Animal Parasiticides Market Predicted to Register $7,082.2 Million and Grow at 4.2% CAGR During the 2019-2026 Forecast Period [110-Pages] | Disclosed by Research Dive
Animal parasiticides market is expected to grow by 2026 due to rising demand for pet animals. Companion animal sub-segment is predicted to have significant growth rate. Market in Asia-Pacific region is projected to witness more growth opportunities.
NEW YORK, March 27, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Animal Parasiticides Market by Product Types (Ectoparasiticidess [Pour On, Spot On, Sprays], Endoparasiticidess [Injectable, Oral], Endectocides), Animal Type (Farm Animals, Companion Animals), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019-2026".
According to the report, the global animal parasiticides market is expected to register a revenue of $7,082.2 million and grow at 4.2% CAGR during the 2019-2026 forecast period.
Dynamics of the Market
Drivers: The rising demand for pet animals and animal protein foods across the world are some factors predicted to drive the growth of the global animal parasiticides market during the forecast years. In addition, increasing parasite infections and diseases in pets along with the rising emphasis on their health and safety is also estimated to boost the market growth during the 2019-2026 timeframe.
Opportunities: Government initiatives by several countries worldwide to enhance animals' health is the major factor anticipated to offer ample growth opportunities for the global animal parasiticides market during the forecast timeframe. Moreover, many prominent market players are taking steps to reduce the prices of parasiticides, thus providing further growth opportunities by 2026.
Restraints: Sky-rocketing costs of parasiticides is the prime hindering factor for the market growth.
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Segments of the Market
The report has divided the global animal parasiticides market into various segments based on product type, animal type, and region.
- By product type, the endoparasiticides sub-segment is projected to have the highest growth rate and gather a revenue of $2,294.6 million during the analysis timeframe. This immense growth rate is mainly attributed to the rise in the product use for controlling infestations of roundworms, tapeworms, and fluke in the animals' bodies.
- By animal type, the companion animal sub-segment is estimated to have a prominent growth rate and generate a revenue of $2,323.0 million during the analysis timeframe. This growth is attributed to the increasing adoption of pet animals worldwide that directly surges the expenditure rate on animal health from protection against zoonotic diseases.
- By region, the animal parasiticides market in the Asia-Pacific region is anticipated to witness tremendous growth opportunities and grow at 4.7% CAGR during the 2019-2026 forecast period due to the existence of huge number of farm animals and the growing demand for quality meat. Additionally, the rising adoption of pet animals across the Asia-Pacific region leads to increased expenditure rate on the animal health from protection against fleas, ticks, and other zoonotic diseases, thus further bolstering the market growth in the region by 2026.
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Key Market Players
Some key animal parasiticides market players include
- Bayer AG
- Perrigo Company Plc.
- Zoetis Inc.
- Merck Co.
- Eli Lilly
- Ceva Santé Animale
- Boehringer Ingelheim Animal Health
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to assist the market growth.
For instance, in November 2021, Vetoquinol, the 7th largest pharmaceutical company in the world, announced its bran-new launch of Felpreva, a medicinal product for veterinary use, for the prevention and treatment of mixed parasitic infestations in cats.
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The report also sums up many crucial facets including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Animal Parasiticides Market:
- The Most Popular Types of Animal Parasiticides
- Animal Parasiticides: A Surefire Solution to Save Your Pet from Parasites
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