July 03, 2020
As per the report titled, ‘Global Animal Parasiticides Market – Analysis By Product Type, Animal Type, Distribution Channel, By Region, By Country (2020 Edition): Market Insight, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global animal parasiticides market was valued at USD 9220.5 million in 2019 and is expected to record substantial growth through 2025.
Growing awareness about animal healthcare across the globe and increasing demand for animal healthcare products owing to surging livestock farming for food production in emerging nations are the key growth drivers of global animal parasiticides market. Besides, spike in animal healthcare spending to ensure proper growth of livestock animals, along with rising adoption of companion animals in developed nations are rendering a positive impact on the industry outlook.
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On the contrary, complete lockdown of several economies, along with strict travel & transport bans to contain the spread of COVID-19 infection have limited the movement of non-essential goods, thereby impeding the global animal parasiticides market growth.
Based on the product type, ectoparasiticides segment is anticipated to showcase a strong CAGR throughout the forecast duration, owing to rising product use for treating insect infestation in animals and inflowing investments for development of new veterinary products.
Elaborating on the animal type, farm animals segment accounted for majority share of global animal parasiticides market in 2019 and is reckoned to show strong growth over the estimated timeframe. Rising consumption of animal-based food and high-quality meat in consort with investments in animal healthcare are the major factors contributing to the segment expansion.
Speaking of the distribution channel, pharmacies & drug stores held the largest market share in year 2019 and is slated to gain considerable traction during the study period. Rising concerns about health and wellness of companion and livestock animals impels the sales of parasiticides from pharmacies. Moreover, increasing per capita income, along with introduction of new & advanced diagnostic instruments in veterinary clinics catering to health of pets will further boosts the demand for parasiticides.
On the geographical front, Europe is expected to be the prime contributor for global animal parasiticides market over the projection period. Increasing animal healthcare expenditure and widespread adoption of pets are the supporting the regional market growth. In addition, favorable regulatory norms and dense presence of leading players in the region are positively impacting the business outlook in Europe.
Key players operating in global animal parasiticides market are Vetoquinol Global, Perrigo, CEVA SANTE ANIMALE, Virbac, Eli Lilly and Company, Bayer, Boehringer Ingelheim, Elanco Animal Health, Merck & Co., and Zoetis Inc.