Animal Parasiticides Market Overview
The global animal parasiticides market is expected to register a CAGR of 7% from 2022 to 2030 and reach USD 14 billion by the end of 2030
Animal parasiticides are used to restrict parasitic attacks on livestock, which helps in boosting immunity and overall health of animals. Additionally, animal parasiticides market is observing an exponential growth based on the high usage in the feed industry. Animal parasiticides are available in three different forms and they are which include ectoparasiticides, end parasiticides, and endectocides.
Animal parasiticides are one of the sources used for improving livestock health. Growing demand for animal-derived food products and growth in the awareness about animal transmitted diseases enables the global animal parasiticides market for growth during the forecast period. Additionally, increased consumer focus on improving animal health is boosting the market growth. Additionally, government regulations to support the use of parasites in animal medicinal formulations, in Europe, North America, and few regions of Asia Pacific has been projected to boost the animal parasiticides market growth.
Moreover, in North America, increasing awareness of animal protein and inclination of consumer preference towards meat consumption are driving the growth of the market. Owing to the increased consumer awareness and availability of latest technology equipment, North America is expected to dominate the animal parasiticides market. However, lack of consumer awareness regarding animal parasiticides and increasing number of new entrants in the industry are considered to be the major challenges to this market. Nevertheless, all these factors have been projected to lead to the estimated CAGR of 7.0% of animal parasiticides market during the forecast period, 2023–2030.
Animal parasiticides are segmented on the basis of type, which includes ectoparasiticides, endoparasiticides, and endectocides. Among all, the endoparasiticides segment is dominating the market owing to its ease of usage and effectiveness.
Animal parasiticides are segmented on the basis of species, which includes poultry, swine, sheep & goats, cattle, and others. Among all, cattle segment is dominating the market, followed by poultry. The foremost reason for this growth is increased consumption for animal source protein.
The major players in animal parasiticides market
- Eli Lilly and Company Limited (U.K)
- Boehringer Ingelheim GmbH (Germany)
- Bayer Aktiengesellschaft (Germany)
- Merck & Co., Inc. (U.S.)
- Zoetis Inc. (U.S)
- Sanofi (France)
- Virbac Corporation (U.S.)
- Ceva Sante Animale S.A. (France)
- Vetoquinol SA (France)
- Perrigo Company plc (Ireland)
The global animal parasiticides market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the global animal parasiticides market due to increasing consumption of animal parasiticides from the increasing livestock diseases, and demand for enhanced animal medicinal products. Additionally, the major key players are actively involved in research & developments to develop products conforming to North American regulations for animal parasiticides.
Furthermore, in Asia Pacific region, India, China, and Japan accounts for a major market share owing to increasing demand for animal feed to meet up the increasing demand from the consumers.
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Animal parasiticides market is segmented on the basis of type, species, and region.
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