(PharmaNewsWire.Com, July 23, 2021 ) 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. 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.
By type, the ectoparasiticides segment accounted for the largest share of the market in 2019
On the basis of type, ectoparasiticides segment accounted for the largest share of the animal parasiticides market. This can be attributed to factors such as the growing incidences of zoonotic diseases due to external parasites and increased population of companion animals.
By animal type, companion animals held the highest growth of the animal parasiticides market in 2019
On the basis of animal type, companion animals accounted for the highest growth in this market. This is attributed to the increasing number of companion animals and the rising prevalence of zoonotic diseases in dogs worldwide.
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.
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.
Key Players:
The prominent players in this market are Boehringer Ingelheim (Germany),Elanco (US), Zoetis (US), Merck & Co. (US), and Virbac (France).
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