(PharmaNewsWire.Com, May 09, 2022 ) Global Industry Growth Boosting Factors:
Factors such as the rising demand for animal-derived food products, increasing investments by private players, growing concerns of zoonotic diseases, regulations for preventing the spread of animal diseases, growing companion animal ownership rates, and rising animal health expenditure are driving the growth of the animal parasiticides market.
However, a shift toward vegetarianism and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of this market during the forecast period. In this report, the animal parasiticides market is segmented on the basis of type, animal type, end user, and region.
Expected Revenue Growth:
The global animal parasiticides market is projected to reach USD 13.7 billion by 2026 from USD 9.7 billion in 2021, at a CAGR of 7.2% during the forecast period.
Ectoparasiticides segment accounted for the largest share in the animal parasiticides market.
Based on type, the animal parasiticides market is segmented into endoparasiticides, ectoparasiticides, and endectocides. The ectoparasiticides segment accounted for the largest share of 57.9% of the global animal parasiticides market in 2020. This segment is projected to reach USD 8,582.1 million by 2026 from USD 5,703.9 million in 2021, at a CAGR of 8.5%. The large share of this segment can be attributed to the higher adoption of ectoparasiticides as compared to other products. The increasing population of companion animals and rising pet ownership in developed countries are also expected to support the growth of this market during the forecast period.
Companion Animals segment is expected to witness the fastest growth in the forecast period.
Based on animal type, the animal parasiticides market is segmented into companion animals and livestock animals. In 2020, companion animals accounted for the largest share of 52.2% of the global animal parasiticides market. This segment is projected to reach USD 7,633.2 million by 2026 from USD 5,130.2 million in 2021, at a CAGR of 8.3%. The large share of this segment is primarily attributed to the increasing expenditure on pet animals and increasing companion animal ownership in developed countries.
Veterinary Clinics & Hospitals accounted for the largest share of animal parasiticides market in 2020
Based on end users, the animal parasiticides market is segmented into veterinary clinics & hospitals, animal farms, and home care settings. Veterinary clinics & hospitals accounted for the largest share of 61.4% of the animal parasiticides market in 2020. This segment is projected to reach USD 8,252.7 million by 2026 from USD 5,952.6 million in 2021, at a CAGR of 6.8%. The large share of this segment can be attributed to the higher adoption of animal parasiticides in hospital settings, the increasing incidence of parasitic diseases, and growing awareness about animal health in developing countries.
North America accounted for the largest share of the animal parasiticides market in 2020
On the basis of region, the animal parasiticides market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of 40.3% of the global animal parasiticides market in 2020. This market is projected to reach USD 5,179.1 million by 2026 from USD 3,879.4 million in 2021, at a CAGR of 5.9%. The large share of North America is due to its well-established base of the animal health industry, the high adoption of companion animals, and the growing expenditure on animal health. The market in Latin America is expected to grow at the highest CAGR of 8.8% during the forecast period. This can be attributed to the growing population of livestock animals, increasing consumption of animal-derived food products, and growing adoption of pets.
Key Market Players :
The prominent players in the global 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 (US).
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