Global animal parasiticides market size to register 7.2% CAGR over 2020-2027

Consumer inclination towards animal-derived food products, inflowing investments from private companies, and rising concerns regarding zoonotic diseases are the key factors driving the growth of global animal parasiticides market.

According to the research report titled ‘Global Animal Parasiticides Market Size study with COVID-19 Impact, by Type (Ectoparasiticides, Endoparasiticides and Endectocides), by Animal Type (Companion animals and Food-producing animals), by End-User (Veterinary hospitals & clinics, Animal farms and Home care settings) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global animal parasiticides market was valued at USD 9 billion in 2019 and is anticipated to showcase a CAGR of 7.2% during 2020-2027.

Consumer inclination towards animal-derived food products, inflowing investments from private companies, and rising concerns regarding zoonotic diseases are the key factors driving the growth of global animal parasiticides market.

Notably, animal parasiticides are chemicals that are used to kill several types of parasites that sustain on or in the animal’s body and can cause pain, irritation, and wounds to animals.

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Presence of regulations for preventing the spread of animal diseases, rising companion animal ownership rate, and increase in animal health expenditure are contributing to the industry growth. Also, technological advancements and adoption of strategies by companies is poised to create opportunities for the global animal parasiticides market expansion.

Citing an instance, Bayer HealthCare Animal Health introduced Drontal Plus Tasty in China, which is employed for worm treatment, has proven efficacy against all the gastrointestinal worms, and is highly recommended by veterinarians for 30 years.

However, shifting preference for vegetarian diets, and restrictions on the use of parasiticides in food-producing animals may hamper the global animal parasiticides market outlook over the forecast period. Also, rising prevalence of COVID-19 infection is causing disruptions in manufacturing operations and supply chain across various countries, thereby negatively impacting the industry growth in recent times.

In terms of animal type, global animal parasiticides industry is bifurcated into food-producing animals, and companion animals. Considering the type, the market is divided into endectocides, ectoparasiticides, and endoparasiticides. Based on end-use spectrum, the market is fragmented into home care settings, veterinary hospitals & clinics, and animal farms.

From a regional frame of reference, North America animal parasiticides market is projected to record significant growth during the study period, mainly due to increasing pet expenditure, rising population of companion animals, and high consumption of animal-derived food products in the region.

Major players operating in global animal parasiticides industry sphere include Boehringer Ingelheim, PetIQ, Inc., Merck & Co., Inc., Chanelle Pharma, Ceva Santé Animale, Bayer AG, Elanco Animal Health, Inc., Zoetis, Inc., Vetoquinol S.A., and Virbac Corporation.

To access a sample pages of this report titled “Global Animal Parasiticides Market Size study with COVID-19 Impact, by Type (Ectoparasiticides, Endoparasiticides and Endectocides), by Animal Type (Companion animals and Food-producing animals), by End-User (Veterinary hospitals & clinics, Animal farms and Home care settings) and Regional Forecasts 2020-2027” in detail along with the table of contents, please click the link below:

https://www.marketstudyreport.com/reports/global-animal-parasiticides-market-size-research 

Related Report:

Animal Healthcare Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025

With the increasing awareness among owners regarding animal health issues, the global animal healthcare market is projected to witness a lucrative rate of growth over the forecast timespan. Various government initiatives and growing support for pet care across the world is further anticipated to drive the animal healthcare market growth. Furthermore, on a global level, several government and private organizations are working towards the development of animal healthcare sector. For instance, the United States government recently introduced Feed the Future initiative, a public initiative by the government that gives training to both public and private animal health workers. This initiative also provided breeding programs, while working to create various business opportunities for slaughterhouses that are privately held in the United States.

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