The global animal parasiticides market, valued at US$ 9.7 billion in 2021, is projected to reach US$ 10.4 billion by the end of 2022. Over the next decade, the market is expected to grow at a robust CAGR of 7.5%, culminating in a market value of US$ 21.43 billion by 2032.
Animal parasiticides, also known as veterinary parasiticides, are substances or products designed to eliminate parasites that infest pets, livestock, and other animals. These parasiticides play a crucial role in maintaining animal health by controlling parasites that can cause various diseases. The market for these products is witnessing significant growth, driven by increasing awareness about zoonotic diseases (diseases that can be transmitted from animals to humans) and the rising trend of pet adoption in both developed and developing countries.
Request Your Sample Report and Supercharge Your Business Strategy! https://www.futuremarketinsights.com/reports/sample/rep-gb-595
Key Takeaways
- Market Growth and Value: The global animal parasiticides market is on a growth trajectory, expected to expand from US$ 9.7 billion in 2021 to US$ 21.43 billion by 2032.
- Government and Animal Welfare Initiatives: Increased government initiatives and animal welfare activities are major drivers of market growth, improving livestock health globally.
- Rising Pet Adoption: Higher pet adoption rates, particularly in developed regions, and growing awareness about animal healthcare are boosting the demand for parasiticides.
- Economic Factors: Regions like Asia-Pacific and Latin America, with rising GDP and increased per capita spending on animal husbandry products, are contributing significantly to market expansion.
Regional Analysis
Asia-Pacific: A Key Growth Region
Asia-Pacific is emerging as a critical market for animal parasiticides, driven by a growing trend towards pet adoption and increased spending on animal health. Rapid growth in livestock populations, heightened awareness about animal health, and frequent animal disease outbreaks are key factors propelling market growth in this region. The rising GDP in countries across Asia-Pacific and Latin America further supports increased expenditure on animal health products, reinforcing market demand.
Germany: Leading the European Market
Germany is set to maintain its dominance in the European animal parasiticides market, with an estimated 30% market share. This significant share is driven by the high demand for CNS agents and the lack of branded drugs with the necessary active ingredients for specific treatments for companion animals. The Veterinary Medicinal Products Regulation (Regulation (EU) 2019/6) has introduced new measures to encourage innovation and ensure the availability of high-quality veterinary medicines. These regulations aim to treat and prevent animal diseases effectively, supporting the EU’s action against antimicrobial resistance, and are likely to expand the market for animal parasiticides in Germany.
Market Drivers
Several factors are driving the growth of the global animal parasiticides market:
- Government Protocols and Animal Healthcare: Increasing importance placed on animal healthcare and stringent governmental protocols are major growth drivers.
- Emerging Markets: Growth in animal livestock populations in emerging markets and continuous developments in parasiticide products.
- New Offerings: Leading players in the market are introducing new products, contributing to market expansion.
- Economic Growth: Rising GDP and increased per capita spending on animal health in regions like Asia-Pacific and Latin America.
Get in Touch with Our Sales Team to Secure Your Copy of the Report Now! https://www.futuremarketinsights.com/checkout/595
Key Companies Profiled
- Bayer AG
- Bimeda Animal Health
- Boehringer Ingelheim GmbH
- Ceva Santé Animale
- Elanco (Eli Lilly and Company)
- Merck & Co., Inc.
- Vetoquinol
- Zoetis, Inc.
- Virbac
- The Chanelle Group
Key Segments Covered in the Animal Parasiticide Industry Study
Product:
- Endoparasiticides
- Animal Parasiticide Additives
- Animal Parasiticide Injectables
- Animal Parasiticide Drenches
- Animal Parasiticide Tablets/Pills
- Others Animal Parasiticides
- Ectoparasiticides
- Animal Parasiticide Collars
- Animal Endectocides
Animal Type:
- Animal Parasiticide for Companion Animals
- Cats
- Dogs
- Horses
- Others
- Animal Parasiticide for Food Producing Animals
- Cattle
- Poultry
- Sheep
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
