Northbrook, IL 60062 -- (SBWIRE) -- 07/27/2023 -- The global Animal Parasiticides Market has witnessed significant growth, with its revenue estimated at $10.6 billion in 2022 and projected to reach $14.1 billion by 2027, showcasing a robust CAGR of 5.8% from 2022 to 2027, as per a recent report by MarketsandMarkets™. This growth can be attributed to various factors that are driving the market forward.

One of the key drivers is the increasing demand for animal-derived food products, which has led to a greater focus on maintaining the health and well-being of livestock. This, in turn, has boosted the adoption of parasiticides to control and prevent parasitic infestations in animals, ensuring better productivity and quality of animal-based products.

The growth of the companion animal sector is another crucial factor fueling the market expansion. With an increase in pet ownership rates, there is a growing awareness about the importance of maintaining the health of pets, leading to a higher consumption of parasiticides for pets' well-being.

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Key Market Players:

The prominent players in the global animal parasiticides market are Zoetis Inc. (US), Elanco Animal Health Incorporated (US), Virbac (France), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Ceva Santé Animale (France), Vetoquinol S.A. (France), PetIQ, Inc. (US), Norbrook (Ireland), and Bimeda Animal Health (US).

Drivers:

1. Rising demand for animal derived food producrs
2. Initiatives to improve livestock health through animal welfare activities
3. Rising concerns regarding zoonotic diseases
4. Inflowing investments from private companies
5. Growing companinion animal ownership rates
6. Increasing livestock volumes
7. Rising animal health expenditure

Restraints:

1. Shift towards vegetarianism
2. Regulations restricting use of parasiticides for food producing animals

Opportunities:

1. Lucrative growth opportunities in emerging markets
2. Increase in incidence of diseases in livestock and companion animals
3. Increasing demand for animal health products
4. Increasing number of veterinary practitioners in developed countries

Challenges:

1. Growing resistance to parasities
2. Increasing emergence of novel zoonoses and transmission models

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"Ectoparasiticides segment accounted for the largest share in the animal parasiticides market."
The market for animal parasiticides is divided into three distinct classifications based on type such as endoparasiticides, ectoparasiticides, and endectocides. The market for animal parasiticides globally in 2021 was dominated by the ectoparasiticides segment. The high adoption of ectoparasiticides relative to other products accounts for the huge proportion of this market. The rise in pet ownership and the number of companion animals in developed nations are other elements that are anticipated to promote market expansion throughout the projected period.

"Companion Animals segment is expected to witness the fastest growth in the forecast period."

The market for animal parasiticides is divided into two broad groups like companion animals and livestock animals. The market for animal parasiticides globally was dominated by companion animals in 2021. The significant market share of this sector is largely due to the rising costs of owning pets and the rise in the number of people who own companion animals in developed nations.

"Veterinary Clinics & Hospitals accounted for the largest share of animal parasiticides market in 2020"

The animal parasiticides market is divided into veterinary practices & hospitals, animal farms, and home care settings based on end users. The market for animal parasiticides was dominated in 2021 by veterinary practices and hospitals. The increased use of animal parasiticides in medical settings, the rise in parasitic illnesses, and the rising concern over animal health in developing nations are all factors that contribute to the big proportion of this market.

"North America accounted for the largest share of the animal parasiticides market in 2020"

The animal parasiticides market is divided into five regions based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America held the greatest market share for animal parasiticides worldwide. North America has a significant portion of the market because of its strong foundation in the animal health sector, the widespread adoption of companion animals, and the rising costs associated with animal health. During the projected period, the market in Latin America is anticipated to develop at the highest CAGR. This can be ascribed to the rising adoption of pets as well as the expanding populations of livestock animals and consumers of food items generated from animals.

Animal Parasiticides Market Dynamics:

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Recent Developments:

- In January 2022, Zoetis Inc. received USFDA approval for Simparica Trio, a new label indication for Simparica Trio (sarolaner, moxidectin, and pyrantel chewable tablets) for the prevention of Borrelia burgdorferi infections.

- In July 2022, Virbac launched TENOTRYLTM (enrofloxacin) injectable solution in the USA for cattle and swine.

- In January 2021, Boehringer Ingelheim received marketing authorization from the EMA and European Commission for NexGard COMBO topical solution for cats.

- In May 2021, Elanco animal health launched chewable tablets for fleas and tick protection for cats.