The global market for animal parasiticides was valued at US$ 9.7 Billion in 2021, anticipated to reach US$ 10.4 Billion by 2022-end. In the long run, sales are expected to flourish at a CAGR of 7.5% from 2022 to 2032, reaching US$ 21.43 Billion.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 9.7 Billion |
| Anticipated Market Value (2032) | US$ 10.4 Billion |
| Projected Forecast Value (2032) | US$ 21.43 Billion |
| Growth Rate (2022 to 2032) | 7.5% CAGR |
The increasing number of animal welfare and government initiatives are driving the market for global parasiticide. The animal parasiticide, also called, veterinary parasiticide, are a product that kills parasiticide infesting pets, livestock, and other animals.
All these parasiticides have their own general features that determine their suitability for the control of parasites on animals. People being increasingly being aware of zoonotic diseases and the adoption of pet animals largely by the developed and developing nations have made a way for the global animal parasiticide market.
The government has also contributed towards the animal welfare activities that have resulted in the hefty demand for parasiticide which has improved the health of livestock tremendously across the globe and the global animal parasiticide market.
The market is growing due to the increasing demand for animal health products and the animal owner’s lookout for low-cost generics.
The increasing importance of animal healthcare accompanied by governmental protocols is driving the global animal parasiticide market. The increased number of animal livestock in the emerging markets, developments in the parasiticide products, an upcoming new offering by the leading players, execution of welfare acts in the developing and developed regions worldwide increment in the number of animals like dogs and cats are some of the growth drivers of global parasiticide market.
Along with the increasing awareness, the increasing rate of GDP in the regions like Asia-pacific and Latin America and thereby increasing per capita spending on animal husbandry products are also responsible for the growth of the market.
Apart from significant growth factors there exists some restraints to the market including high-cost R&D activities, strict regulations for approval for animal parasiticides, and restricting the use of parasiticide in some animals (especially the food producers) in some regions.
The increasing number of parasites are also contributing to the restraints that are market from growing.
Asia-pacific is projected to endure its control in terms of growth in the global animal parasiticide market. The market is predominantly affected by the increasing trend towards pet adoption. Moreover, increasing expenditure on animal health and increasing GDP have reinforced the demand for the animal parasiticide market across the region.
Aspects such as the rapid rise in the livestock population, growing awareness about animal health, and the growing frequency of animal disease outbreaks are likely to drive the growth of the APAC animal health market.
In terms of regional share, Germany likely to maintain its dominance in Europe for the animal parasiticide market, with an estimated market share of nearly 30%. This can amount to one-third of the overall European market share.
Market growth is mostly through the CNS agents segment owing to the non-availability of branded drugs with the desired proportion of active constituents for specified medication treatment for companion animals.
Currently, the Veterinary Medicinal Products Regulation (Regulation (EU) 2019/6) has directed new measures. It contains new norms for encouraging innovation and increasing the availability and access to secure and high-quality veterinary medicines for veterinarians, farmers, and pet caretakers.
The primary objective is to treat and prevent animal diseases and also backs the European Union (EU) action against antimicrobial resistance. These factors are likely to expand the market for an animal parasiticide in the region.
A new and improvised system was formulated by the U.S. Food and Drug Administration’s Center for Veterinary Medicine (CVM) for measuring system on its FDA-TRACK portal. This system will improve FDA’s performance management system that supervises, analyzes, and reports key performance parameters & projects.
Likewise, the U.S. government launched the ‘Feed the Future’ initiative that offers training to public and private veterinary clinicians. This program also assisted in initiating breeding programs and gaining investments in the development of the animal healthcare system in the U.S.
Also, numerous funding programs by government organizations to boost the R&D activities for progressing the research on the treatment of various animal diseases are set to favor industry growth in the future.
Some of the key participants present in the global demand of the animal parasiticide market include Bayer AG, Bimeda Animal Health, Boehringer Ingelheim GmbH, Ceva Santé Animale, Elanco (Eli Lilly and Company), Merck & Co., Inc., Vetoquinol, Zoetis, Inc., Virbac, The Chanelle Group, among others.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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According to FMI, animal parasiticides sales are expected to grow at a 7.5% CAGR until 2032
FMI expects the German animal parasiticides to make maximum gains, accounting for 30% of the European market
Prominent animal parasiticides manufacturers include Bayer AG, Bimeda Animal Health, Boehringer Ingelheim GmbH and Ceva Santé Animale among others
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