Florfenicol Market Size, Share, Growth, And Industry Growth By Type (Purity ≥ 98%, and Purity ≥ 99.5%), By Application (Livestock, Poultry, and Aquaculture), Regional Forecast To 2031

Updated On: 08 July 2024

Florfenicol Market REPORT OVERVIEW

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The global florfenicol market size was USD 375.1 million in 2021 and is projected to touch USD 616.11 million by 2031, exhibiting a CAGR of 5.1% during the forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Florfenicol is used in the treatment of livestock, poultry and aquaculture against any suspectable bacterial disease. It has been extensively used as a veterinary drug since its introduction to the market in the late 90s. It is now available worldwide and is being approved in many countries for mainstream treatment.

Florfenicol- a fluorinated synthetic analogue of thiamphenicol and has proven benefits in the treatment of bovine respiratory disease. The livestock revolution has been the goal of governments and farmers to meet the demands of the urban population and improved research and technology have made it possible.

COVID-19 Impact:  Rise in cases and lack of resources to Impede the Market Growth

COVID-19 effect on livestock production was unexpected and created a moment of chaos slowing down the market growth. No country was prepared for this sudden pandemic and it took a heavy toll on the farmers. The frequent lockdowns affected the food supply chain. Factory workers and meat processing units saw a rise in COVID-19 cases hampering production. Moreover, many units were shut down to combat the virus. The difficulty in transportation and lack of capital during the pandemic times affected the livestock industry. As a result, the florfenicol market size was reduced. However, as the new normal phase starts the market is expected to bounce back due to the increasing market demands.

LATEST TRENDS

"The Continuous Research and Developments to Boost Market Demand"

Livestock health and research for improved medicine for aquaculture are becoming a priority in the forthcoming days. Florfenicol is under continuous research and development to increase the efficiency and application of the product. The progress towards sustainable livestock and environment friendly has triggered the scientist to continue clinical trials and comprehend the potentiality of the product and launch new products.

Florfenicol Market SEGMENTATION

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• By Type

Based on type, the market is divided into Purity ≥ 98%, and Purity ≥ 99.5%. the purity ≥ 98% segment will dominate the market through 2028.

• By Application

Based on the application, the market is divided into Livestock, Poultry, and Aquaculture. The livestock segment will capture the dominant share through 2028.

DRIVING FACTORS

"Increase in Livestock Production to Accelerate the Product Demand"

In the early days' livestock production was solely dependent on natural resources and the manual labour of human beings. Previously farmers raised the livestock for home consumption however, over the years this notion has been changed and the present aim is to earn income from the livestock. The livestock market has witnessed a transformation in the past few decades. Livestock was at high risk of attracting infections and diseases due to poor maintenance and lack of medicines and technology. Livestock was impoverished and had minimal production. The dawn of the 21^st century saw upscale urbanization triggered by scientific and technological advancements. The improved infrastructure paved the way for advanced research facilities and the discovery of new medicines to combat livestock disease. Moreover, there has been a sharp increase in the demand for animal food products in developed and developing countries. The development is striving to improve livestock production to generate extra revenue and employment. Human beings over time have consumed meat and large-scale production is possible owing to the integration of industrial tech. The population expansion contributed to the rising demand and growth of animal food products. To improve the health condition of the livestock, florfenicol is an antibiotic used in treating bacterial infections in livestock. It has its use in mainstream veterinary practices and common medicine in the treatment of bovine respiratory disease. The rise in the production of livestock and sustainable living will be a major driving factor for the florfenicol market growth.

"Diverse Application to Boost the Florfenicol Market Demand"

Florfenicol uses in not limited to livestock. The application of this veterinary medicine has been widespread in the aquaculture sector. Aquaculture is the fastest growing sector of industry in food production and will continue to grow in the upcoming years. The growth of this sector is the result of higher income, the standard of living in developing and developed countries and an increase in the urban population. Extreme weather conditions, drug-resistant pathogens and other factors may lead to the shortening of fish lifespan causing economical loss to the fish farmers. Another major concern is that there is a dearth of approved drugs for the aquaculture sector compelling the farmers to opt for the limited options available in the market. Florfenicol is approved in China and the United States to use in aquaculture in the treatment of fish against bacterial disease. It is well-tolerated by the fish in both salt and fresh water making it more useful. The diverse application will act as a growth factor for the florfenicol market share.

RESTRAINING FACTORS

"Lack of Availability of Fluoride and Side Effects to Hamper the Market Growth"

Fluoride availability has increased in the last decades however, a section of unprivileged from developing and poor countries does not have access to fluoride which should be incorporated into the oral care routine to prevent diseases. The expensive fluoride procedures and treatments and side effects are acting as a restraining factor. Fluoride is supposedly dangerous for a child. If taken more than pea-sized it can cause poisoning. All these factors are restricting the fluoride varnish market share.

Florfenicol Market REGIONAL INSIGHTS

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"North America to Dominate the Market due to Advanced Research and Developments"

North America's consumer demand for animal protein has contributed to the growth of livestock production over the years. The increase in population, technological advancement and a good economy to support the research and development had played a major role in the growth of the florfenicol market in this region.

The Asia-pacific region is also witnessing dramatic growth due to the pressure of meeting the demands of the rising population, the presence of key players in the market and generating extra revenue and alleviating poverty by taking the initiative to grow livestock and aquaculture. China is expected to lead this region in the forecasted year.

KEY INDUSTRY PLAYER

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Merck Animal Health (U.S)
• Hisoar Pharmaceutical (China)
• Lianhuan Pharmaceutical (China)
• Hansyn Pharma (China)
• Zhejiang Kangmu Pharmaceutical (China)
• CAHIC (China)
• Shandong Guobang Pharmaceutical (China)
• Longxiang Pharmaceutical (China)
• Masteam Biotech (China)
• Hankuo(China)
• Runkang Pharmaceutical (China)
• Jiangxi Dongxu (China)
• Interchemie (Netherlands)
• Temad (Iran)
• Tecoland (Poland)

REPORT COVERAGE

This report covers the analysis of the florfenicol market providing a comprehensive market insight considering the existing key players who would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.