Animal Parasiticides Market 2019: Size, Shares, Trends, Applications, Analysis and 2025 Forecast Research Report
Animal parasiticides are chemical substances that eradicate parasites other than fungi and bacteria in animal livestock, pets and other animals. These are generally inert ingredients made in a formulation and consist of one or more than one active ingredients. Most parasiticidal active ingredients have similar chemical structures and share many features. They are often grouped into chemical classes or families. The importance of the animal parasiticides has been recognized for the protection and cure of the parasitic diseases in animals. Companies are coming with the various new formulations and products in the animal parasiticides market to eradicate the increasing prevalence of foodborne diseases. A growing awareness about animal healthcare, rapidly growing animal livestock and technological advancements over the past few years are expected to boost the growth of the global animal parasiticides market.
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Key market players
Some of the major players in the global animal parasiticides market that are covered in this report are Sanofi S.A. (Merial), Ceva Sante Animlae, Virbac SA, Vetoquinol S.A., Eli Lilly and Company, Zoetis Inc., Merck & Co Inc., Bayer AG, Boehringer Ingelheim GmbH and Perrigo Co. plc. The report also describes company-specific strategies related to key developments and market consolidation initiatives.
Increasing animal livestock population and a growth in the adoption of the companion animals over the past few years globally are factors responsible for a significant growth in the animal parasiticides market.
The global animal parasiticides market has registered a value of US$ 6,976.2 Mn in 2015 and is anticipated to reach a value of US$ 13,064.7 Mn by 2026 with the projected CAGR of 5.9% during the forecast period (2015–2026).
Market dynamics
The global animal parasiticides market is projected to register a significant growth over the forecast period due to the increasing awareness about animal healthcare worldwide. Besides, escalating number of livestock animals for the purpose of food production in emerging economies is leading to a rising demand of animal healthcare products, which also drives the growth of the global animal parasiticides market. An increase in the animal healthcare expenditure for animal welfare to improve the health of livestock animals is further fuelling the overall animal parasiticides market. Furthermore, increasing adoption of companion animals in the developed economies also anticipated to positively influence the animal parasiticides market. However, a growing preference for vegetarian food and diet and a stringent approval process for animal parasiticides coupled with restrictions on the use of parasiticides in food producing animals are the restraints affecting the global animal parasiticides market.
Segment analysis
The animal parasiticides market is segmented into Ectoparasiticides, Endoparasiticides and Endectocides. The Endoparasiticides segment is expected to lead the revenue market share over the Ectoparasiticides and Endectocides segment.
Demand of the Endoparasiticides is more as they control an increasing prevalence of internal parasiticides such as roundworms, tapeworms and flukes which in turn fuels the Endoparasiticides segment growth.
Furthermore, the restrictions on the use of parasiticides in food producing animals may restrain the growth of Endoparasiticides and Ectoparasiticides segment over the forecast period.
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Regional analysis
The global animal parasiticides market has been segmented into the seven prominent regions namely, Western Europe, North America, Latin America, Eastern Europe, Asia Pacific (APEJ), Japan and Middle East and Africa (MEA).
The Western Europe market is leading in terms of revenue generated in the global animal parasiticides market due to high awareness about animal healthcare and high healthcare expenditure for animal welfare, and is expected to register a CAGR of 6.2% over a forecast period.
North America and APEJ regions have also registered a decent growth in the global animal parasiticides market and are expected to contribute a healthy share in terms of value over the forecast period.
Latin America and MEA regions are at a nascent stage in the global animal parasiticides market and are anticipated to contribute a decent market revenue to the global animal parasiticides market over the forecast period.