Animal Parasiticides Market: Ectoparasiticides is Projected to be Highly Lucrative Deployment Mode
Added: (Fri Dec 07 2018)
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The global animal parasiticides market is expanding due to the rising prevalence of zoonotic and parasitic diseases in animals, across the globe. The global animal parasiticides market was valued at US$ 5,606.8 Mn in 2017 and is projected to surpass US$ 8,963.9 Mn by 2026, expanding at a cumulative annual growth rate (CAGR) of more than 5.5 % from 2018 to 2026. The global market is expanding at a relatively higher growth rate owing to increase in investments by governments in animal healthcare, high incidences of Lyme disease in companion animals, rise in R&D expense for development and eradication of parasites-related health issues, and rise in demand for meat and animal byproducts.
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Animal parasiticides are chemical substances that eradicate parasites other than fungi and bacteria in animal livestock, pets, and other animals. Animal parasiticides are generally inert ingredients consisting of one or more than one active ingredients. Companies are developing various new formulations and products in the animal parasiticides market in order to eradicate the increasing prevalence of foodborne diseases. Rising awareness about animal healthcare, rapidly growing animal livestock and technological advancements over the last few years are expected to boost the global animal parasiticides market.
Animal parasiticides aid livestock and companion animals who suffer from parasite infections and other zoonotic diseases. Parasiticides improve overall efficiency in protecting the pets and cattle from deadly infections caused by arthropods and boost the production of quality meat for consumption. High prevalence and incidence rates of endoparasites and ectoparasites infections in global livestock production farms has resulted in increase in usage of parasiticides along with feed additives and oral suspension. The initiation has been started with the increase in number of awareness program on swine diseases and rise in joint venture programs of key players in different region for research and development on animal parasiticides. These factors, collectively, are projected to drive the demand for global animal parasiticides in the near future. Furthermore, technological advancements such as application of parasiticides on animals using spray, dips, spot-on, collar, etc., technology are estimated to fuel the animal parasiticides market in the near future. Topical spot-on ectoparasiticides are the newest method of insect control for pets, and hence, the segment is projected to account for a major share of the market by the end of the forecast period.
The global animal parasiticides market has been broadly segmented based on product, species, and region. In terms of product, the global market has been categorized into ectoparasiticides (oral tablets, dips, spray, spot-on, and others), endoparasiticides (oral suspension, injectable, feed additives, and others), and endectocides. The ectoparasiticides segment accounted for a key share of the global market, in terms of revenue, in 2017. The endoparasiticides segment is estimated to expand at a significant growth rate during the forecast period, and the segment is estimated to gain market share significantly by the end of 2026. Endectocides also offer several advantages over other endoparasiticides and ectoparasiticides. However, the side-effects of chemical constituents of endectocides are affecting the animal byproducts such as milk, meat, etc., which is likely to hamper the endectocides segment between 2018 and 2026.
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In terms of species, the global animal parasiticides has been segregated into food-producing animals (cattle, poultry, swine, and others), companion animal (dogs, felines, and others), and other livestock. The companion animal (dogs, felines, and others) segment dominated the global market and is likely to maintain its dominance and marginal increase its market share by the end of 2026. Increase in the rate of adoption of companion animals such as dogs and cats is likely to propel the segment during the forecast period. However, the food-producing animals (cattle, poultry, swine, and others) segment is likely to expand during the forecast period due to the rise in production of cattle for food globally, increasing the usage of new drugs and antibiotics in order to protect farm animals from parasites and diseases. Cattle as a food-producing animal is estimated to report significant gain in market share by end of 2026 due to increasing demand for production of cattle for meat and other byproducts. The rise in production of cattle meat and by products led to import and export trade relation of countries.
In terms of region, the global animal parasiticides market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market and is projected to lose market share by the end of 2026. The market in North America is primarily driven by the rapid increase in number of livestock cultivation and rise in infection among companion animals due to the presence of prominent types of ticks in the U.S. Moreover, rise in contract farming and independent farmers for livestock production farms has been observed in the U.S., which is projected to fuel animal production farms in the U.S. during the forecast period. The market Asia Pacific is projected to expand at a rapid pace during the forecast period. China dominated the animal parasiticides market in Asia Pacific, whereas the market in countries in Rest of Asia Pacific such as Vietnam and the Philippines, is estimated to expand at a significant CAGR during the forecast period.
Companies such as Boehringer Ingelheim GmbH, Ceva Santé Animale, Elanco (Eli Lilly and Company), Merck & Co., Inc., and Zoetis, Inc. accounted for a major share of the global animal parasiticides market in 2017. Zoetis, Inc., dominated the market due to its diversified product portfolio, extensive geographical presence, and acquisition strategies. In 2015, the company invested around US$ 1.0 Bn in two significant acquisitions, one of them being the acquisition of PHARMAQ, which strengthened Zoetis’ core livestock business. Other global players operating in the market include Bimeda Animal Health, Vetoquinol, Virbac, The Chanelle Group, Sunmitomo Chemical Co., Ltd., and Bayer AG. Companies are emphasizing on strategy acquisition and collaboration with parallel companies in order to improve and strengthen their geographic presence in the international market.
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