Animal Parasiticides Market Outlook
The market for animal parasiticides is anticipated to grow at a CAGR of 7% between 2022 and 2030, reaching USD 14 billion by the end of that year. Animal parasiticides are chemical mixtures that are used to eradicate various parasite species on animals. Animal parasites can irritate, hurt, or harm animals because they dwell on or in their bodies. Most parasites can kill the host animal if they are not treated. They can impact the productivity of different livestock animals, including cattle. One of the key factors fuelling the expansion of the global market for animal parasiticides is the rising number of livestock animals in use throughout the world.
Additionally, it is predicted that the global animal parasiticides market for would grow due to increasing accessibility to animal services brought on by an increase in the number of animal practitioners and ongoing product advancements.
The market for animal parasiticides will expand quickly because of increased zoonotic disease prevalence, human zoonotic disease transmission from pets and farm animals, and rising animal healthcare costs. In Spain, 1.85% of dogs had salmonella in their systems. Salmonella was discovered in 243 dogs in China at a somewhat higher incidence of 9.47%. The demand for therapy is therefore anticipated to rise throughout the projection period as the risk of these diseases in dogs increases.
Additionally, the increased popularity of pets globally is anticipated to fuel market expansion over the forecast period. For instance, 10.2 million dogs, 11.1 million cats, and 1 million pet bunnies were kept as pets in the UK in 2022, according to the People’s Dispensary for Sick Animals (PDSA) PAW Report 2022. According to the same statistic, 52% of UK adults will own a pet by 2022. Over the forecast period, the market’s growth is anticipated to be driven by the increasing adoption of pets.
Based on product type, livestock, and geographic region, the market for animal parasiticides has been divided into submarkets.
Ectoparasitic ides, end parasiticides, and endectocides are the three product categories used to categorise the global market for animal parasiticides.
Based on the kind of livestock, the market for animal parasiticides market size has been segmented into ruminants, poultry, porcine, and other species.
The North American, European, Asia-Pacific, and rest of the world markets for animal parasiticides have all been examined. Due to rising consumer demand for food derived from animal sources, which has resulted in an increase in livestock raising operations, North America is predicted to hold a dominant position in the global market for animal parasiticides over the forecast period. In addition, it is projected that ongoing research into animal parasiticides will support the market’s expansion in this area.
The biggest CAGR growth is anticipated for the Asia-Pacific region as people become more aware of animal health management and its advantages. Additionally, farmers in emerging nations like China and India are now primarily focusing on growing animals in order to increase their revenue, which is anticipated to accelerate the growth of the global market for animal parasiticides.
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