Animal Parasiticides Market worth $12.17 billion by 2030 according to a new research report

Global Animal Parasiticides Market Size Was Valued at USD 8.11 Billion In 2022 And Is Projected to Reach USD 12.17 Billion By 2030, Growing at A CAGR of 5.2% From 2023 To 2030.

Market Overview:

Animal parasiticides are referred to as antiparasitic, which are utilized for killing parasites infesting pets and livestock. Parasiticidal products are produced by active ingredients with particular efficacies against specific parasites. These active ingredients are comprised of other inert or non-active ingredients to form a parasiticidal formation. The inert ingredients in the formulation are typically solvents such as alcohols & water, preservatives, stabilizers, and implants among others. The term `antiparasitic` suggests the active ingredient in the finished product or the finished product itself. Ectoparasiticides are utilized for removing external parasites such as mites, ticks, lice, flies, and fleas among others while endoparasiticides control internal parasites, including flukes, tapeworms, and roundworms.

Top Key Players in Animal Parasiticides Market:

Bayer AG (Germany), Zoetis Inc. (US), Virbac SA (France), Elanco Animal Health (US), Elanco Animal Health Incorporated (US), Virbac (France), Merck & Co. Inc. (the US), Boehringer Ingelheim GmbH (Germany), Bimeda Animal Health (US), Merck Animal Health (US), Ceva Santé Animale (France), Vetoquinol S.A. (France), PetIQ Inc. (the US) Norbrook (Ireland), and Other Major Players.

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Market Dynamics and Factors for Animal Parasiticides Market:

Drivers:

Increasing Requirements To Treat Parasitic Diseases In Animals

The animal parasiticides market is being driven mainly by the increasing requirements to treat parasitic diseases in animals. Since parasitic attacks are known to support serious economic losses, parasiticides are needed to maintain the health of animals. Factors such as continuous growth in healthcare spending for animal health, rapidly increasing demand for animal-based foods and rise in livestock volumes, continuous increase in pet adoption levels, and the need to defend zoonotic diseases are turning growth in the global animal parasiticides market. Animal meat is a highly nutrient food and so are eggs and milk. With rising disposable incomes, consumers are demanding better quality food products, which is a key growth-promoting factor for the animal parasiticides market. Moreover, the animal welfare activities of governments focused on improving livestock health are also accelerating animal parasiticides market growth.

Opportunities:

Introducing the Door to More Digital Health Solutions

Last year, the start of the COVID-19 pandemic and lockdown restrictions led to many veterinarians and pet owners considering telemedicine solutions, owing to the prevention of some in-person appointments. It's thought this will open the door to a more widespread uptake of digital technology in animal care will help the growth of the animal parasiticide market. Already, many pet owners are buying wearable devices for their animals or using apps to monitor daily behavior and determine their four-legged friend on a deeper level. As per the research study, 56 percent of pet owners already own tech just for their pets. Such detailed information could prove invaluable to support veterinary care and the application of artificial intelligence (AI) in practice, which depends on data sets so algorithms can 'learn' regarding a particular disease. Additionally, futuristic technologies are also capturing momentum.

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis.

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Segmentation Analysis of the Animal Parasiticides Market:

By Type, the ectoparasiticides segment is expected to have a maximum animal parasiticides market share of the market, in terms of value during the forecast period. The segment is projected to expand owing to growth in infestation of fleas, ticks, and other ectoparasites to companion animals and livestock, which raises the chances of bacterial, viral, and parasitic disease transmission to humans.

By Deployment Model, the Android Platform segment is Anticipated to Dominate the Market Over the Forecast period. Android holds a significant share of the global smartphone market. This widespread adoption of Android devices means that TaaS providers can target a large and diverse user base, expanding the reach of their services.

By Type

• Ectoparasiticides
• Endoparasiticides
• Endectocides

By Animal Type

• Companion Animals
• Livestock Animals

By End User

• Animal Farms
• Home Care Settings
• Veterinary Clinics & Hospitals

By Distribution Channels

• Veterinary Hospitals & Clinics
• Pharmacies
• Drug stores

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Regional Analysis of the Animal Parasiticides Market:

The Asia Pacific is estimated to be a highly attractive market for animal parasiticides and is probably to exhibit a significant attractiveness index. The market in the Asia Pacific is expected to grow at a high CAGR over the forecast period owing to the rising trading policy of meat in developing countries such as India and China. Growth in adoption of companion animals, rising in several production units of food-producing animals such as swine and poultry, and high utilization of meat in countries such as Australia & New Zealand, Japan, Malaysia, Singapore, and Taiwan are probably to accelerate the animal parasiticides market in the Asia Pacific during the forecast period.

By Region     

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In June 2020, The European Commission sanctioned, under the EU Merger Regulation, the proposed accession of Bayer AG's animal health division by Elanco Animal Health Inc. The decision is conditional on the privation of otitis products and different kinds of parasiticides in the European Economic Area (EEA), the UK, and globally.

In August 2021, Zoetis Inc. (US) received Jurox (Australia) to build its product portfolio and production capacity with the potential for global expansion.

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