The global animal parasiticides market is anticipated to grow at a CAGR 3.8% during the forecast period to reach USD 310 million by 2024 from USD 260 million in 2019.
Animal parasiticides are basically chemical formulations used for killing different types of parasites on animals. These parasites are either living in or on the body of the animals and hence can cause irritation, wounds, and pain to the animals.
Factors such as increasing prevalence of diseases in animals and rising number of animal welfare policies are expected to drive the market growth. According to the WebMD LLC, as of 2015 there were 844 cases of avian influenza along with 449 deaths. Additionally, increasing awareness related to viral diseases are some factors influencing the market growth over the forecast period.
However, high cost of animal parasiticides and high expenditure on R&D for new product development is expected to negatively impact the market growth during the forecast period.
The global animal parasiticides market has been segmented into product type and application.
On the basis of product type, the global animal parasiticides market is divided into endoparasiticides, ectoparasiticides, and endectocides. Endoparasiticides segment held the largest market share in 2019 owing to the elevated use of endoparasiticides in development of new products.
Based upon the application, the market is categorized into dogs/cats, equine, cattle, swine, poultry, and others. The dogs/cats segment held the largest market share in 2019 owing to increasing adoption of companion animals.
By region, the global animal parasiticides market is segmented into the Americas, Europe, Asia-Pacific, and Middle East & Africa.
Americas is estimated to lead the global market during the forecast, owing to the increasing awareness about animal health, growing companion animal population, and high pet spending. According to the American Veterinary Medical Association, the number of dogs in the US increased from 69,926,000 in 2012 to 76,811,305 in 2018. The Europe market is expected to garner significant market share owing to the presence of major market players such as Boehringer Ingelheim GmbH, Bayer AG, Virbac, Ceva Sante Animale, Vetoquinol, and Chanelle, among others. The animal parasiticides market is the Asia-Pacific region is anticipated to grow at the fastest CAGR owing to the high consumption of meat and increasing awareness about animal health management & its benefits. The market in the Middle East & Africa is expected to witness slow growth owing to the low awareness regarding animal related diseases.
Key market players covered in the report include Boehringer Ingelheim GmbH (Germany), Zoetis (US), Merck & Co. Inc. (US), Elanco (US), Bayer AG (Germany), Virbac (France), Ceva Sante Animale (France), Vetoquinol (France), Bimeda Animal Health (US), and Chanelle (Ireland), among others. Companies are involved in strategies such as product approvals and agreements for gaining competitive advantage over its counterparts.
For instance, in September 2019, Zoetis, Inc. received approval from the European Union (EU) for the marketing of Simparica Trio chewable tablets in order to treat the mixed internal and external parasitic infections in dogs. With this, the company expanded its market presence in Europe.
Furthermore, in August 2018, Boehringer Ingelheim GmbH (Merial) received approval from the Food and Drug Administration (FDA) for NexGard (afoxolaner) for prevention of Borrelia burgdorferi infections and Lyme disease in dogs. With this, the company expanded therapeutic applications for NexGard.
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