Meticulous Research®—a leading global market research
company, published a research report titled, "Animal Parasiticides Market
By Product [Ectoparasiticides (Pour On, Spray, Spot on), Endoparasiticides
(Oral, Injectable), Endectocides], Animal (Companion, Livestock), Parasite Type
(Tapeworm, Fleas, Ticks, Mites, Roundworms) - Global Forecast to 2030."
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According to this latest publication from Meticulous
Research®, the animal parasiticides market is projected to reach $17.9 billion
by 2030, at a CAGR of 7.3% during the forecast period 2023–2030. The growth of
this market is attributed to the increasing prevalence of zoonotic and
parasitic diseases, growing demand for animal-derived food products, and rising
expenditure on animal health. In addition, the increasing number of livestock
in emerging economies is expected to provide significant growth opportunities
for this market.
However, the restricted use of parasiticides in
food-producing animals hinders the growth of this market to a notable extent.
In addition, the rising inclination towards vegetarian and vegan diets is a
major challenge for market growth.
The animal parasiticides market is segmented by product
type, parasite type, animal type, and geography. The study also evaluates
industry competitors and analyzes the market at the country and regional
levels.
Based on product type, in 2023, the ectoparasiticides
segment is expected to account for the largest share of the animal
parasiticides market. The large market share of this segment is attributed to
factors such as the high rate of fleas, ticks, and mites infestations in
animals and the ease of using ectoparasiticides on companion and farm animals.
Ectoparasiticides are used in liquid pours, spots, sprays, powders, and other
forms such as collars and ear tags, making them easy to apply on external parts
of the animal body infected by parasites.
Based on parasite type, in 2023, the mite, tick, flea, lice,
and grub infestation segment is expected to account for the largest share of
the animal parasiticides market. The large market share of this segment is
attributed to the high prevalence of ectoparasitic infections. Animals easily
attract external parasites such as fleas, ticks, and lice, as they are a food
source for them, and parasites can bury themselves in animals’ furs to lay
eggs.
Based on animal type, in 2023, the companion animal segment
is expected to account for the largest share of the animal parasiticides
market. Globally a large number of households have pets which makes a large
population base of the pet population. For instance, according to the American
Pet Products Association National Pet Owners Survey (2021-2022), in the U.S.,
around 70% (85 million families) of households have at least one pet.
Similarly, according to an Animal Medicines Australia survey on pet ownership,
in 2022, approximately 69% of households in Australia owned pets, with dogs
being the most common at 48%, followed by cats (33%). The pet owners treat pets
as family member and show no hesitation in the pet’s health expenditure. For
instance, in 2021, the total U.S. pet industry expenditure was USD 123.6
billion. Therefore, the large population base and high expenditure on pets are
the major factors contributing to the large market share of this segment.
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This research report analyzes major geographies and provides
a comprehensive analysis of the market in North America (U.S., Canada), Europe
(Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan,
China, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and
Rest of Latin America), and the Middle East & Africa.
Based on geography, in 2023, North America is expected to
account for the largest share of the animal parasiticides market, followed by
Europe and Asia-Pacific. The large share of this market is attributed to
factors such as high expenditure on animal health, highly commercialized and
institutionalized meat industry, large consumption and import-export of
animal-derived food products, and large base of pet population treated as
family.
The key players operating in the animal parasiticides market
are Zoetis Inc. (U.S.), Virbac (France), Heska Corporation (U.S.), Bimeda, Inc.
(Ireland), Boehringer Ingelheim International GmbH (Germany), Merck & Co.,
Inc. (U.S.), Elanco Animal Health Incorporated (U.S.), Vetoquinol Group
(France), PetIQ, LLC (U.S.), and ECO Animal Health Ltd (U.K.), among others.
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