The Global Animal Parasiticides Market is projected to reach USD 15.80 billion by 2027 from USD 9.7 billion in 2020, at a CAGR of 7.2 % during the forecast period.
Increasing incidence of parasitic infestation in pets, livestock and other animals has created lucrative growth opportunities for the veterinary parasiticides market. Rising demand of animal parasiticides used for better treatment in pets and livestock has elevated the use of parasiticide products, thereby benefiting the market growth over the coming years.
Rising awareness about animal healthcare, growing concern about zoonotic diseases and increasing investment in development of innovative veterinary healthcare products will positively impact the business growth. Growing expenditure on veterinary healthcare and adoption of pets is also a key factor for the rising popularity of animal parasiticides products. With an elevated production by farm animals, the chances of parasitic infection increase especially in developing countries due to sub-optimal conditions, ultimately leading to loss of production.
Several drugs and vaccines have been developed that are easily accessible to farmers to have control over parasitic infection. For instance, several anthelmintic drugs such as Benzimidazole, Levamisole, Macrocyclic lactones to treat gut form infections are easily available in the market. Rising awareness about improved veterinary treatment methods among the consumers has increased the demand for advance medicines, by creating better growth opportunities for the major market players over the forecast timeframe.
However, with stringent regulations for approval of animal parasiticides in food producing animals and growing preference of vegetarian lifestyle may hamper the growth of animal parasiticides market during the projected timeline.
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.
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.