July 19, 2021
According to the research 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 slated to showcase impressive growth trends through 2025.
Rising awareness regarding animal healthcare leading to increasing demand for healthcare products, coupled with surging expenditure for the welfare of livestock animals are propelling the growth of global animal parasiticides market.
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Additionally, rising number of livestock animals for food production and soaring adoption of companion animals in emerging nations are catalyzing the industry outlook.
On the contrary, stagnated economies, complete lockdown, and restrictions on supply of non-essential goods owing to the COVID-19 pandemic is likely to hamper the market scenario in the ensuing years.
In terms of product gamut, worldwide animal parasiticides industry vertical is bifurcated into endectocides, ectoparasiticides, and endoparasiticides. The ectoparasiticides segment is slated to grow significantly over the analysis timeframe, owing to rising product adoption for treating insect infestation in animals, coupled with investments for developing new veterinary products.
Speaking of animal type, the market is fragmented into companion animals, and farm animals, wherein the latter segment accounted for the largest industry share in 2019 and is expected to grow further, creditable to surging population of farm animals, and increasing demand & consumption of animal based food. Also, concerns of parasite control in farm animals, increasing animal healthcare expenditure as well as rising quality cognizance of meat and other animal products will augment the growth of the segment.
Based on distribution channel, the industry space includes veterinary clinics, pharmacies & drug stores, and veterinary hospitals. The report cites that pharmacies & drug stores segment witnessed significant growth in 2019 and is anticipated to generate modest revenues by 2025, accredited to rising discretionary income, increasing health concern for livestock and companion animals, and presence of technologically advanced diagnostic equipment for veterinary care.
Geographically, Europe held major portion of global animal parasiticides industry share in the recent past, owing to rising animal healthcare expenditure, nominal approval regulations, escalating adoption of pets, and prevalence of animal health companies ensuring easy availability of the products.
The competitive landscape of worldwide animal parasiticides market is defined by companies such Merck & Co. Inc., C.H. Boehringer Sohn AG & Ko. KG, Eli Lilly and Company, Ceva Santé Animale, Vetoquinol Global, Zoetis Inc., Elanco Animal Health Incorporated, Bayer AG, Perrigo Company plc, and Virbac among others.