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Press Release: Animal Parasiticides Market to Surpass US$ 13,829.9 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Animal parasiticides are chemical substances that eliminate parasites other than fungi and bacteria in animal livestock, pets, and other animals. Majority of parasiticides contain one or more active ingredients. Animal parasiticides play an important role in the prevention and cure of various parasitic diseases in animals.
The global animal parasiticides market is estimated to account for US$ 13,829.9 Mn in terms of value by the end of 2027.
Global Animal Parasiticides Market: Drivers
Increasing adoption of companion animals is expected to boost growth of the global animal parasiticides market over the forecast period. For instance, according to America Veterinary Medical Association, the number of dogs in the U.S. was 76,811,305 in 2018, compared to 69,926,000 in 2012.
Moreover, increasing expenditure on animal healthcare is also expected to aid in growth of the market. For instance, according to The American Pet Products Association’s estimates in March 2018, the overall spending in the U.S. pet industry is expected to witness a 3.7% increase in 2018 compared to 2017.
Europe region held dominant position in the global animal parasiticides market in 2019, accounting for 41.1% share in terms of volume, followed by North America.
Figure 1. Global Animal Parasiticides Market Value (US$ Mn), by Region, 2019
Global Animal Parasiticides Market: Restraints
Increasing preference for vegetarian food and diet is expected to reduce demand for animal-produced food. This in turn is expected to limit demand for animal parasiticides, thereby hindering growth of the market. For instance, according a report published by Gallup, Inc., an analytics and advisory company, in August 2018, sales of plant-based food increased 8.1% in 2017 in the U.S. compared to 2016.
Moreover, stringent approval process for animal parasiticides is also expected to hamper growth of the market. Various products in the market have to undergo through approval processes and apply for intellectual property rights to various regulatory bodies such as World Health Organization (WHO), Food and Drug Administration (FDA), and regional regulatory bodies according to the laws of the country for granting the patent.
Global Animal Parasiticides Market: Opportunities
Key players in the market can focus on direct sales of products to enhance their market share. The approach helps to ensure easy access of animal healthcare products by minimizing the distribution nodes, which in turn can offer higher profit margins. For instance, Zoetis, Inc. directly sells its products to end users such as beef and dairy farmers, poultry farms, veterinarians, third-party veterinary distributors and retail pharmacies.
Increasing funding and support for eradication of animal diseases is also expected to offer lucrative growth opportunities for players in the global animal parasiticides market. For instance, under the Regulation (EU) No 652/2014, the European Union offered a budget of around US$ 2 billion for
2014-2020, 65% of which is allocated to implement animal health measures.
Endoparasiticides segment in the global animal parasiticides market was valued at US$ 5,343.6 Mn in 2019 and is expected to reach US$ 8,303.2 Mn by 2027 at a CAGR of 5.7% during the forecast period.
Market Trends/Key Takeaways
Key players in the market are focused on developing multiple combination parasiticides for increasing efficacy of their product. For instance, in September 2019, Zoetis Inc. received marketing authorization for Simparica Trio (sarolaner/moxidectin/pyrantel) chewable tablets for the treatment of mixed external and internal parasitic infestations in dogs, from the European Commission.
Several parasiticides are being used for the treatment of Borrelia burgdorferi infections and Lyme disease is dogs. For instance, in August 2018, Merial (Boehringer Ingelheim GmbH), received approval from the U.S Food and Drug Administration (FDA) to expand the label claims for NexGard (afoxolaner). NexGard can now be used to prevent Borrelia burgdorferi infections and Lyme disease in dogs.
Regulations:
Global Animal Parasiticides Market: Competitive Landscape
Major players operating in the global animal parasiticides market include, Merial (Boehringer Ingelheim GmbH), Ceva Sante Animlae, Virbac SA, Vetoquinol S.A., Eli Lilly and Company, Zoetis Inc., Merck & Co Inc., Bayer AG, and Perrigo Co. plc.
Global Animal Parasiticides Market: Key Developments
Key players in the market are focused on launching new products to expand their product portfolio. For instance, in January 2018, Elanco Animal Health, a division of Eli Lilly and Company, received approaval for its product, Credelio (lotilaner), a small chewable tablet for dogs, for protection against ticks and fleas.
Key players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in August 2019, Elanco Animal Health entered into a definitive agreement to acquire Bayer Animal Health for US$ 7.6 billion, including US$ 5.3 billion to be paid in cash and US$ 2.3 billion in equity.
Animal parasiticides are used for repulsion, mitigation, and prevention of parasites found in livestock animals, pets, and other animals. Animal parasiticides play an important role in the prevention and cure of various parasitic diseases in animals. Ectoparasiticides are used to control external parasites such as fleas, ticks, mites, lice and fleas. Endoparasiticides help in controlling internal parasites such as roundworms, tapeworms and fluke. Major factors attributing to the growth of the animal paratisicides market constitutes of increasing demand animal base food products, and increasing animal health expenditure in developed and developing economies of the world.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 20 market data tables and 16 figures on “Animal Parasiticides – Global forecast to 2027.
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