Categories: Chemicals and Materials
Animal parasiticide is a drug used in veterinary medicine to kill parasites, especially those that aren't bacteria or fungi.
The market for animal parasiticides is growing due to rising knowledge of zoonotic illnesses, an increase in the number of animal welfare acts, and an increase in the number of government initiatives. The market is also heating up, thanks to rising animal health expenditures, animal-derived food goods, and animal research, as well as increased research funds.
Restraints affecting the worldwide animal parasiticides market include a growing demand for vegetarian food and diet, a difficult licencing process for animal parasiticides, and prohibitions on the use of parasiticides in food-producing animals.
Ectoparasiticides, Endoparasiticides, and Endectocides are the three types of animal parasiticides available. Sprays, Dips, Collars, Pour-on and Spot-on, and Ear Tags are the several types of Ectoparasiticides. Injectables, Orals, and Feed additives are the several types of endoparasiticides available. Endoparasiticides is projected to have the highest revenue market share. Endoparasiticides are in higher demand as a result of the rising prevalence of internal parasites such as roundworms, tapeworms, and flukes, which is fueling the Endoparasiticides segment's rise. In addition, rising demand for Ectoparasites among food-producing animals and companion animals is likely to propel the market forward.
BY ANIMAL TYPE
The animal parasiticides market is divided into Farm Animals (Cattle, Poultry, Sheep) and Companion Animals (Cats, Dogs, Horses) depending on animal type. The market for farm animal parasiticides is expected to increase significantly due to rising demand for animal source protein and the requirement to produce pathogen-free animals for human consumption. Increased global consumption of chicken meat, as well as cattle ranching for by-products and meat, should propel the business forward.
The European market is likely to account for the majority of the market. Increased public awareness of animal health as a result of a rise in the number of companion animals. In terms of worldwide animal parasiticide market growth, Asia-Pacific is expected to maintain its dominance. The growing trend of pet adoption has had a significant impact on the market. Latin American regions have a stronger growth potential than the rest of the world. Latin America is predicted to develop faster than the rest of the world, thanks to rising GDP and per capita spending on animal health.
Ceva Sante Animlae, Sanofi S.A. (Merial), Vetoquinol S.A., Virbac SA and Company, Eli Lilly , Merck & Co Inc., Zoetis Inc., Boehringer Ingelheim GmbH, Bayer AG, and Perrigo Co. plc are some of the prominent players in the global animal parasiticides market mentioned in this study.
Acquisitions, expansions, investments, new product releases, agreements, and joint ventures have all been used by the firms to expand their market into other regions. In order to obtain a competitive advantage, businesses should also focus on discovering prospective emerging markets.
Furthermore, developed markets such as the United States and Canada are reaching saturation, causing the market to grow at a slower rate in the North American region, making investing in it a poor idea. However, in terms of growth, Latin American regions provide a greater opportunity. As a result, entering such a relatively fresh market will be a wise decision for the organisation.
New parasiticide delivery techniques are emerging as a result of constant innovation, which will enhance this market. As a result, players will undoubtedly gain an advantage in this lucrative industry by entering prospective developing countries as soon as possible.