Animal Parasiticides Market

The global animal parasiticides market in terms of revenue was estimated to be worth $10.6 billion in 2022 and is poised to grow at a CAGR of 5.8% from 2022 to 2027.

The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The market for animal parasiticides is expanding as a result of factors like rising zoonotic disease concerns, rising rates of companion animal ownership, and growing private player investments. The veterinary health industry is anticipated to develop as a result of the rising populations of poultry and dairy animals in emerging regions, since poultry animals are more susceptible to parasite infections. This is also going to attract international investors to that regions.

Global Animal Parasiticides Market Trends

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Animal Parasiticides Market Dynamics:

Drivers: Growing prevalence of animal diseases

Over the past ten years, a number of chronic diseases have become more common in animals throughout the world. One in six pets in the US is overweight, according to the State of Pet Health report from Banfield Pet Hospital. According to Nationwide Pet Insurance, claims for cancer diagnosis and treatment by pet owners would total over USD 53 million in 2021, making cancer-related disorders one of the most prevalent categories of medical claims. Conditions such as pet obesity, equine lameness, prevalence of diabetes mellitus in dogs and cats and many others will increase the demand for animal health medicine products during the forecast period.

Restraints: Shift toward vegetarianism

Obesity and other chronic diseases are becoming more prevalent on a global scale. Because of this, a lot of individuals are switching from a mostly non-vegetarian diet to a vegetarian one. The US Department of Agriculture releases dietary guidelines on a timely basis. These recommendations promote the use of whole grains, fruits, and vegetables, as well as low-fat milk and its substitutes. According to the Guardian, 125,000 of the 500,000 people who joined the 2021 Veganuary pledge to only eat plant-based foods in January were situated in the UK. Additionally, the consumption of meat has decreased as a result of the rise in bird flu cases and diseases brought on by meat eating, such as swine flu and COVID-19. This is anticipated to limit the expansion of market, to some extent.

Opportunities: Emerging market potential for lucrative development

Ownership of companion animals has steadily increased over the past few years, particularly in developing nations like India, China, Brazil, and other nations in the Asia Pacific and Latin America. Pet ownership is on the rise in these nations due to rapid urbanization and rising disposable incomes. In these countries, many pet owners are now prepared to pay more on their pet care. Regions with emerging countries offer high-growth opportunities for market players in animal parasiticides due to the rise in the population of companion animals, the rising demand for animal food products, the enormous population of livestock animals, and the rising animal health expenditure in emerging nations throughout Asia Pacific and Latin America.

Challenges: Developing resistance to parasiticides

In the animal health industry, parasite resistance to parasiticides is a major problem. To combat this, most farmers and pet owners choose to up the dosage or alter the parasiticides they employ. On the other hand, this could be damaging in the long term and lead to parasite species that are multi-drug resistant. Ticks have developed a greater resistance to pesticides over time. Most parasitic infections show changes in parasite biology, genetics, resilience, and behavior, according to scientific experts. It is really concerning that parasite illnesses have changed. The AVMA recommends that veterinarians and pet owners use the most recent recommendations, medications, and evidence-based practices for parasite prevention.

Animal Parasiticide Ecosystem

The ecosystem of the animal parasiticides market is made up of the components that are present there and specifies these components with a list of the organizations involved. Manufacturers of different animal parasiticides include the businesses engaged in research, product development, optimization, and introduction of such goods. These products and formulations are used to prevent and cure parasite infections in animals. Distributors include third parties and e-commerce sites affiliated with the organization for selling these parasiticides, whereas end users are the areas where animal parasiticides are used to prevent and cure parasite-borne illnesses,  The major players in the market for animal parasiticides are these customers.

Ectoparasiticides segment of Animal Parasiticides Market is expected to witness the fastest growth in the forecast period.

The market for animal parasiticides is divided into three types based on type such as Endoparasiticides, Ectoparasiticides, and Endectocides. The market category for Ectoparasiticides is anticipated to grow at the fastest rate between 2022 and 2027. The rise in pet ownership and the number of companion animals in developed nations are additional factors that are expected to boost market expansion throughout the projected period.

The market for companion animals is anticipated to develop at the fastest rate over the projected period.

The market is divided into two segments such as companion animals and livestock animals. The market for animal parasiticides worldwide was dominated by companion animals in 2021. The increased spending on companion animals and increased pet ownership in developed as well emerging countries will mostly be the reason for the rapid growth of this segment in the forecast period.

Veterinary Clinics & Hospitals accounted for the largest share of the animal parasiticides market in 2021.

The market is divided into veterinary practices & hospitals, animal farms, and home care settings based on end users. In 2021, veterinary hospitals and clinics held the highest market share for animal parasiticides. The increased use of animal parasiticides in healthcare facilities, the rise in parasitic diseases, and the rising concern over animal health in developing nations are all factors that contribute to the big proportion of this market.

North America accounted for the largest share of the animal parasiticides market in 2021"

The market is divided into five regions based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America held the greatest market share for animal parasiticides worldwide. It is anticipated that a major driver impacting the North America market growth would be the significant and expanding animal population in the US and Canada. This is supported by an increase in veterinary clinics and easy access to animal treatment.

The significant market share of North America is related to the region's well-established animal health industry, rising spending on animal health, rising consumption of food items produced from animals, and rising adoption of pets.

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Key players in the animal parasiticides market are Zoetis Inc. (US), Elanco Animal Health Incorporated (US), Virbac (France), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Ceva Santé Animale (France), Vetoquinol S.A. (France), PetIQ, Inc. (US), Norbrook (Ireland), and Bimeda Animal Health (Ireland).

Animal Parasiticides Market Report Scope:

The research report categorizes Animal Parasiticides Market into the following segments and sub-segments:

By Type

• Ectoparasiticides
• Endoparasiticides
• Endectocides

By Animal Type

• Companion Animals
• Livestock Animals

By End User

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

By Country

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Australia
  • Japan
  • India
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• Middle East and Africa
  • Turkey
  • Rest of MEA

Recent Developments:

• In January 2022, Zoetis Inc. received USFDA approval for Simparica Trio, a new label indication for Simparica Trio (sarolaner, moxidectin, and pyrantel chewable tablets) for the prevention of Borrelia burgdorferi infections.
• In July 2022, Virbac launched TENOTRYLTM (enrofloxacin) injectable solution in the USA for cattle and swine.
• In January 2021, Boehringer Ingelheim received marketing authorization from the EMA and European Commission for NexGard COMBO topical solution for cats.
• In May 2021, Elanco animal health launched chewable tablets for fleas and tick protection for cats.

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