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animal parasiticides market is influenced by a multitude of market factors that collectively shape its dynamics and growth. One primary factor driving the market is the increasing global population of companion animals and livestock. As the number of pets and farm animals rises, so does the risk of parasitic infections. This demographic shift contributes to a continuous demand for effective animal parasiticides to ensure the health and well-being of animals, stimulating market growth.
Government regulations and policies constitute a crucial market factor, especially in the animal health and pharmaceutical industries. Regulatory oversight influences the development, approval, and commercialization of animal parasiticides. Stringent guidelines regarding product safety, efficacy, and proper usage are essential considerations for manufacturers, impacting their strategies and market positioning. Compliance with these regulations is imperative for market players to navigate and succeed in the industry.
The prevalence of parasitic infections in animals is a significant factor influencing the demand for animal parasiticides. Parasites pose a constant threat to the health and productivity of animals, affecting both companion animals and livestock. The need for effective prevention and treatment of parasitic infections creates a consistent demand for parasiticide products across diverse segments of the veterinary healthcare industry, contributing to the market's sustained growth.
Technological advancements and innovations in veterinary medicine are key market factors shaping the animal parasiticides sector. Continuous research and development efforts lead to the introduction of new and improved formulations, delivery methods, and diagnostic tools. These innovations enhance the efficacy, safety, and convenience of parasiticides, providing veterinarians and animal owners with a range of options to address specific parasitic challenges. The integration of advanced technologies contributes to market competitiveness and stimulates overall market growth.
Market dynamics are also influenced by the increasing awareness of zoonotic diseases. Diseases that can be transmitted between animals and humans highlight the interconnectedness of animal and public health. This awareness has led to a proactive approach to prevent the spread of zoonotic diseases, underscoring the importance of controlling parasitic infections in animals. The demand for effective parasiticides as a preventive measure is heightened, reflecting broader public health concerns.
Globalization and international trade play a significant role in shaping market factors within the animal parasiticides sector. The movement of animals across borders increases the risk of introducing and spreading parasitic infections. To address this challenge, market players must navigate international trade regulations, regional variations in parasite prevalence, and diverse customer needs. Adapting products to different markets and complying with global standards are essential considerations for companies operating in the global animal parasiticides market.
Market consolidation and strategic partnerships are pivotal market factors influencing the animal parasiticides sector. The industry has witnessed mergers, acquisitions, and collaborations among key players seeking to enhance their product portfolios, expand market reach, and leverage synergies. These strategic moves impact market competitiveness, research capabilities, and the ability to address a broad spectrum of parasitic infections, ultimately shaping the overall dynamics of the animal parasiticides market.
Economic factors, including the affordability and accessibility of animal parasiticides, are critical considerations in determining market dynamics. The cost of parasiticides, particularly for large-scale livestock operations, influences purchasing decisions. Balancing the economic viability of products with their efficacy is essential for market players to cater to the diverse needs of animal owners, farmers, and veterinarians.
In conclusion, the animal parasiticides market is influenced by a combination of factors, including the global population of animals, government regulations, prevalence of parasitic infections, technological innovations, awareness of zoonotic diseases, international trade dynamics, market consolidation, and economic considerations. The continuous evolution of these factors collectively shapes the landscape of the animal parasiticides market, highlighting the need for adaptability and strategic decision-making by companies operating in this dynamic and essential segment of the veterinary healthcare industry.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 8.61 Billion |
| Growth Rate | 7.51% (2024-2032) |
Animal Parasiticides Market Highlights:
Animal Parasiticides Market Overview
The global Animal Parasiticides Market Size was valued at USD 8.61 billion in 2023. The Animal Parasiticides Market industry is anticipated to grow from USD 9.18 billion in 2024 to USD 16.38 billion by 2032, exhibiting a CAGR of 7.51% during the forecast period (2024 - 2032).
Animal parasiticides are chemical formulations used to kill different types of parasites on animals. Animal parasites live on or in the body of animals and can cause irritation, pain, and wounds to animals. Most parasites, if not treated, can cause death of host animal. They can affect the yield of various livestock animals like cattle. The increasing number of livestock animals all over the globe is one of the major factors driving the growth of global animal parasiticides market. Moreover, increasing awareness about animal health management is projected to boost the growth of global animal parasiticides market. Additionally, the increased accessibility to veterinary services due to growth in number of veterinary practitioners coupled with continuous developments in animal parasiticides products is anticipated to fuel the growth of the global animal parasiticides market.
Animal Parasiticides Market Segmentation
The global animal parasiticides market has been segmented based on product type, livestock, and region.
The global animal parasiticides market has been classified, based on product type, as ectoparasiticides, endoparasiticides, and endectocides.
The global animal parasiticides market has been bifurcated, based on livestock, into ruminants, poultry, porcine, and others.
The global animal parasiticides market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American animal parasiticides market has further been segmented into the US, Canada, and Mexico.
The European animal parasiticides market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe.
The animal parasiticides market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific.
The animal parasiticides market, in the rest of the world, has been segmented into South America, the Middle East, and Africa
Recent News:
Vetoquinol, a market leader in animal parasiticides, is pleased to announce that the European Commission has granted marketing authorization for Felpreva® (tigolaner/emodepside/praziquantel), a spot-on prevention and treatment option for mixed parasitic infestations/infections in cats. This authorization was granted subsequent to a positive opinion from the Committee for Medicinal Products for Veterinary Use (CVMP). Felpreva® is the first spot-on parasiticide designed specifically for cats to provide protection against tapeworms, endoparasites (including gastrointestinal roundworms and lungworms), and ectoparasites (including fleas, lice, and mites) for a duration of up to three months when applied with a single dose. It is authorized for the treatment of felines that are infected with or susceptible to combined parasitic infections. Marketing authorization for Felpreva ® (tigolaner/emodepside/praziquantel) has been issued by the European Commission. For up to three months, the combination product treats both internal and external parasite infestations/infections, including tapeworms, and is the first spot-on solution for cats to receive EU approval. Tigolaner, an innovative active ingredient comprising three components in Felpreva®, primarily targets fleas, ticks, and mites.
Key Players
Vétoquinol and Bioniche Life Sciences Inc. (Canada), Bayer Animal Health GmbH (Germany), DSM N.V. Merck & Co. Inc. (US), Biomin Holding Gmbh (German), Boehringer Ingelheim International GmbH (Germany), Cargill Inc (US), Zoetis Inc.(US), AB Vista Inc. (UK), The Alltech Groupare (US), Elanco Animal Health Incorporated (US), Bupo Animal Health (South Africa), Chr. Hansen A/S (Denmark), Danisco A/S (Denmark), Novus International Inc. (US) are some of the key players in the global animal parasiticides market.
Regional Market Summary
The market in North-America is expected to dominate the global animal parasiticides market during the forecast period due to increasing demand of food obtained from animal sources, leading to an increase in livestock raising activities. Moreover, the continuous research in animal parasiticides is anticipated to fuel the growth of animal parasiticides market in this region. Asia-Pacific, region is projected to grow at highest CAGR due to increasing awareness about animal health management and its benefits. Additionally, the farmers in developing countries like India and China are now majorly focusing on animal raising activities to obtain more income, which is predicted to boost the growth of global animal parasiticides market.
Recent Developments
The animal parasiticides market in the rest of the world is expected to grow at a steady rate due to increasing meat consumption.
October 2023: Bayer Animal Health receives regulatory approval in the European Union (EU) for its new product, NexGard Spectra (afoxolaner/milbemycin oxime). This chewable tablet is indicated for the treatment and prevention of various parasites in dogs and cats, including fleas, ticks, heartworms, and intestinal worms.
November 2023: Elanco Animal Health launches Seresto Plus (imidacloprid/flumethrin/pyriproxyfen), a collar for dogs and cats that provides protection against fleas, ticks, and mosquitoes for up to eight months. This product also helps control flea eggs and larvae in the pet's environment.
December 2023: Boehringer Ingelheim launches Vectra 3D (dinotefuran/imidacloprid/permethrin), a topical solution for dogs that protects against fleas, ticks, and mosquitoes for up to one month. This solution also helps control flea eggs and larvae in the pet's environment.
Global Animal parasiticides Market, by Product Type
- Ectoparasiticides
- Endoparasiticides
- Endectocides
Global Animal parasiticides Market, by Livestock
- Ruminants
- Poultry
- Porcine
- Others
Global Animal parasiticides Market, by Region
-
North America
- US
- Canada
- Mexico
-
Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
-
Asia-Pacific
- Japan
- China
- India
- Australia and New Zealand
- Rest of Asia-Pacific
-
Rest of the World (RoW)
- South America
- Middle East
- Africa
Intended Audience
- Animal growth promoter manufacturers
- Livestock industry
- Raw material suppliers
- Retailers and wholesalers
- Traders, importers, and exporters
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