Global animal parasiticides market is projected to reach about USD 11,491.18 million by 2030 from USD 7,769.05 million in 2019 at a CAGR of about 17.4% during the forecast period i.e. 2020-2030. Across the globe, the animal parasiticides market is anticipated to grow on the back of the rising awareness about animal healthcare, growing investment in veterinary hospitals by government and non-government institutions, and technological innovations.
Animal parasiticides are chemical constituents that wipe out parasites apart from fungi and bacteria in animal livestock, pets, and other animals. These are mainly inert ingredients prepared in a formulation and comprised of one or more than one active ingredient. Almost all parasiticidal active ingredients have identical chemical structures and share a variety of characteristics. They are time and again grouped into chemical classes or families. The significance of animal parasiticides has been acknowledged for the protection and cure of parasitic diseases in animals. The rising animal livestock population and the growth in the adoption of companion animals over the past few years across the globe are factors responsible for substantial growth in the animal parasiticides market.
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Global Animal Parasiticides Market: Key Players
- AB Vista Inc.
- Merck Animal Health
- Zoetis Inc.
- Boehringer Ingelheim International
- Bupo Animal Health
- Cargill Inc.
- Danisco A/S
- Chr. Hansen A/S
- Novus International Inc.
Global Animal Parasiticides Market: Segments
Ectoparasiticides segment to witness the largest growth at a CAGR of 5.2% during 2020-2030
Worldwide animal parasiticides market is segmented by product type into Ectoparasiticides (Sprays, Dips, Collars, Pour-on & Spot-on, Ear tags, Others), Endoparasiticides (Injectable, Orals, Feed additives, Others), and Endectocides. Among these, the ectoparasiticides segment held the largest market share in 2019. Ectoparasiticides are used mostly in the treatment of insect infestation in animals. Furthermore, commercial, environmentally friendly, ready-to-use, and rapid preparation of pour-on products over other methods would boost the use of ectoparasiticides in the coming years thereby boosting the growth of the economy.
Food-producing animals segment to grow the fastest at a CAGR of 4.8% during 2020-2030
Worldwide animal parasiticides market is segmented by animal type into food-producing animals and companion animals. Among these, the food-producing animals held the largest market share in the year 2019, owing to the rising demand for animal food and growing concern for quality in meat and other animal products. In addition, the rising consumption of animal’s by-products and the growing investment in animal healthcare expenditure will augment the market growth.
Veterinary hospital’s segment to grow at a high rate of CAGR during 2020-2030
The global animal parasiticides market is segmented by end-users into veterinary hospitals. The growing concern of animal healthcare has led to the development of veterinary hospitals.
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Global Animal Parasiticides Market: Drivers & Restraints
Growing Importance of Animal Healthcare
The growing importance of animal healthcare supported by government protocols is boosting the growth and development of the animal parasiticides market. The increased number of animal livestock in the evolving markets, expansion in the parasiticide products, upcoming new offerings by the prominent players, implementation of welfare acts in the developed and developing economies, worldwide growth in the number of adoption cases for companion animals like dogs and cats are some of the growth drivers for the animal parasiticides market.
Apart from the increasing consciousness, the growing rate of GDP in the regions like the Asia Pacific and Latin America and thereby increasing per capita expenditure on animal welfare and healthcare products are also accountable for the growth of the market.
Other than the significant growth factors there exist some restraints to the market including cost R& D activities, stringent regulations for approval for animal parasiticides, and limiting the use of parasiticide in some animals (particularly the food producers) in some economies. The rising number of species of parasites is also contributing to the restraints that are holding back the development of the market.
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Global Animal Parasiticides Market: Regions
North America projected to continue dominating the market during 2020-2030
The worldwide animal parasiticides market is segmented by region into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, North America was witnessed as the fastest-growing region holding a market share in 2019 and is anticipated to continue ruling over the regions in the forecast year due to the increasing demand for food obtained from animal sources. Moreover, the continuous research in animal parasiticides is projected to boost the growth of the market in the Asia Pacific, as a result of the rising awareness of animal health management and its benefits. Furthermore, farmers in developing regions like India and China are now mainly concentrating on animal raising activities to gain more income, which is estimated to boost the growth of the animal parasiticides market across the globe.
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