Newark, Oct. 17, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Animal Parasiticides market is expected to grow from USD 10.11 Billion in 2022 to USD 18.48 Billion by 2032, at a CAGR of 6.22% during the forecast period 2023-2032.
The increasing prevalence of zoonotic diseases will drive the global animal parasiticides market. The popularity of veganism will reduce meat demand and production. It will also affect milk and milk derivates. Therefore, a growing shift towards veganism will challenge the market's growth.
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Competitive Strategy
To enhance their market position in the global Animal Parasiticides market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In April 2022: Felpreva is now accessible for veterinarians to prescribe in five European markets, including France, Germany, the United Kingdom, Austria, and Italy, according to Vetoquinol. A
breakthrough in companion animal parasitology is Felpreva. It is the first three-monthly spot-on parasiticide for cats to treat fleas, ticks, and mites in addition to lungworms, roundworms, and hookworms in a single dosage. It has a license to treat cats with mixed parasite infestations, diseases, or those at risk of getting them.
Market Growth & Trends
Parasites living off animals are called animal parasites; fleas, ticks, and lice are common examples. They can impact the health of the host animal. Parasites can also act as a carrier of animal diseases to humans and drive the spread of zoonotic diseases. Therefore, mitigating these parasites is imperative to preserve animal and human health. Animal parasiticides are drugs that kill or inhibit the growth of animal parasites. Animals play a crucial role in the food chain. Animal health is, therefore, fundamentally linked to the safety and security of the global food supply. Given the ongoing interactions between animals and people, animal health also affects public health. The pressure to rank animal health as a high-priority problem has intensified due to the rising occurrence of zoonotic illnesses that affect animals and spread to people via them. Similarly, relying on animals to meet nutritional needs underscores how crucial animal health is to prevent foodborne infections. The majority of the world consumes meat, and a reduction in animal population as a result of preventable diseases or, worse human deaths due to the unchecked spread of zoonotic diseases can cause a food crisis, economic loss, and a disbalance in the ecosystem. The need to control the spread of zoonotic diseases by spreading awareness about animal parasiticides as an effective preventive measure to ensure animal health will drive the market's growth. Therefore, the increasing prevalence of zoonotic diseases will propel the global animal parasiticides market's growth.
Report Scope
| Report Attribute | Details |
| Projected Market Size in 2032 | USD 18.48 Billion |
| CAGR Growth Rate | 6.22% |
| Base Year | 2021 |
| Forecast Years | 2023-2032 |
| Key Market Players | Bayer AG,Bimeda Animal Health,Boehringer Ingelheim International GmbH,Elanco Animal Health Incorporated,Merck Animal Health,Norbrook,PetIQ Inc.,Vetoquinol SA,Virbac,Zoetis |
| Key Segment | Industry Analysis, Trends, Analysis and Forecast |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Key Findings
• In 2022, the livestock animals segment dominated the market with the largest market share of 57% and market revenue of USD 5.76 Billion.
The animal type segment is divided into livestock animals and companion animals. In 2022, the livestock animals segment dominated the market with the largest market share of 57% and market revenue of USD 5.76 Billion. Poultry, swine, cattle, sheep, and goats are examples of production animals. In several nations, beef, bacon, lamb, chicken, and pork are the main protein sources and are included in their daily diet. The human diet also heavily relies on poultry, from eggs to cheese. Worldwide, people eat milk and a variety of milk-based products. Goats, cows, buffalos, and sheep are raised for various uses, including milk and meat.
• In 2022, the ectoparasiticides segment dominated the market with the largest market share of 48% and market revenue of USD 4.85 Billion.
The product type segment is divided into ectoparasiticides, endoparasiticides, and endectocides. In 2022, the ectoparasiticides segment dominated the market with the largest market share of 48% and market revenue of USD 4.85 Billion. Ectoparasites are parasites that live outside the host body. Fleas are a very common example of ectoparasites. They are treated with a drug called ectoparasiticides.
• In 2022, the veterinary hospitals & clinics segment dominated the market with the largest market share of 58% and market revenue of USD 5.86 Billion.
The end-user segment is divided into laboratories, veterinary hospitals & clinics, home care settings, animal farms, and others. In 2022, the veterinary hospitals & clinics segment dominated the market with the largest market share of 58% and market revenue of USD 5.86 Billion. The main providers of animal healthcare services are veterinary hospitals and clinics. Regarding the welfare of animals, they are the best option. They provide various services, such as vaccines, treatments, and diagnostics. The presence of more veterinary hospitals and clinics will promote the segment's growth, given the expanding popularity of pets.
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Regional Segment Analysis of the Animal Parasiticides Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Animal Parasiticides industry, with a market share of 38.91% and a market value of around USD 3.93 Billion in 2022. The United States is among the top producers of meat and meat derivatives, along with being the top consumer of these products. Restaurant chains, eateries, food outlets, and supermarkets selling meat products rely on the commercial cattle rearing and meat production business.
Key players operating in the global Animal Parasiticides market are:
• Bayer AG
• Bimeda Animal Health
• Boehringer Ingelheim International GmbH
• Elanco Animal Health Incorporated
• Merck Animal Health
• Norbrook
• PetIQ Inc.
• Vetoquinol SA
• Virbac
• Zoetis
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Animal Parasiticides market based on below mentioned segments:
Global Animal Parasiticides Market by Animal Type:
• Livestock Animals
• Companion Animals
Global Animal Parasiticides Market by Product Type:
• Ectoparasiticides
• Endoparasiticides
• Endectocides
Global Animal Parasiticides Market by End User:
• Laboratories
• Veterinary Hospitals & Clinics
• Home Care Settings
• Animal Farms
• Others
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About the report:
The global Animal Parasiticides market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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