India Veterinary Industry Outlook to 2030

India Veterinary Industry Market Overview

• The India Veterinary Industry is valued at USD 1.30 billion, based on a five-year historical analysis. The market is primarily driven by increasing pet ownership, livestock health awareness, and government initiatives aimed at improving animal healthcare standards. The growing demand for advanced veterinary pharmaceuticals, diagnostics, and vaccines is further fueling market growth, with significant contributions from rural as well as urban areas. Technological advancements in veterinary care, such as telemedicine and veterinary diagnostics, are also playing a vital role in driving market expansion.
• Key regions such as North and South India dominate the India veterinary market due to their large livestock populations and increasing pet ownership, particularly in metropolitan areas like Delhi, Mumbai, and Bengaluru. These cities benefit from a concentration of veterinary hospitals and clinics, as well as a robust infrastructure supporting animal healthcare services. The presence of top veterinary pharmaceutical manufacturers and the increasing consumer focus on companion animal health further bolster the market's strength in these regions.
• The National Animal Disease Control Program (NADCP) was launched with a budget of INR 13,343 crores to vaccinate 500 million livestock annually. The program focuses on controlling and eradicating diseases such as Foot and Mouth Disease (FMD) and Brucellosis. This initiative significantly boosts demand for veterinary services across India, creating opportunities for veterinarians, healthcare providers, and pharmaceutical companies.

India Veterinary Industry Market Segmentation

By Product Type: India's Veterinary Industry market is segmented by product type into veterinary pharmaceuticals, veterinary diagnostics, veterinary vaccines, and veterinary medical equipment. Among these, veterinary pharmaceuticals hold the dominant market share in India due to their critical role in treating various animal diseases and ensuring livestock health. This segment's dominance is driven by the growing prevalence of zoonotic diseases and the rising demand for antibiotics and anti-infectives in the livestock sector. Furthermore, the increasing investments in research and development for animal health products are also contributing to the rapid growth of this segment.

By Animal Type: The veterinary market in India is segmented by animal type into companion animals and livestock animals. Livestock animals, including cattle, poultry, and swine, dominate the market share due to India's agrarian economy, which is heavily reliant on livestock for income and sustenance. The livestock segments growth is driven by the increasing demand for meat, dairy products, and other animal-derived products, alongside government initiatives aimed at improving animal health through vaccination programs and disease control measures.

India Veterinary Industry Competitive Landscape

The India Veterinary Industry is characterized by the presence of several domestic and international players. These companies are competing on various parameters such as product innovation, market penetration, and price differentiation. Major companies are investing heavily in research and development to introduce advanced veterinary products, such as vaccines and diagnostics, aimed at improving animal health. This competitive landscape is further bolstered by the increasing collaboration between veterinary pharmaceutical companies and research institutes.

India Veterinary Industry Analysis

Growth Drivers

• Rising Pet Ownership: India's rising pet ownership has been a significant growth driver for the veterinary industry. The country's pet population surged to 32 million in 2023, as reported by the World Bank, largely driven by increasing disposable incomes and urbanization. Additionally, with the average household income growing by 4.3% annually in 2023 according to the IMF, more families can afford to own and care for pets. This growth in pet ownership is fueling demand for veterinary services, including regular checkups, vaccinations, and advanced healthcare treatments, creating substantial opportunities for veterinarians and related service providers.
• Livestock Population: India holds one of the largest livestock populations in the world, with 535.8 million heads of livestock as per government estimates from the Ministry of Agriculture in 2023. The livestock sector contributes around 4.5% to Indias GDP, emphasizing its critical role in the national economy. This robust livestock population demands continuous veterinary attention for disease prevention, treatment, and overall healthcare. The introduction of government-backed disease control programs such as the National Animal Disease Control Program (NADCP) further supports the demand for veterinary services in rural and urban settings alike.
• Animal Health Awareness: The growing awareness of animal health, spurred by both government and non-government organizations, is a key factor driving veterinary industry growth in India. The Indian government has launched multiple initiatives aimed at improving livestock health and productivity, such as the Livestock Health and Disease Control Scheme. Public health campaigns related to zoonotic diseases have also emphasized the importance of regular veterinary care, resulting in an increase in animal health checkups. The World Organization for Animal Health (OIE) reports that India now has over 25,000 veterinarians, although there is still room for growth in this workforce.

Market Challenges

• High Cost of Veterinary Services: Veterinary services in India remain expensive for many pet and livestock owners, with the average cost of veterinary treatment ranging from INR 1,500 to INR 3,500 per visit, according to reports from the Veterinary Council of India. This cost is a barrier to accessing veterinary care, especially in rural areas where livestock farming is prevalent. Rising operational costs, import dependencies for advanced diagnostic tools, and the lack of government subsidies in this sector compound the issue, limiting the reach of high-quality veterinary services to a select few.
• Lack of Skilled Veterinary Workforce: India faces a significant shortage of trained veterinarians. While the country has around 25,000 registered veterinarians as per OIE data, the livestock and pet population demand nearly double this number. The ratio of veterinarians to livestock heads remains critically low, with approximately one veterinarian for every 20,000 animals, compared to the global average of one veterinarian per 5,000 animals. This shortage restricts the quality and availability of veterinary services, particularly in rural areas, affecting disease management and animal care.

India Veterinary Industry Future Outlook

Over the next five years, the India veterinary industry is expected to witness significant growth driven by factors such as increased awareness of animal health, rising pet ownership, and advancements in veterinary medical technology. The government's continuous efforts to improve livestock health, coupled with the introduction of various animal welfare programs, will further boost the demand for veterinary products and services. Additionally, the growing trend of telemedicine in veterinary care and the rising demand for companion animal diagnostics are set to fuel the industry's expansion. The increasing focus on rural healthcare development and the rising disposable incomes of consumers are also expected to drive the growth of the companion animal healthcare segment, leading to further investments in veterinary clinics and hospitals.

Market Opportunities

• Emerging Veterinary Diagnostics: The veterinary diagnostics sector is witnessing significant advancements, with innovations such as rapid testing kits, PCR diagnostics, and digital imaging technologies gaining traction. In 2023, Indias expenditure on veterinary diagnostics tools increased by 7.2% according to the Ministry of Agriculture. This growth is particularly pronounced in urban areas, where pet owners are more inclined to spend on advanced diagnostic services. These advancements allow veterinarians to offer better diagnostic accuracy and timely treatment, enhancing overall animal healthcare services across the country.
• Increasing Investment in Animal Healthcare: Investment in India's animal healthcare industry is rising, with private and public sector initiatives aimed at improving veterinary infrastructure. In 2023, the Indian government allocated INR 4,200 crores to boost veterinary services as part of the Livestock Health and Disease Control Scheme. This fund is expected to improve veterinary hospitals, enhance animal disease surveillance, and provide essential training for veterinary professionals, especially in rural areas. Such investments are opening up new opportunities for both local and international companies in the animal healthcare sector.