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I AgreeAnalysis of Animal Parasiticides market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global animal parasiticides market is expected to be worth US$ 7.9 Billion in fiscal year 2022, up from US$ 6.2 Billion in fiscal year 2021. From 2022 to 2032, the market is expected to grow at a 6.6% CAGR, reaching a value of US$ 13.6 billion by the end of 2032.
Animal parasiticides are substances that kill parasites in pets, cattle, and other species that aren't fungus or bacteria. Animal parasiticides often comprise one or even more active chemicals together with inert substances.
Manufacturers in the global animal parasiticides industry are creating a number of innovative formulations and solutions to tackle the increased occurrence of foodborne illnesses. The market for animal parasiticides is anticipated to increase at a quick rate due to recent technical breakthroughs, rising animal health awareness, and rapidly expanding animal livestock.
It has been acknowledged that animal parasiticides are essential for both the prevention and management of parasitic infections in animals. To counteract the increased incidence of foodborne illnesses, businesses in the animal parasiticides industry are creating novel formulations and solutions.
The global market for animal parasiticides is anticipated to increase as a result of rising animal healthcare consciousness, quickly expanding animal livestock, as well as recent technical breakthroughs.
To increase their market share, major companies in the industry might concentrate on direct sales revenue. By reducing the number of distribution hubs, the strategy ensures quick access to pet care supplies and may also result in improved profit margins. For instance, Zoetis, Inc. offers its products directly to end consumers like veterinarians, independent veterinary marketers, retail pharmacies, cattle and dairy producers, poultry farms, and so on.
The global market for animal parasiticides is anticipated to benefit greatly from increased financing and assistance for the elimination of animal illnesses. For instance, the European Union provided a budget of about US$ 2.2 billion for 2014-2020 under the Regulation (EU) No 652/2014, of which 65% is earmarked for the implementation of animal care measures. Duch developments will open up new avenues for this market during the forecast period.
Report Attributes |
Details |
---|---|
Anticipated Base Year Value (2021) |
US$ 6.2 billion |
Expected Market Value (2022) |
US$ 7.9 billion |
Projected Forecast Value (2032) |
US$ 13.5 billion |
Global Growth Rate (2022-2032) |
6.6% |
CAGR of North America (2022) |
6.5 |
CAGR of APAC (2022-2032) |
6.2% |
Prominent Players in The Global Market |
|
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The global animal parasiticides market grew at a CAGR of 3.5% from 2017 to 2021, as per Fact.MR, a provider of market research and competitive intelligence. Along with the introduction of novel illnesses and transmission models, the rising frequency of famines, heat stress, and flooding is hastening the spread of macroparasites and vector-borne diseases. In order to avoid animal losses, proper livestock management has now become commonplace.
The marketplace for animal parasiticides is anticipated to grow modestly at a CAGR of 6.6% during the projected period as a result of these reasons. The global animal parasiticides market is anticipated to grow as a result of other general factors such as growing demand for livestock protection as well as research and development efforts aimed at eliminating parasitic illnesses.
Increasing zoonotic disease concerns, more investment in the creation of cutting-edge veterinary healthcare products, and heightened awareness of animal welfare will all have a beneficial effect on company growth. The increased demand for animal parasiticide products is mostly due to rising costs for veterinarian treatment and pet adoption.
Due to unfavorable conditions, the likelihood of parasite infection increases with increased farm animal output, particularly in less developed countries. This ultimately results in a loss of productivity. Thus, with these animal parasiticides, people would be able to take better care of the animals.
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The demand for animal parasiticides has increased as a result of the growth of biotechnology businesses and research facilities
The expansion of biotechnology businesses and research facilities has created new markets for parasiticides for animals. This has made it easier to do more research on genetically engineered pills, sprays, and vaccinations.
A strong array of veterinary drugs and vaccines has been invested in by significant market participants like Merck Animal Health. The business is known for its innovative work in the biologics industry, where they apply cutting-edge technology to treat a variety of ailments.
Investing in adjuvant technologies to increase vaccination efficacy is one example of this. The most important breakthrough made by the firm is the SPHEREON technology. With the use of this technique, veterinary clinics may freeze-dry active poultry vaccinations into tiny, very soluble microspheres or particles.
This makes it possible for veterinarians to deliver immunizations in bulk. Such developments are expected to open up new avenues for this market, propelling the global demand at a rapid pace.
A significant driver is the increasing demand for companion pets
The increase in demand for companion animals as well as food made with animal proteins throughout the world is one of the main factors driving the animal parasiticide industry. Such parasiticides are highly favored since they help improve the health of companion animals.
Additionally, throughout the projected period, there will be a rise in the incidence of parasite illnesses and infections in cattle, companion animals, as well as other animals, which will raise demand for animal parasiticides. The use of animal parasiticides would also rise in response to growing public concern about the welfare of pets and livestock. The need for animal - based food protein products is predicted to increase significantly, which is likely to boost sales during the forecast period.
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The rising price of parasiticides, along with substantial R&D investments, is limiting the expansion of the animal parasiticide industry
The market is constrained by parasiticides' expensive product costs. After the pandemic, the cost of the raw materials required to manufacture the parasiticides are increasing rapidly, which in turn, is expected to restrain the market growth.
In addition, significant financial investments are needed to build new and potent parasiticides to enhance the health of the animals. The growing demand for animal parasiticides will be severely constrained by a lack of adequate financing for R&D facilities.
At the same time, the rural population is still unaware of the basic steps in using these products and thus such factors will cause major roadblocks to the global growth of the animal parasiticides market.
The ectoparasites segment will gain the dominant market share
In the year 2021, the ectoparasites segment by product gained the maximum market share of almost 52%. This segment is expected to maintain its dominance throughout the forecast period too.
During the projection period, it is expected that ectoparasiticides would represent more than half of the entire market for animal parasiticides overall. The rise of this market is probably being driven by the increase in the number of external parasites including ticks, lice, mites, flies, and fleas that feed on these animal's blood and ultimately human cells if consumed.
Due to this, ectoparasiticides in veterinary medicine are becoming quite popular. Additionally, important ectoparasiticide producers hold significant conferences to provide knowledge about the many ectoparasiticides for cats, cattle, and dogs that are stunting their growth. Research is being done to create effective anti-parasite compounds. Thus, ectoparasiticides are expected to grow at a 6.3% CAGR during 2022-2032.
With the increasing number of companion pets, the demand will skyrocket for animal parasiticides
The companion animals segment will be the fastest growing segment during the forecast period. This segment is expected to foresee a significant CAGR of 6.1% during 2022-2032.
Approximately US$ 1.8 billion was spent on companion animals in 2021. The American Pets Products Association (APPA) estimates that 67% of American homes have a pet. The market is expanding because of the wide range of zoonotic diseases as well as their human transmission potential.
Additionally, this industry will develop profitably due to increased pet ownership rates, increasing pet healthcare needs, and an increase in zoonotic and food-borne illnesses. Such factors are expected to push the demand to new heights in the next ten years.
Rising investments along with government regulation will favor the market growth in the region
Throughout the projected period, North America is expected to lead the global marketplace for animal parasiticides. An important growth driver for North America is rising investment in the field of animal health, notably in the companion animal treatments industry. With a CAGR of 6.5%, the area is predicted to hold three tenths of the market share overall.
By 2032, the marketplace for animal parasiticides in the United States is expected to be worth USD 1.5 billion owing to an increase in pet ownership and a boost in the demand for animal byproducts. The usage of animal parasiticides will increase due to the high incidence of maggot infestation among animals and owners' increased concern for the health of their pets.
Furthermore, the presence of key market players in the nation, as well as increased expenditure in research and development of novel veterinary products, will boost the growth of the veterinary healthcare market throughout the forecast period.
Moreover, increasing government regulations are going to favor the demand for animal parasiticides in the US region. Animal and Plant Health Inspection Service (APHIS), a division of the U.S. Department of Agriculture (USDA), and the Center for Veterinary Biologics (CVB) develop the rules for veterinary biologics.
Major investigative standards are followed to guarantee that biologics are devoid of substances that cause illness and that the products demonstrate the appropriate safety, efficiency, and performance.
Among other things, the U.S. CVB concentrates on establishing standards and protocols for product release, granting licenses and permits, observing and inspecting goods and facilities, and managing field tests and the release of veterinarian biological medications. These variables will cause the regional demand to increase between 2022 and 2032.
Increased adoption of pets and investments after their wellbeing will bolster the APAC market
Throughout the anticipated period, Asia Pacific exhibits a significant market potential for animal parasiticides. According to the Fact.MR projections, the market will be worth US$ 3.1 billion by 2026 and will grow at a CAGR of 6.2%.
The rising number of domestic pets and people's capacity to spend money on their care, the strong demand for high-quality milk and meat produced by animals, and the ensuing research and development in pet healthcare, are all predicted to drive market expansion. The market for animal parasiticides in the Asia-Pacific region is expected to grow to more than two-fifths of the total market.
The Indian market had a value of about US$ 265 million in 2021 and is expected to increase significantly in the next few years. The market will expand because of the rising number of domesticated animals and demand for high-quality animal meat and animal byproducts.
The adoption of household pets is expanding, there is a rise in the knowledge of animal healthcare goods, and leading market players are investing more to have a firm footing in the lucrative industry, all of which will spur business growth in the near future.
The global animal parasiticides market is heavily concentrated, with five major companies dominating: Zoetis, Inc., Merck Animal Health, Ceva Sante Animale, Boehringer Ingelheim GmbH, and Elanco Animal Health. These firms spend in R&D to provide high-quality medications, diagnostic items, vaccines, and genetic testing.
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The global animal parasiticides market is currently worth more than US$ 6 Billion.
The global animal parasiticides market is predicted to rise with a steady 6.6% CAGR during 2022-2032.
During the historical period of 2017-2021, the animal parasiticides market grew at a CAGR of 3.5%.
By 2032, the global animal parasiticides market is projected to reach a market size of US$ 13.5 Bn.
The ectoparasites segment by product type is going to occupy a 52% global market share in 2022.
The companion animals category by product type is expected to have a 6.1% market share in 2022.
The North American region is predicted to grow with a steady CAGR of 6.5% during 2022-2032.
The APAC animal parasiticides market is expected to grow with a steady CAGR of 6.2% during 2022-2032.