The Europe animal transportation market size is projected to reach USD 516.75 million by the end of 2027. The increasing dairy and farming industry across the world will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Europe Animal Transportation Market Size, Share & COVID-19 Impact Analysis, By Animal (Cattle, Pigs, Poultry, Pets, Sheep & Goats, and Others), Type (Personal and Commercial), Regional Forecast, 2020 – 2027” the market was worth USD 408.46 million and will exhibit a CAGR of 4.3% during the forecast period, 2020-2027.
Animal transportation is an important aspect of several industry verticals across the world. The usage of transportation is higher in sectors such as farming and dairy industries will emerge in favor of the growth of the overall market in the coming years. The increasing pet adoption across the world will have a huge impact on the growth of the market in the foreseeable future. Animal transportation is significantly higher in several parts of Europe than a few other regions. Moreover, the transportation of rare breeds of animals internationally will have a massive impact on market growth. The presence of several large-scale companies will bode well for the growth of the overall market in the coming years. Additionally, the increasing investments in the development of efficient products will contribute to market growth.
Bans on International Travels during the Covid-19 Pandemic will Restrict Market Growth
The recent coronavirus outbreak has had a negative impact on the growth of several business sectors across the world. With the rapid spread of the disease, governments across several countries are looking to implement strict measures with the hope of minimizing the impact of the virus. These measures include social distancing practices and lockdowns that have been implemented across the world. The international travel bans have had an adverse impact on the Europe animal transportation market in the past few years. The increasing Covid-19 cases in countries such as the UK and Italy will also have a negative impact on the growth of the market.
Increasing Number of Company Mergers and Collaborations will Aid Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. The increasing pet adoption in several European countries will have a huge impact on the growth of the Europe animal transportation market in the coming years. Accounting to this, large-scale companies are looking to acquire as well as collaborate with other companies in this sector with the aim of establishing a stronghold in the market. In May 2019, Delta Airlines announced that it has partnered with Carepod. The latter is a start-up company that deals with specialized crates for animal transportation. Through this collaboration, the company will look to establish a wider consumer base across this region. An increasing number of such company mergers and acquisitions will have a huge impact on the growth of the overall market in the forthcoming years.
Information source:
https://www.fortunebusinessinsights.com/europe-animal-transportation-market-104209
