Major Growth Driving Factors:
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. In this report, the animal parasiticides market is segmented on the basis of type, animal type, end user, and region.
Projected Revenue Surge:
The global animal parasiticides market is projected to reach USD 13.7 billion by 2026 from USD 9.7 billion in 2021, at a CAGR of 7.2% during the forecast period.
Lucrative opportunities in emerging markets
Over the last few years, companion animal ownership has witnessed a steady increase, especially in emerging countries such as India, China, Brazil, and other APAC and Latin American countries. Rapid urbanization and growing disposable incomes are driving pet ownership in these countries. Many pet owners in these countries are now willing to spend more on pet care.
On the other hand, emerging countries like India and China have robust livestock markets. According to the National Dairy Development Board, milk production in India has increased every year—from 146.3 million tons in 2015 to 165.4 million tons in 2017 and 187.7 million tons in 2019. Moreover, India is the world’s largest milk producer, accounting for 19% of the global market. As of January 2020, China is the world’s largest pork producer, producing about 55 million metric tons of pork each year. Milk production and consumption in China are also increasing at a rapid pace.
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Veterinary Clinics & Hospitals accounted for the largest share of animal parasiticides market in 2020
Based on end users, the animal parasiticides market is segmented into veterinary clinics & hospitals, animal farms, and home care settings. Veterinary clinics & hospitals accounted for the largest share of 61.4% of the animal parasiticides market in 2020. This segment is projected to reach USD 8,252.7 million by 2026 from USD 5,952.6 million in 2021, at a CAGR of 6.8%. The large share of this segment can be attributed to the higher adoption of animal parasiticides in hospital settings, the increasing incidence of parasitic diseases, and growing awareness about animal health in developing countries.
Ectoparasiticides segment accounted for the largest share in the animal parasiticides market.
Based on type, the animal parasiticides market is segmented into endoparasiticides, ectoparasiticides, and endectocides. The ectoparasiticides segment accounted for the largest share of 57.9% of the global animal parasiticides market in 2020. This segment is projected to reach USD 8,582.1 million by 2026 from USD 5,703.9 million in 2021, at a CAGR of 8.5%. The large share of this segment can be attributed to the higher adoption of ectoparasiticides as compared to other products. The increasing population of companion animals and rising pet ownership in developed countries are also expected to support the growth of this market during the forecast period.
# In June 2021, Boehringer Ingelheim partnered with Lifebit (UK) to detect global infectious disease outbreaks using AI and natural language processing technology.
# In August 2020, Elanco Animal Health Incorporated (US) acquired Bayer Animal Health (Germany) for USD 6.89 billion to expand its scale and capabilities in the animal health industry.
# In August 2021, Zoetis Inc. (US) acquired Jurox (Australia) to expand its product portfolio and manufacturing capacity with potential for global expansion.
# In August 2020, Merck & Co., Inc. (US) acquired worldwide rights of Vexocan brand of parasiticide from Elanco Animal Health for the ruminants portfolio.
Companion Animals segment is expected to witness the fastest growth in the forecast period.
Based on animal type, the animal parasiticides market is segmented into companion animals and livestock animals. In 2020, companion animals accounted for the largest share of 52.2% of the global animal parasiticides market. This segment is projected to reach USD 7,633.2 million by 2026 from USD 5,130.2 million in 2021, at a CAGR of 8.3%. The large share of this segment is primarily attributed to the increasing expenditure on pet animals and increasing companion animal ownership in developed countries.
North America accounted for the largest share of the animal parasiticides market in 2020
On the basis of region, the animal parasiticides market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of 40.3% of the global animal parasiticides market in 2020. This market is projected to reach USD 5,179.1 million by 2026 from USD 3,879.4 million in 2021, at a CAGR of 5.9%. The large share of North America is due to its well-established base of the animal health industry, the high adoption of companion animals, and the growing expenditure on animal health. The market in Latin America is expected to grow at the highest CAGR of 8.8% during the forecast period. This can be attributed to the growing population of livestock animals, increasing consumption of animal-derived food products, and growing adoption of pets.
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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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