Animal Parasiticides Market

Global Animal Parasiticides Market Size (2022 to 2027)

As per the research report, the size of the global animal parasiticides market is estimated to value USD  12.91 billion by 2027 from USD 9.73 billion in 2022, 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.

In veterinary pharmacies, animal parasiticides are the drugs used to improve the health of livestock. It also prevents some diseases by killing parasites in the body other than bacteria and fungi. 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 animal healthcare products, growing investments in veterinary hospitals by government and non-governmental institutes, the rise in the incidences of various health disorders in animals are expected to drive the global animal parasiticides market.

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 industry, and rising animal health expenditure are expected to propel the animal parasiticides market forward. Communities worldwide are calling for greater agricultural and animal-production sustainability as a result of climate change and the rising demand for high-quality animal products.

Several drugs and vaccines that are easily accessible to farmers have been produced to control parasitic infections. Benzimidazole, Levamisole, and Macrocyclic lactones, for instance, are readily available anthelmintic drugs for treating gut-type infections. 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.

In terms of global animal parasiticide market growth, Asia-Pacific is expected to maintain its dominance. The growing trend toward pet adoption has had a significant impact on 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.

Growing tendency to provide quality treatment for the animals, increasing prevalence for 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 the pharmaceutical companies are slowly restraining the market demand. Stringent rules and regulations by the government is another major factor hampering the growth rate of the animal parasiticides market.

One of the major challenges for players in this market is accounting for the diversity of parasitic species when developing successful medications and parasiticides. The demand for animal parasiticides in the Middle East and Africa is being challenged by an increase in the number of vegetarians and vegans and stringent limits on the acceptance of these medicines.

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 keeping a close eye on the situation and has taken a variety of 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, Ectoparasiticides product type is holding the highest shares of the market. The increasing population of livestock is significantly influencing the demand of the market. Ectoparasiticides are very effective in treating the animals' disease with fewer side effects, which are also factors that level the market's growth. Growing investments in veterinary hospitals by private and public organizations are surging the demand of the market. The rise in the popularity of drugs and vaccines through campaigns and digital advertisements is also likely to outshine the growth rate of the animal parasiticides market.

Animal Parasiticides Market - By Animal Type:

• Food-producing Animals  
• Companion Animals

Based on animal type, the Food-producing animal segment is witnessed in leading dominant shares of the market. The increasing consumption rate of meat and poultry products is the primary factor for growing extensively in this segment. Rising concern towards health care among individuals is also boosting up the demand of the market.

Animal Parasiticides Market - By Region:

• North America
• Europe
• Asia pacific
• Latin America
• The Middle East and Africa

Geographically, The animal parasiticides market in North America is accounted for the highest share of the global animal parasiticides market with the acceptance of advanced technology in launching various products that are highly successful in treating the external or internal parasites in animals.

The animal parasiticides market in Asia Pacific is positioned second in leading dominant shares of the market. Increasing expenditure on animal health care is gearing up the demand for the animal parasiticides market.

The animal parasiticides market in Europe has the fastest growth rate from the past few years and maintains the same flow in foreseen years. Growing support from government organizations to prevent diseases from animals to humans is accelerating the market's growth in this region.

The animal parasiticides market in Latin America was worth USD 0.74 Billion in 2021. It is further expected to grow at a CAGR of 5.5% and worth USD 0.97 Billion by 2026.

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

KEY MARKET PARTICIPANTS:

Some of the most promising companies operating in the global animal parasiticides market profiled in this report are 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).

RECENT MARKET HAPPENINGS:

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