The Enrofloxacin Market is estimated to be valued at US$ 470.4 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Enrofloxacin belongs to fluoroquinolones family of synthetic broad-spectrum antibiotic used for treating respiratory, skin and soft tissue, and urinary tract infections in cattle, poultry, swine as well as companion animal species. It provides several advantages such as effective treatment of wide range of bacterial infections and high therapeutic index. Increasing consumption of meat and dairy products along with growing population of companion animals drive the demand for veterinary antibiotics like enrofloxacin.

 

Market key trends:

Increasing meat consumption - Rising population and changing dietary patterns are propelling the consumption of meat and dairy products globally. Animal agriculture sector is growing rapidly to meet up this demand, thereby driving the usage of veterinary drugs including antibiotics like enrofloxacin. According to United Nations Food and Agriculture Organization (FAO), global meat production grew from 218 million tons in 1997 to 344 million tons in 2019. This rising meat production is escalating the demand for veterinary pharmaceuticals including enrofloxacin for animal health management.

 

Porter’s Analysis

Threat of new entrants: The enrofloxacin market has moderate threat of new entrants as new players need to invest in research and manufacturing infrastructure to develop and produce enrofloxacin.
Bargaining power of buyers: The bargaining power of buyers is moderate to high due to availability of substitutes in the market. Buyers can easily switch to alternatives if large price fluctuations occur.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are multiple raw material suppliers for enrofloxacin production.
Threat of new substitutes: Threat from substitutes is high as antibiotic alternatives are available for veterinary healthcare.
Competitive rivalry: High due to presence of many established players.

 

SWOT Analysis

Strength: Wide applications in veterinary therapeutics. Established production facilities and distribution networks.
Weakness: Stringent regulations. Risk of antimicrobial resistance development.
Opportunity: Increasing veterinary healthcare expenditure. Growing meat consumption and livestock population boosting demand.
Threats: Substitute antibiotic alternatives. Price fluctuations of raw materials.

 

Key Takeaways

The Global Enrofloxacin Market Growth is expected to witness high, exhibiting CAGR of 4.1% over the forecast period, due to increasing veterinary healthcare expenditure and growing demand for animal protein.

The Asia Pacific region is projected to dominate the global market during the forecast period due to rising livestock population and increasing disposable income in developing countries such as China and India.

Key players operating in the enrofloxacin market are Bayer AG, Zoetis Inc., Boehringer Ingelheim GmbH, Merck & Co., Inc., Virbac S.A., Ceva Santé Animale, Elanco Animal Health, Bimeda, Aurobindo Pharma Limited, and Teva Pharmaceutical Industries Ltd.

For more insights, read-  https://www.dailyprbulletin.com/enrofloxacin-market-share-size-and-growth-share-trends-analysis-demand-forecast/