Global Market for Animal Parasiticides will bypass USD 6.5 billion by 2024

Global Animal Parasiticides Market is projected to witness significant growth of over 4% CAGR from 2018 to 2024.  Rising incidences of zoonotic and food borne diseases across the globe, favorable government initiatives and growing adoption of pets will drive global market over the forecast period.

Several initiatives undertaken by government for protection and welfare of the animals will favor industry growth. As per European Scientific Counsel Companion Animal Parasites (ESCCAP), vector borne parasites, ectoparasites and endoparasites affect dogs and cats frequently. Hence certain guidelines have been enlisted to protect and treat the pets from such parasites. Such initiative will help in propelling the market growth.

Growing number of companion animals and preventive measures undertaken by their owners will serve as rendering factor for accelerating demand for animal parasiticides. Furthermore, rising emphasis on animal health has led to significant investment by animal healthcare companies towards developing superior animal parasiticides products thereby propelling business growth over the forecast years.

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Restricting animals in an animal captivating places like zoos, sanctuaries, circuses, that are insufficient and germ-infested in nature, will also raise the necessity to avert and control parasiticides infection. Thereby, propelling industry growth. Rising prevalence of zoonotic diseases such as H1N1, swine flu, bird flu, Ebola and rabies will upsurge demand for global market over the coming years.

Concerns relating to use of parasiticides in food animals, prohibitive costs associated with development of new products and lack of awareness in the emerging countries will hinder the industry growth over the forecast period.
Endoparasiticides held largest market share in 2017 and is expected to experience substantial growth over the forecast period, due to growing prevalence of internal parasiticides such as roundworms, tapeworms and flukes.

Increasing demand for endoparasiticides for development of new products should positively impact market growth.
Increasing use of endectocides against livestock parasites such as ticks, nematodes, lice, cattle grub and mange mites, will drive segment growth. Its ability to reduce the survival of anopheles malaria vectors that are prevalent in regions including Central America, Belize will further help in driving the endectocides market significantly.

Wide applications of farm animals in the production of manure, dairy products, kefir and mattress filling will augment demand for farm animals. Requirement of parasiticides to protect the farm animals and prevent them from diseases will drive industry growth. Animal parasiticides allow producing pathogen free animals for consumption as well as escalate demand for animal-based protein. However, regulations pertaining to use of parasiticides, will act as an obstacle for industry growth.

Escalated consumption of poultry meat across the world and farming of the cattle to produce meat and by-products will boost industrial growth by over 4% CAGR during the estimated time. As per Food and Agriculture Organization, world’s total poultry meat production in 2017 was 118,080 and is estimated to reach 122,461 by 2020. With growing poultry market, demand for animal parasiticides will also increase, thereby propelling industrial growth.

Rising adoption of pets all over the globe has attributed in augmented demand for its parasiticides too. Besides, rising awareness about utilization of parasiticides for pets, rise in pet adoption globally will enhance business growth. Thus, growing pet industry, demand for pet parasiticides is bound to grow over the forecast period.
Animal parasiticides market in North America held more than 25% of the regional market share. As per FAO, U.S dominated meat production market in 2017 owing to animal farming carried out on a large scale industrially as well as increasing number of the pet adoption. Furthermore, premature adoption trend for novel products added to the growth of the market.

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Asia Pacific market renders profitable opportunity in expansion by size over the coming years owing to entry of animal health companies in China and India, awareness about products for animals and increasing disposable income. Besides, emerging countries accounted for largest meat consumption and importers, in 2017, owing to rising population and growing poultry market will drive industry growth significantly.

Some of the key industry players operating in animal parasiticides market are Zoetis, Merck Animal Health, Elanco Animal Health, Merial, Bayer HealthCare Animal Health, Boehringer Ingelheim Animal Health, Novartis Animal Health and Virbac Group. These companies focus on developing innovating products to sustain in the market. In April 2018, Zoetis announced to build manufacturing unit in Suzhou, China focusing towards carrying out research and manufacturing of vaccines for cattle, fish, swine and companion animals, thereby strengthening company’s product portfolio and increased market share.

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