Animal Parasiticides Market Projections: $17.9 Billion by 2030
Meticulous Research®—a leading global market research company, published a research report titled, "Animal Parasiticides Market By Product [Ectoparasiticides (Pour On, Spray, Spot on), Endoparasiticides (Oral, Injectable), Endectocides], Animal (Companion, Livestock), Parasite Type (Tapeworm, Fleas, Ticks, Mites, Roundworms) - Global Forecast to 2030."
1.1 Introduction
The animal parasiticides market is poised for significant growth, projected to reach $17.9 billion by 2030 with a CAGR of 7.3% during the forecast period from 2023 to 2030. This robust market expansion is driven by several factors, including the increasing prevalence of zoonotic and parasitic diseases, the growing demand for animal-derived food products, and rising expenditure on animal health. Additionally, the increasing number of livestock in emerging economies presents lucrative opportunities for market growth.
1.2 Market Drivers
1.2.1 Increasing Prevalence of Zoonotic and Parasitic Diseases
The rising incidence of zoonotic and parasitic diseases is a major driver of the animal parasiticides market. Zoonotic diseases, which are transmissible from animals to humans, pose significant health risks and drive the demand for effective parasiticides. As awareness of these diseases grows, so does the emphasis on preventive measures and treatments, bolstering the market.
1.2.2 Growing Demand for Animal-Derived Food Products
The global demand for animal-derived food products, such as meat, milk, and eggs, is on the rise. This demand is fueled by a growing global population and increasing income levels, particularly in developing countries. To ensure the health and productivity of livestock, farmers and producers are investing in animal health products, including parasiticides, to prevent and control infestations.
1.2.3 Rising Expenditure on Animal Health
Pet ownership is increasing worldwide, with a significant number of households treating pets as family members. This trend is driving the demand for high-quality animal healthcare products. According to the American Pet Products Association, in 2021, the total expenditure on pets in the U.S. was USD 123.6 billion. This substantial spending reflects the willingness of pet owners to invest in their pets' health and well-being, thereby driving the demand for parasiticides.
1.3 Market Challenges
1.3.1 Restricted Use of Parasiticides in Food-Producing Animals
Regulatory restrictions on the use of certain parasiticides in food-producing animals present a notable challenge to market growth. These regulations are put in place to ensure food safety and prevent residues in animal-derived food products. Compliance with these regulations can limit the availability and use of parasiticides, impacting market expansion.
1.3.2 Rising Inclination Towards Vegetarian and Vegan Diets
The growing trend towards vegetarian and vegan diets poses a challenge to the animal parasiticides market. As more consumers opt for plant-based diets, the demand for animal-derived food products decreases. This shift in dietary preferences can potentially reduce the demand for livestock and, consequently, the need for parasiticides.
1.4 Market Segmentation
The animal parasiticides market is segmented by product type, parasite type, animal type, and geography. This segmentation provides a detailed understanding of the market dynamics and helps identify key growth areas.
1.4.1 By Product Type
In 2023, the ectoparasiticides segment is expected to account for the largest share of the animal parasiticides market. This segment's significant market share is attributed to the high rate of fleas, ticks, and mites infestations in animals and the ease of application of ectoparasiticides. These products are available in various forms such as liquid pours, spots, sprays, powders, collars, and ear tags, making them convenient for use on companion and farm animals.
1.4.2 By Parasite Type
Based on parasite type, the mite, tick, flea, lice, and grub infestation segment is anticipated to hold the largest market share in 2023. The widespread prevalence of ectoparasitic infections among animals drives this segment's growth. External parasites such as fleas, ticks, and lice easily infest animals, using them as a food source and habitat for laying eggs.
1.4.3 By Animal Type
In terms of animal type, the companion animal segment is projected to dominate the market in 2023. The large number of households owning pets significantly contributes to this segment's market share. For instance, in the U.S., around 70% of households have at least one pet, according to the American Pet Products Association. Similar trends are observed globally, with high pet ownership rates driving demand for parasiticides.
1.5 Regional Analysis
1.5.1 North America
In 2023, North America is expected to hold the largest share of the animal parasiticides market. Factors such as high expenditure on animal health, a highly commercialized meat industry, and a large pet population treated as family contribute to the region's market dominance.
1.5.2 Europe
Europe follows North America in terms of market share. The region's substantial consumption and import-export of animal-derived food products, along with a well-established animal healthcare industry, drive market growth.
1.5.3 Asia-Pacific
The Asia-Pacific region is projected to witness significant growth during the forecast period. The rising number of livestock, increasing awareness of animal health, and growing demand for animal-derived food products in countries like China and India are key factors contributing to the market expansion.
1.5.4 Latin America and Middle East & Africa
These regions are also expected to experience growth, albeit at a slower pace compared to North America, Europe, and Asia-Pacific. The increasing livestock population and rising awareness of animal health in these regions present growth opportunities for the animal parasiticides market.
1.6 Conclusion
The animal parasiticides market is set for substantial growth, driven by the increasing prevalence of zoonotic and parasitic diseases, growing demand for animal-derived food products, and rising expenditure on animal health. While regulatory restrictions and shifting dietary preferences pose challenges, the market offers significant opportunities, particularly in emerging economies.
Key Players:
The key players operating in the animal parasiticides market are Zoetis Inc. (U.S.), Virbac (France), Heska Corporation (U.S.), Bimeda, Inc. (Ireland), Boehringer Ingelheim International GmbH (Germany), Merck & Co., Inc. (U.S.), Elanco Animal Health Incorporated (U.S.), Vetoquinol Group (France), PetIQ, LLC (U.S.), and ECO Animal Health Ltd (U.K.), among others. Download PDF Brochure @ https://www.meticulousresearch.com/download-sample-report/cp_id=5451
Key questions answered in the report:
Which are the high-growth market segments in terms of product type, animal type, parasite type, and region/country?
What was the historical market size for animal parasiticides across the globe?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, opportunities, and challenges in the global animal parasiticides market?
Who are the major players operating in the animal parasiticides market?
How is the competitive landscape, and who are the market leaders in the global animal parasiticides market?
What are the recent developments in the global animal parasiticides market?
What are the different strategies adopted by the major players in the global animal parasiticides market?
What are the geographical trends and high-growth regions/countries?
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