April 22, 2024
Enrofloxacin Market

The Global Enrofloxacin Market Is Thriving In Precision Agriculture By AI

The enrofloxacin market comprises antibiotics used to treat bacterial infections in agricultural livestock. Enrofloxacin acts as a broad-spectrum fluoroquinolone antibacterial agent active against both Gram-positive and Gram-negative bacteria. It is commonly administered orally or via injection to treat respiratory, urinary tract, skin & soft tissue infections in animals such as cattle, pigs and poultry. Advantages of enrofloxacin include high efficacy against a wide range of pathogens, cost-effectiveness and minimal withdrawal period. With the growing threat of zoonotic diseases and antimicrobial resistance, enrofloxacin plays a crucial role in maintaining animal health and food safety.

The Global Enrofloxacin Market is estimated to be valued at US$ 541.91 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Enrofloxacin market are Sunny Optical Technology Group Co. Ltd., Foxconn Technology Co. Ltd., STMicroelectronics N.V., OmniVision Technologies Inc., Chicony Electronics Co. Ltd., Sharp Corporation, LG Innotek Company Ltd, Partron Co. Ltd., Lite-On Technology Corp., LuxVisions Innovation, and Samsung Electro-Mechanics Co. Ltd.

The growing demand for meat and dairy has increased livestock farming globally. This has augmented the uptake of veterinary medicines such as enrofloxacin to prevent infections and ensure animal welfare. Furthermore, increasing incidence of zoonotic diseases drives the need for prophylactic use of antibiotics in livestock.

Asia Pacific dominates the Global Enrofloxacin Market Demand due to rising meat consumption, growing livestock population and loosening regulatory barriers in emerging economies. Meanwhile, e-commerce platforms and organized retail are facilitating better distribution in foreign markets and supporting the global expansion of enrofloxacin producers.

Market key trends

Adoption of precision agriculture techniques using AI and IoT is one of the major trends witnessed in the enrofloxacin market. Livestock monitoring systems equipped with image recognition software and sensors help detect diseases at an early stage. This allows for targeted, low-dose administration of antibiotics like enrofloxacin only in infected areas. Such precision treatment practices are vital for antimicrobial stewardship and slowing down the emergence of drug resistance on farms.

Porter’s Analysis

Threat of new entrants: Low barriers to entry such as low capital requirement and availability of generic drugs. However, established players dominate the market with strong product portfolio and distribution channels.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of generic substitutes. However, established brands command trust of buyers.

Bargaining power of suppliers: Manufacturers have strong bargaining power due to availability of few API suppliers and complex manufacturing process requiring technical expertise.

Threat of new substitutes: Threat of substitutes is low as enrofloxacin is a broad spectrum antimicrobial with few effective substitutes available.

Competitive rivalry: High as market is dominated by top 3 players accounting for over 50% share. Players compete on pricing, innovation and marketing.

Geographical regions of market concentration:

North America region currently holds the largest share of over 35% of the global enrofloxacin market in terms of value. This is attributed to high livestock population and developed veterinary healthcare industry in the region.

Fastest growing region:

Asia Pacific region is projected to register highest CAGR of over 17% during forecast period. Rapid expansion of poultry and livestock farming in developing economies such as China and India is driving demand for veterinary drugs such as enrofloxacin in the region

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it