Rising population of livestock animals and growing adoption of pets are stimulating high demand for ectoparasiticides, boosting the animal parasiticides sales
Rising population of livestock animals and growing adoption of pets are stimulating high demand for ectoparasiticides, boosting the animal parasiticides sales
Fact.MR, New York: Award winning market research company Fact.MR has conducted a latest study on the global animal parasiticides market for the upcoming decade. As per its findings, a positive growth outlook is expected for 2021, primarily underpinned by the growing adoption of livestock and companion animals. With the uptick in population of pets and insects, there’s an increase in production of ectoparasiticides veterinary medicines.
According to Fact.MR, ectoparasiticides segment is posed to expand at 6.1% CAGR through 2021 on the back of increasing rate of infections from pests and insects. Increasing research and development activities to reduce the spread of vector-borne diseases and macro-parasites has amplified the production of ectoparasiticides in the form of spray, oral tablets and vaccines. Also, increasing consumption of animal parasiticides for the improvement in health of livestock animals and pets across the globe has bolstered the growth.
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Fact.MR estimates, the global animal parasiticides market is expected to grow at a steady CAGR of 5.9% to reach a value of US$ 8.9 Bn through 2021.
“Increasing population of external parasites such as lice, ticks, fleas and flies is accelerating the consumption of ectoparasiticides, driving the growth of animal parasiticides,” says the Fact.MR analyst.
Key Takeaways
- Endectocides are anticipated to witness widespread demand in animal husbandry applications
- Ectoparasiticides are expected to hold over 50% of the global market share
- United States is expected to lead the North American animal parasiticides market accounting for over 30% of market share
- Burgeoning adoption of cats and felines is expected to heighten the revenue for companion animals segment
- China is anticipated to spearhead the East Asia market growth, accounting 1/5th of global market share
Prominent Drivers
- Surging demand for animal-derived food products will accelerate the demand for animal parasiticides
- Increasing investments in research and development activities and rising animal health expenditure are the key drivers of animal parasiticides market
- Government initiatives preventing the spread of animal diseases coupled with the rising awareness of zoonotic diseases will spur the growth
Key Restraints
- Stringent regulations on the use of parasiticides in food-producing animals will likely hamper the growth
- Growing resistance to parasiticides and also availability of cheaper substitutes are expected to create a challenge for animal parasiticides manufacturers
Discover more about the Animal parasiticides market with 64 figures, 102 data tables and the table of contents.
https://www.factmr.com/report/4316/animal-parasiticides-market
Competitive Landscape
Fact.MR has listed some of the prominent key manufacturers operating in the global animal parasiticides market which includes Bayer AG, Bimeda Animal Health, Boehringer Ingelheim GmbH, Ceva Santé Animale, Elanco (Eli Lilli and Company), Merck & Co. Inc., Vetoquinol, Zoetis Inc., Virbac, and The Chanelle Group among others. Fact.MR forecasts the market to be highly consolidated with top players focused on investing research & development of developing new high quality medicines and vaccines, diagnostic products and genetic tests.
For instance, a leading manufacturer, Boehringer Ingelheim GmbH, in July 2020, announced the launch of two new products in their animal healthcare portfolio for the Indian market. The two products, namely, NexGard and Broadline provide comprehensive parasite treatment for dogs and felines, respectively.
Also, in May 2020, Merck Animal Health, a division of Merck & Co. Inc., signed a definitive agreement acquiring the rights of U.S. rights to SENTINAL FLAVOR TABS and Sentinel Spectrum Chews in the companion animal category collaborating with Virbac and Kenilworth N.J. U.S.A.
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More Insights on the Animal parasiticides Market
Fact.MR has published a recent report on global animal parasiticides market for the upcoming decade. In its latest report, Fact.MR provides a detailed analysis on its ongoing and upcoming trends, opportunities, developments and challenges that the market is expected to witness through 2021 and beyond. To understand the market scenario better, the market is segmented on the basis of product (ectoparasiticides (oral tablets, dips, spray, spot-on, and others), endo parasiticides (oral suspension, injectable, feed additives, and others), and endectocides), species (food-producing animal (cattle, poultry, swine and others), companion animals (dogs, felines and others), and other livestock) and across major regions (North America, Asia Pacific, Europe, Latin America and Middle Eats & Africa).
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Source: Fact.MR