LONDON, March 1, 2016 /PRNewswire/ -- The global animal parasiticides market is estimated to grow at a CAGR of 5.7% from 2015 to 2020, to reach USD 9.75 billion by 2020 from USD 7.41 billion in 2015. Increasing awareness about animal healthcare, rising demand for animal-derived food products, growth in the adoption of companion animals, and rising concern to prevent zoonotic diseases are the major factors driving the growth of the animal parasiticides market. Rising veterinary practices, huge investments from government organizations and private players for R&D activities, and increase in the animal healthcare expenditure have further propelled the growth of the animal parasiticides market. However, growing preference for vegetarian diets, stringent approval process for animal parasiticides, and restriction on the use of parasiticides in food-producing animals may hinder the growth of this market to a certain extent during the forecast period.
In this report, the animal parasiticides market is segmented on the basis of product, animal type, and region. On the basis of products, the market is segmented into ectoparasiticides, endoparasiticides, and endectocides. The ectoparasiticides segment accounted for the largest share of the animal parasiticides market in 2014, owing to its application in livestock as well as companion animals. On the basis of animal type, the animal parasiticides market is segmented into companion animals and food-producing animals.
Geographically, the global animal parasiticides market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2014, Europe commanded a major share of the animal parasiticides market. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to rising companion animal population and increase in the demand for animal-derived food products.
Some of the prominent players in the animal parasiticides market include Sanofi (France), Ceva Sante Animale (France), Virbac (France), Vetoquinol S.A. (France), Eli Lilly and Company (U.S.), Zoetis, Inc. (U.S.), Merck and Co., Inc. (U.S.), Bayer AG (Germany), Boehringer Ingelheim (Germany), and Perrigo Company plc (Ireland).
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