My career has primarily developed in my native country, Brazil, where I’ve dedicated 33 years to the animal health industry across various companies. Throughout this time, I’ve been consistently amazed by the industry’s dynamism, especially with the recent growth in veterinary specialties like telemedicine, health plans, and artificial intelligence.
Reflecting on the past year, I wanted to summarize the key growth drivers in this market. According to SINDAN (the industry’s union), the animal health market grew by 4.2% in 2023 compared to 2022. Over the past 10 years, the compound annual growth rate (CAGR) has been 10.5%, signaling a slowdown after the post-COVID peak of 20.5% growth in 2021, which mirrors the global trend.
The primary growth driver continues to be the market for dog and cat products, which accounted for 29% of the industry’s total revenue of 10.8 billion reais (approximately 2 billion USD at current exchange rates). Within the companion animal segment, the rapid adoption of innovative therapeutic products like monoclonal antibodies stands out.
I will continue to monitor the annual data for 2024 and share any new developments with you.
Mauri Moreira – Brakke LATAM
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