Animal Parasiticides Market

Global Animal Parasiticides Market Size (2023 to 2028)

As per the research report, the global animal parasiticides market is estimated to grow to USD 13.65 billion by 2028 from USD 10.29 billion in 2023, growing at a CAGR of 5.81% during the forecast period. The rise in the incidences of zoonotic diseases worldwide is majorly surging the growth of the global animal parasiticides market.

Global Animal Parasiticides Share Insights:

• Based on product, the ectoparasiticides segment held the major share of the global animal parasiticides market in 2022.
• Based on animal type, the food-producing animals segment dominated the market in 2022.
• North America was the largest regional segment worldwide in 2022 and held 38.2% of the global market share.
• The European region captured the second biggest share of the worldwide market in 2022.

In veterinary pharmacies, animal parasiticides are used to improve livestock health. It also prevents some diseases by killing parasites in the body other than bacteria and fungi. However, the parasites are harmful to the animals in disease-causing and spread the disease quickly to other animals or humans.

MARKET DRIVERS:

Increasing demand to raise the production rate of veterinary healthcare products, growing investments in veterinary hospitals by government and non-governmental institutes, and the rise in the incidences of various health disorders in animals propel the global animal parasiticides market growth.

The awareness among people regarding animal healthcare has increased significantly in recent days. The need to take proper care of livestock animals has promoted the number of veterinary hospitals and clinics, resulting in the growing demand for animal healthcare products such as parasiticides. In addition, the growing incidence of various healthcare diseases in animals, such as parasites and infections, is promoting the market's growth rate. During the forecast period, increasing private sector investments, rising zoonotic disease concerns, regulations aimed at preventing the spread of animal diseases, the growth of the companion animal healthcare industry, and rising animal health expenditure are expected to promote the growth rate of the global animal parasiticides market. Furthermore, communities worldwide call for greater agricultural and animal-production sustainability because of climate change and the rising demand for high-quality animal products.

Several drugs and vaccines easily accessible to farmers have been produced to control parasitic infections. For instance, Benzimidazole, Levamisole, and Macrocyclic lactones are readily available anthelmintic drugs for gut-type infections. In addition, consumer awareness of improved veterinary care methods has raised the demand for advanced drugs, resulting in better growth opportunities for major market players over the forecast period.

The growing tendency to provide quality treatment for the animals, the increasing prevalence of the launch of new products with advanced technology, the rising demand to improve the quality of poultry products, and the rise in zoonotic diseases are other essential causes fuelling the need for animal parasiticides market.

MARKET RESTRAINTS:

However, fluctuations in the availability of raw materials in manufacturing the final products in pharmaceutical companies are slowly restraining the market demand. Stringent rules and regulations by the government are other significant factors hampering the growth rate of the animal parasiticides market. One of the significant challenges for players in this market is accounting for the diversity of parasitic species when developing successful medications and parasiticides. In addition, an increase in the number of vegetarians and vegans and stringent limits on accepting these medicines is challenging the demand for animal parasiticides in the Middle East and Africa.

Impact of Covid-19 on the global animal parasiticides market:

COVID-19 is an unprecedented global public health crisis that has impacted almost every sector, with long-term consequences expected to stifle industry growth over the forecast period. Although human-to-human transmission of the COVID-19 virus has been confirmed, evidence of the virus infecting animals is limited. Domestic animals can become infected by the virus if they come into close contact with infected humans. It is supposed to have far-reaching ramifications for animal care and welfare. Leading players have ensured that their supply chains are not affected in terms of output. For example, Zoetis, Inc. has confirmed no direct effect on its anti-parasitic drug supply. The company is closely monitoring the situation and has taken various preventative measures. Thus, the coronavirus pandemic has had little effect on the market for animal parasiticides. The industry is growing gradually, barring minor disruptions in raw material supplies. Animal parasiticides have been designated as essential products, ensuring a steady supply. To keep up with deliveries even during quarantines and lockdowns, manufacturers mainly invest in telework capabilities and improve distribution networks.

REPORT COVERAGE:

This research report on the global animal parasiticides market has been segmented and sub-segmented based on the product type, animal type, and region.

Animal Parasiticides Market – By Product Type:         

• Ectoparasiticides  
• Endoparasiticide  

Based on product type, the ectoparasiticides segment had the largest share of the global animal parasiticides market in 2021 and is anticipated to continue dominating the market throughout the forecast period. The increasing livestock population is one factor that propels segmental growth. Ectoparasiticides effectively treat the animals' diseases with fewer side effects. In addition, the growing investments in veterinary hospitals by private and public organizations and the rising awareness among people regarding drugs and vaccines further promote the segment's growth rate.

On the other hand, the endoparasiticides segment accounted for a substantial share of the global animal parasiticides market in 2021 and is anticipated to continue holding a promising market share in the coming years.

Animal Parasiticides Market - By Animal Type:

• Food-producing Animals  
• Companion Animals

Based on animal type, the food-producing animals segment is predicted to have the largest share of the global animal parasiticides market during the forecast period. Factors such as increasing consumption rate of meat and poultry products and growing concern towards veterinary healthcare among individuals favor the segmental growth.

Animal Parasiticides Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Geographically, The animal parasiticides market in North America accounted for the highest share of the global market in 2022. The region's dominance is anticipated to continue throughout the forecast period owing to the growing adoption of technological advancements and an increase in the number of product launches that are highly successful in treating external or internal parasites in animals.

The animal parasiticides market in the Asia Pacific had the second largest share of the worldwide market in 2022 and is anticipated to grow the fastest among all the regions during the forecast period. Increasing expenditure on veterinary healthcare is gearing up the demand for the animal parasiticides market. Regarding global animal parasiticide market growth, Asia-Pacific is expected to maintain its dominance. The growing trend toward pet adoption has significantly impacted the industry. Latin American regions have higher growth opportunities than the rest of the world. APAC and Latin America are expected to rise faster than the rest of the world due to rising GDP and per capita spending on animal health.

The European animal parasiticides market had a substantial share of the worldwide market in 2022 and is anticipated to hold good occupancy in the global market during the forecast period. The growing support from government organizations to prevent animal and human diseases is a major factor in regional market growth.

The animal parasiticides market in Latin America captured a considerable share of the global market in 2022 and is expected to grow at a steady CAGR in the coming years.

The animal parasiticides market in the Middle East and Africa is inclined to have slight variations in the growth rate shortly with the rise in awareness over effectively manufacturing drugs and vaccines.

KEY MARKET PARTICIPANTS:

Companies such as Sanofi (France), Ceva Sante Animale (France), Virbac (France), Vetoquinol S.A. (France), Eli Lilly and Company (U.S.), Zoetis, Merck and Co., Bayer AG (Germany), Boehringer Ingelheim (Germany), Perrigo Company plc (Ireland) are playing a leading role in the animal parasiticides market.

RECENT MARKET HAPPENINGS:

• In August 2019, the second-largest player in the veterinary pharmaceutical market, Elanco, purchased Bayer's animal healthcare business, which ensures improving productivity. In addition, the acquisition aims to launch various products with advanced technology and extend the product portfolio. 
• In July 2018, Bayer animal healthcare signed an agreement with Mitsui Chemicals Agro to increase parasiticides' productivity for companion animals. It has improved the efficiency of the products as they maximized the production rate and quality. In addition, research examining the cause of various infectious diseases helps this company expand its shares and position in the animal parasiticides market.
• In November 2015, Zoetis, Inc. announced marketing authorization for Simparica chewable tablets. This medicine is given monthly to treat fleas, ticks, and sarcoptic mange in dogs and shows effective outcomes. 
• In May 2014, an oral ectoparasiticide tablet named Bravecto was launched by Merck Animal Health, a lead player in the animal parasiticides market. This product has significant results for companion animals affected by ticks and fleas. As oral formulations play an immense role in achieving medication compliance, this tablet addresses the most significant demand.