2025年夏季动物健康行业报告

I N D U S T R YR E P O R TSummer|2025C R E A T I NGM & AS T R AT E G I E SS I N C E1 9 5 6 Table of ContentsMarket Observations..........................................................................................3TransactionHighlights........................................................................................14PublicCompanies...............................................................................................24CFA Overview.......................................................................................................31 Animal Health Industry News | Summer 2025 | Page2 Market SummaryTheglobalanimalhealthmarketmaintainsitsstronggrowthmomentum,withfirst-quarter2025marketdataindicatingacceleratedadoptionofadvanceddiagnostictechnologiesandspecialtytherapeutics.inApril,atthe2025petfoodforum,BloombergIntelligenceconfirmedthattheglobalpetindustryisstillprojectedtogrowmorethan45%inthenextfiveyears,surpassing$500billionby2030.FutureMarketinsightsalsorecentlyannouncedanexpected7.1%CAGRfrom2025to2035drivenbythesameseculartrendforpremiumnutrition,healthservices,andlifestyleproducts.IntheUS,TheU.S.petindustrycontinuestoexpand,withtotalexpendituresreaching$152billionin2024,projectedtohit~$157billionin2025(APPA),withVetCareexpectedtobethefastestgrowingsegment(4%).Despiteapost-pandemicnormalization(3.3%growthin2024vs7.4%in2023),underlyingpetcaredemandremainsstrong,fueledbypet“humanization,”anagingpetpopulation,andsteadypetownership.TheCFAWSelectAnimalHealthIndexpostedamodest3.5%gaininthefirsthalfof2025,slightlytrailingthebroaderS&P500,whichrose3.9%overthesameperiod.Despite underperforming the broader market,the sectorcontinuesto benefit from structural tailwinds–including innovation in petpharmaceuticalsand diagnostics,as well as ongoing consolidation acrossveterinaryservices–thatsupportlong-terminvestorinterest.WhileoverallindexgainsweremodestinH12025,severalcompaniespostedstrongmarketcapgrowth,ledbyIDEXX,Chewy,andElanco.OtherslikeCVSGroupand Pets at Home delivered standout percentage gains,highlightingcontinuedinvestorinterestindiagnostics,vetservices,andpremiumpetcareasdurablegrowththemes.The3largestpubliclytradedplayersZoetis,Chewy,andIdexxreportedatoplinegrowthabove5%for2024comparedto2023,respectively(8%,6.4%and6%)andhealthyleveloforganicgrowthforthefirstquarter2025,respectively(9%,8%andGlobalPetCareMarket–ResilientGrowthPublicCompanyValuations–SlowergrowthwithsomehighperformersCorporateMomentumandInnovationDrivingGrowthSource:APPA;Pet Food Industry;Future Market Insights;Investing.com;Global Pet Industry;Pet Food Industry,Growth Rates 5%). Animal Health Industry News | Summer 2025 | Page4-2%0%2%4%6%8%10%12%14%16%ZoetisIdexxChewyMerck Animal HealthElancoVetoquinolVirbacBoehringer IngelheimCEVAHills pet nutritionNestle pet careTrupanionZomedicaKey Companies’ Topline Growth FY24, 1Q2520241Q25TopMarketCapPharmaceuticalsOthers Market SummarySource: FactSet$9884.6M$1785.1M$1077.7M$474.2M$468.1M$454.2M$397.1M$310.9M$306.1M$113.5MIDEXX Laboratories, Inc.Chewy, Inc. Class AElanco Animal Health, Inc.CVS Group plcPets At Home Group PlcPet Valu Holdings Ltd.Virbac SAVimian Group ABTrupanion, Inc.Vetoquinol SAMarket cap gains were led byIDEXX Laboratories, which addednearly$9.9B, reflecting continued strength in diagnostics and ahigh-margin, recurring revenue model.ChewyandElancofollowed with gains of$1.8Band$1.1B, driven by improvingfundamentals and investor optimism.Mid-market players likeCVS Group,Pets at Home, andPet Valueach added$450M–$475M, supported by resilient pet ownerspending and expanding service offerings.Top 10 by Market Cap Growth–Absolute ($mm) 1H25 Animal Health Industry News | Summer 2025 | Page5In percentage terms,CVS GroupandOurofinoled with gains of62.8%and60.8%, respectively, as both benefited from improvedprofitability and market sentiment.Pets at Home,Pet Valu, andApiamAnimal Healthsaw gains above35%, supported by stabledemand and defensible business models.ImmuCell,Animalcare,andIDEXXalso featured in the top 10, showing strength acrossboth emerging and established players.The presence ofChewyandPetVivoin this list signals growinginvestor interest in digital and product innovation within pet care. Industry Trends 2025Pet owners are increasingly focused on products that promise to extendthe healthy lifespan of their animals. According to ADM’s 2025 Global PetNutrition Insights Report,78% of global pet owners are activelyseeking nutritionsolutions thatmay help their pets live longer, and85% now considerproper nutrition and supplementsas importantfor their pets as for themselves.This shift is fueling a surge in demand for personalized, science-backedpet foods and supplements designed to support wellness across all lifestages.Notably,77% of U.S. pet owners are willing to paymore for healthierpet food options.Pet owners prioritize products that extend lifespanDespite economic headwinds and shifting consumer habits, the pet care industry continues to evolve rapidly in 20