricing.
Key Takeaways
The global Enrofloxacin market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: Europe currently dominates the Enrofloxacin market owing to high meat consumption and organized livestock farming. Asia Pacific is expected to be the fastest growing market led by increasing meat demand from countries like India and China. Growing livestock population and rising vet healthcare expenditure will drive the regional growth.
Key players: Key players operating in the Enrofloxacin market are Bayer, AIRVET, LKPC, Jiangsu Lingyun Pharmaceutical, Zhejiang Yongning Biological. Major players are focusing on new product launches and expanding geographic reach through acquisitions to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
