According to the findings of the Facts and Factors report “Animal Parasiticides Market By Product (Endoparasiticides, Ectoparasiticides, and Endectocides), By Animal Type (Companion Animals and Food-Producing Animals), and By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020-2026,” The market is expected to grow at a CAGR of 4.5%, reaching around USD 8.10 billion by 2026.
Animal parasiticides are medications that are used to prevent, kill, resist, or reduce the presence of external or internal parasites in animals. These are substances found in veterinary medicines that are used to kill parasites. Animal parasiticides contribute to better animal health around the world.
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Market Drivers:
Rising government and private investments in R&D activities and ongoing research on animal parasiticides are expected to drive the global Animal Parasiticides market forward. Other factors expected to help propel the industry during the forecast period include rising concerns about zoonotic diseases and stringent government regulations for the prevention of the spread of parasite-related diseases. Furthermore, rising pet ownership, veterinary healthcare spending, and emerging parasiticides markets offer significant investment opportunities for market players looking to expand their animal parasiticides business. Growing research grants, high pet adoption, rising disposable income, an increasing number of veterinary practitioners, and rising demand for animal-derived food products are expected to drive the growth of the Animal Parasiticides market. However, the growing trend toward vegetarian diets, stringent regulation processes for animal parasiticides, and parasiticide restrictions on food-producing animals may stymie market growth.
Market Segment Dominance:
- The Animal Parasiticides market is dominated by Ectoparasiticides.
The global demand for ectoparasiticides is increasing due to an increase in pet ownership, rising veterinary healthcare spending, a focus on maintaining animal well-being to reduce economic loss associated with food-producing animal infections, and programs aimed at preventing the spread of zoonotic diseases from animals to humans.
- The food-producing animal category controls the majority of the market.
Growing demand for animal-based food products, as well as rising concern about the transmission of zoonotic parasites, are expected to propel the global Animal Parasiticides market forward. Furthermore, the growing population of food-producing animals is expected to drive market growth during the forecast period.
Regional Dominance:
- Europe holds the majority of the market share for Animal Parasiticides.
Europe is expected to dominate the global Animal Parasiticides market due to the region’s increasing adoption rate of companion and food-processing animals. Furthermore, the development of novel parasiticides, as well as increased demand for these medications among veterans and pet owners, are expected to contribute to the expansion of this category’s share of the global Animal Parasiticides market.
Key Market Players:
Some of the key players in the global Animal Parasiticides include Boehringer Ingelheim, Bayer AG, Ceva Sante Animale, Merck and Co., Inc., Sanofi, Huvepharma, Virbac, Vetoquinol S.A., Perrigo Company PLC, Zoetis, Inc., Eli Lilly and Company, and Dechra Pharmaceuticals Plc.
Global Animal Parasiticides Market: Regional Segmentation Analysis
- North America
- The U.S.
- Canada
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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