Animal Parasiticides Market outlook with industry review and forecasts

Ocean View, DE -- (SBWire) -- 05/11/2020 --Animal Parasiticides Market will exceed USD 7.0 billion by 2025; as per a new research report.

Rising animal healthcare expenditure coupled with growing adoption of companion animals will act as high impact rendering factor for growth of animal parasiticides market. According to the American Pet Products Association's 2017-2018 National Pet Owners Survey, nearly 60.2 million U.S. households own a dog as pet. Rising number of veterinary practitioners and growing demand for animal derived food products will further propel industry growth.

Rising incidence of zoonotic diseases has stimulated demand for superior products to control disease prevalence. The growing income levels of veterinary practitioners, availability of disposable income and rising awareness about zoonotic diseases will positively impact animal parasiticides market growth over the forecast timeframe. Increasing research grants for developing animal parasiticide products will drive animal parasiticides market over the foreseeable future.

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Numerous initiatives undertaken by domestic governments to reduce the spread of zoonotic diseases coupled with preventive measures taken by pet owners to safeguard their pets from various conditions will drive the industry growth. Additionally, growing demand for animal derived proteins will positively impact the animal parasiticide products market growth. However, excessive cost associated with R&D, restrictions related to use of parasiticides in few animals and stringent approval procedure will hamper growth of animal parasiticides market to certain extent over the coming years.

Easy operative pour-ons, sprays and spot-ons contribute significantly to the growth of ectoparasiticides market to reach USD 2.8 billion by 2025. Effective results delivered by ectoparasiticide formulations as compared to others coupled with growing demand will drive ectoparasiticides market over the forthcoming years. Dual functionality of endectocides will stimulate its future demand.

Farm animals parasiticide market is anticipated to grow by 4.6% during the forecast period. Increasing demand for animal derived food products, proteins along with growing consumption of meat will drive the farm animals parasiticides market. Rising awareness about zoonotic diseases and rise in animal healthcare expenditure will positively impact industry growth.

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U.S. dominated the global industry in 2018 by accounting for over 20% revenue share of global animal parasiticides market. The growing adoption of companion animals, rise in animal healthcare expenditure due to increasing disposable income and growing number of veterinary practitioners in the U.S. will drive the country's animal parasiticide market. Further, growth of animal farming industry will positively impact the U.S. animal parasiticides market.

China animal parasiticides market will witness 8.0% CAGR during the forecast period. Increasing animal healthcare expenditure, growing demand for animal derived proteins and food products and rise in disposable income of pet owners will drive China animal parasiticides market. Growing penetration of animal health companies in the country will further propel the industry growth.

Some of the notable industry players functioning in animal parasiticides market are: Merck, Virbac, Zoetis, Bayer, Ceva Sante Animale, Elanco, Vetoquinol, Boehringer Ingelheim, and Perrigo Company PLC. These market players majorly focus on developing superior products to serve to the growing demand for animal parasiticidal formulations. Geographical expansion, partnerships and mergers and acquisitions are major strategies adopted by these companies.