Animal Parasiticides Market worth $14.1 billion | MarketsandMarkets

CHICAGO, March 28, 2023 /PRNewswire/ -- The animal parasiticides industry is expected to witness significant growth over the near future. This growth can be attributed to increasing awareness of pet health, increasing pet ownership, and the rising demand for pet health products. Increasing disposable incomes, the rising trend of pet humanization and an increasing number of pet owners are some of the major factors driving the growth of the pet parasiticides market. Furthermore, growing awareness of pet health and increasing awareness of parasitic diseases in pets is also expected to drive the growth of the pet parasiticides market. Additionally, technological advancements in pet parasiticides products, such as spot-on, sprays, and shampoos, are expected to fuel market growth over the near future.

Animal Parasiticides Market in terms of revenue was estimated to be worth $10.6 billion in 2022 and is poised to reach $14.1 billion by 2027, growing at a CAGR of 5.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as the rising demand for animal-derived food products, increasing investments by private players, growing concerns of zoonotic diseases, regulations for preventing the spread of animal diseases, growing companion animal ownership rates, and rising animal health expenditure are driving the growth of the animal parasiticides market. However, a shift toward vegetarianism and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of this market during the forecast period.

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Browse in-depth TOC on "Animal Parasiticides Market"

237 - Tables
66 - Figures
270 - Pages

Animal Parasiticides Market Scope:

In this report, the animal parasiticides market is segmented on the basis of type, animal type, end user, and region.

"Ectoparasiticides segment accounted for the largest share in the animal parasiticides market."

The market for animal parasiticides is divided into three distinct classifications based on type such as endoparasiticides, ectoparasiticides, and endectocides. The market for animal parasiticides globally in 2021 was dominated by the ectoparasiticides segment. The high adoption of ectoparasiticides relative to other products accounts for the huge proportion of this market. The rise in pet ownership and the number of companion animals in developed nations are other elements that are anticipated to promote market expansion throughout the projected period.

"Companion Animals segment is expected to witness the fastest growth in the forecast period."

The market for animal parasiticides is divided into two broad groups like companion animals and livestock animals. The market for animal parasiticides globally was dominated by companion animals in 2021. The significant market share of this sector is largely due to the rising costs of owning pets and the rise in the number of people who own companion animals in developed nations.

"Veterinary Clinics & Hospitals accounted for the largest share of animal parasiticides market in 2020"

The animal parasiticides market is divided into veterinary practices & hospitals, animal farms, and home care settings based on end users. The market for animal parasiticides was dominated in 2021 by veterinary practices and hospitals. The increased use of animal parasiticides in medical settings, the rise in parasitic illnesses, and the rising concern over animal health in developing nations are all factors that contribute to the big proportion of this market.

"North America accounted for the largest share of the animal parasiticides market in 2020"

The animal parasiticides market is divided into five regions based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America held the greatest market share for animal parasiticides worldwide. North America has a significant portion of the market because of its strong foundation in the animal health sector, the widespread adoption of companion animals, and the rising costs associated with animal health. During the projected period, the market in Latin America is anticipated to develop at the highest CAGR. This can be ascribed to the rising adoption of pets as well as the expanding populations of livestock animals and consumers of food items generated from animals.

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Animal Parasiticides Market Dynamics:

Drivers:

1. Rising demand for animal derived food producrs
2. Initiatives to improve livestock health through animal welfare activities
3. Rising concerns regarding zoonotic diseases
4. Inflowing investments from private companies
5. Growing companinion animal ownership rates
6. Increasing livestock volumes
7. Rising animal health expenditure

Restraints:

1. Shift towards vegetarianism
2. Regulations restricting use of parasiticides for food producing animals

Opportunities:

1. Lucrative growth opportunities in emerging markets
2. Increase in incidence of diseases in livestock and companion animals
3. Increasing demand for animal health products
4. Increasing number of veterinary practitioners in developed countries

Challenges:

1. Growing resistance to parasities
2. Increasing emergence of novel zoonoses and transmission models

Key Market Players:

The prominent players in the global animal parasiticides market are Zoetis Inc. (US), Elanco Animal Health Incorporated (US), Virbac (France), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Ceva Santé Animale (France), Vetoquinol S.A. (France), PetIQ, Inc. (US), Norbrook (Ireland), and Bimeda Animal Health (US).

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Recent Developments:

• In January 2022, Zoetis Inc. received USFDA approval for Simparica Trio, a new label indication for Simparica Trio (sarolaner, moxidectin, and pyrantel chewable tablets) for the prevention of Borrelia burgdorferi infections.
• In July 2022, Virbac launched TENOTRYLTM (enrofloxacin) injectable solution in the USA for cattle and swine.
• In January 2021, Boehringer Ingelheim received marketing authorization from the EMA and European Commission for NexGard COMBO topical solution for cats.
• In May 2021, Elanco animal health launched chewable tablets for fleas and tick protection for cats.

Animal Parasiticides Market Advantages:

• Increased animal health and production: Parasiticides are highly effective in controlling parasites and can help to improve an animals' health and production.
• Increased market access: Parasiticides can help to open up new markets for animals and their products, allowing farmers to expand their business.
• Reduced costs: Parasiticides can help to reduce the costs associated with treating animals for parasites, allowing farmers to save money.
• Reduced environmental impact: The use of parasiticides can help to reduce the environmental impact caused by parasites, such as increased water and soil contamination.
• Increased safety: Parasiticides can help to ensure the safety of animals, reducing the risks of disease transmission to humans.

Animal Parasiticides Market - Report Highlights:

Refinements in the segments of the animal parasiticides market

The current edition of the report consists of an updated market overview. Additional points in the market overview have been added, keeping in mind the impact of Recession impact on the overall animal parasiticides market. The new additions in this chapter include supply chain analysis, ecosystem analysis, regulatory analysis, value chain analysis, patent analysis, Porter's five forces analysis, Company evaluation quadrants for start-ups/ SMEs and product portfolio analysis.

Coverage of new market players in the animal parasiticides market

The new edition of the report includes profiles for Zuche Pharmaceutical pvt. Ltd. (India)

Updated financial information/product portfolio of players

The new edition of the report provides updated financial information until 2021 for each listed company in a graphical representation as a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating country/region, business segment focus in terms of the highest revenue-generating segment, and R&D investments.     

Updated market developments of profiled players

Recent developments are important to understand market trends and the growth strategies adopted by players. The current edition of this report provides updated developments of profiled players from January 2018 to August 2021, indicating a continuation from the previous version. Product/services launches, approvals, and upgrades, expansions, acquisitions, agreements, partnerships, and collaborations were the principal growth strategies adopted by market players in this period.

Related Reports:

Veterinary Diagnostics Market - Global Forecasts to 2027

Animal Antibiotics Market - Global Forecasts to 2026

Animal Growth Promoters Market - Global Forecasts to 2026

Asia-Pacific Animal Health Market - Global Forecasts to 2025

Veterinary Vaccines Market - Global Forecasts to 2025

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