The study involved four major activities for estimating the size of the animal parasiticides market. Exhaustive secondary research was done to collect information on the market, including its peer markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Expected Revenue Growth:
The global animal parasiticides market is projected to reach USD 13.7 billion by 2025 from USD 9.7 billion in 2020, at a CAGR of 7.2 % during the forecast period.
Major Growth Boosters:
Market growth can be attributed to the growing population of companion animals, rising demand for animal-derived food products, growing concerns of zoonotic diseases, rising animal pet expenditure, and increasing investments from private players.
Recent Developments in the global Animal Parasiticides Market:
# In February 2020, Zoetis launched Simparica Trio, a parasiticide for dogs with, or at risk from, mixed external and internal parasitic infestations.
# In February 2020, Elanco signed an agreement with Merck Animal Health to divest its worldwide rights for Vecoxan, used for the prevention and treatment of coccidiosis in calves and lambs.
# In February 2020, Vetoquinol acquired rights to Profendor and Drontal (parasiticides for companion animals offered by Elanco) for the European Economic Area and the UK.
# In August 2019, Boehringer Ingelheim opened a Health Management Center in China.
End Users:
The animal farms segment is expected to witness the highest growth rate in the animal parasiticides market, by end user, during the forecast period
Based on end user, the animal farms segment is expected to register the highest CAGR during the forecast period. The increasing incidence of parasitic diseases and rising demand for animal-derived food products are the major factors supporting the growth of this segment.
Key Questions Addressed in the Report:
# Which are the top 10 players operating in the animal parasiticides market?
# What are the drivers, restraints, opportunities, and challenges impacting the market?
# What are the prevailing industry trends?
# What is the current scenario of the animal parasiticides market?
# How is the animal parasiticides market performing in different regions across the globe?
North America dominated the animal parasiticides market in 2019
North America accounted for the largest share of the animal parasiticides market in 2019, followed by Europe and the Asia Pacific. High pet spending,increased awareness about animal health, and the growing companion animal population are the major factors responsible for the large share of North America in the animal parasiticides market.
Global Leaders:
The global animal parasiticides market is fragmented, with many regional and global players vying for larger market shares. Bayer AG (Germany), Boehringer Ingelheim (Germany), Elanco (US), Zoetis (US), Merck (US), and PetIQ (US) are the major players in this market.
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