Animal Parasiticides Market Expected to Grow US$ 13,829.9 Million with a CAGR Value of 5.7% at the end of the 2028 | Merial (Boehringer Ingelheim GmbH), Ceva Sante Animlae, Virbac SA, Vetoquinol S.A.

Global Animal Parasiticides Market

Overview:

Animal parasiticides is a substance used to kill parasites other than bacteria and fungi in animal livestock, pets, and other animals. Thus, animal parasiticides play a vital role in the prevention and cure of various parasitic diseases in animals.

The global animal parasiticides market is estimated to account for US$ 13,829.9 million in terms of value by the end of 2027.

Drivers:

Growing number of companion animals around the world is expected to augment the growth of the global animal parasiticides market. For instance, according to the American Veterinary Medical Foundation, there were around 76,811,305 dogs in the United States in 2018, while there were 69,926,000 dogs in the U.S. in 2012.

Moreover, increasing awareness about animal health and rising expenditure on animal health is expected to drive growth of the global animal parasiticides market. For instance, according to the American Pet Products Association, in 2018, the U.S. pet industry is expected to witness a 3.7% increase in the overall spending, as compared to 2017.

𝐓𝐨 𝐆𝐞𝐭 a Free 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐋𝐚𝐭𝐞𝐬𝐭 𝐂𝐨𝐯𝐢𝐝𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 @ https://www.coherentmarketinsights.com/insight/request-sample/9

Restraints:

Increasing demand for vegetarian food and diet is expected to hamper the growth of the global animal parasiticides market. Adoption of a vegetarian food is expected to hamper the animal-produced food demand. For instance, according to Gallup, Inc., sales of plant-based food in the U.S. increased by 8.1% in 2017, as compared to 2016.

Moreover, stringent approval process is expected to hinder growth of the market. Parasiticides have to go through stringent approval procedures and apply for intellectual property rights to various regulatory bodies, such as regional regulatory bodies, Food and Drug Administration (FDA), and World Health Organization (WHO), to get a patent.

Opportunities:

Market players are focusing on increasing the sales of their products to increase their market share. This in turn provide easy access to animal health products by minimizing distribution nodes, and can provide higher profit margins. For instance, Zoetis sells its products directly to end users such as poultry farms, beef and dairy farmers, veterinarians, retail pharmacies, and third-party veterinary distributors.

Moreover, increasing funding/support for the eradication of animal diseases is expected to offer potential growth opportunities for players in the market. For instance, European Union, under the Regulation (EU) No 652/2014, offered a budget of around US$ 2 billion for 014-2020, 65% of which is allocated to implement animal health measures.

𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭: (𝐈𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐅𝐮𝐥𝐥 𝐓𝐎𝐂, 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐓𝐚𝐛𝐥𝐞𝐬 & 𝐅𝐢𝐠𝐮𝐫𝐞𝐬, 𝐂𝐡𝐚𝐫𝐭) @ https://www.coherentmarketinsights.com/insight/request-pdf/9

Market Taxonomy:

By Product Type:

• Ectoparasiticides
• Endoparasiticides
• Endectocides

By Animal Type:

• Food producing animals
• Companion animals

By Distribution Channel:

• Veterinary Hospitals
• Veterinary Clinics
• Pharmacies
• Drug Stores

By Regions:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Market Trends/Key Takeaways:

Market players are focusing on developing multiple combination parasites to increase the effectiveness of their product. For instance, in 2019, European Commission granted marketing authorisation to Zoetis’ Trio, a once-monthly triple combination antiparasitic drug for dogs. Whereas, in 2020, Zoetis received the FDA approval for Simparica Trio, a new combination parasite preventative for dogs.

Moreover, in August 2018, Merial received the Food and Drug Administration (FDA) approval to expand the label claims for NexGard. NexGard is the first and only flea and tick product to receive FDA approval for preventing infections that cause Lyme disease by killing the vector ticks in dogs.

Competitive Landscape:

Key players active in the global animal parasiticides market are Perrigo Co. plc., Bayer AG, Merck & Co, Zoetis Inc., Vetoquinol, Virbac SA, Ceva Sante Animlae, Merial (Boehringer Ingelheim GmbH), and Eli Lilly and Company, among others.

Key Developments:

Market players are focusing on launching novel products to strengthen their product portfolio. For instance, in 2018, Elanco Animal Health announced that the U.S. FDA approved Credelio (lotilaner) to treat and protect against ticks and fleas.

Market players are adopting various strategies, such as merger and acquisition, to expand their product portfolio. For instance, in 2019, Bayer signed a definitive agreement to sell its Animal Health unit to Elanco Animal Health for US$ 7.6 billion.