Dublin, April 11, 2023 (GLOBE NEWSWIRE) -- The "Global Animal Parasiticides Market by Type (Ectoparasiticides, Endoparasiticides, Endectocides), Animal Type (Dogs, Cats, Horses, Cattle, Pigs, Poultry, Goats), End User (Veterinary Hospitals, Animal farms, Home Care Settings) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The market for animal parasiticides is anticipated to grow from USD 10.6 billion in 2022 to USD 14.1 billion in 2027, at a CAGR of 5.8% over the forecast period.
The ectoparasiticides segment was dominated by the highest share in animal parasiticides market
The animal parasiticides market is divided into endoparasiticides, ectoparasiticides, and endectocides based on type. The ectoparasiticides segment accounted for the highest share of the global animal parasiticides market in 2021. The high adoption of ectoparasiticides relative to other products is responsible for the huge proportion of this market.
The rise in ownership of animals and the number of companion animals in developed nations are additional factors that are anticipated to promote market expansion throughout the projected period.
The companion animals segment is accounted for highest market share in the forecast period
The market for animal parasiticides is divided into divisions for companion animals and livestock animals based on the animal type. The companion animals was the largest segment of the global market for animal parasiticides in 2021. Companion animals accounted for the largest share of the global animal parasiticides market in 2021. The significant market share of this sector is largely due to the rising costs of keeping pets and the rise in the number of people who own companion animals in developed countries.
The veterinary clinics & hospitals segment is expected to witness the fastest growth in the forecast period
Animal farms, veterinary clinics & hospitals, and home care settings comprise the end-user segments of the market for animal parasiticides. The fastest growing market for animal parasiticides in 2021 was held by veterinary clinics and hospitals. The increased use of animal parasiticides in medical settings, the rise in parasitic illnesses, and the rising concern over animal health in developing nations are all factors that contribute to the fastest growth of this segment.
Latin America is expected to witness the fastest growth in the forecast period
In the forecast period, Latin America in the animal parasiticides market will have the fastest rising regional growth. Rising numbers of companion and food-producing animals, as well as the region's rising demand for food items generated from animals, are the main factors driving market growth.
Several countries in Latin America are significant suppliers of beef to the global market. China has been recognized as the primary market for Brazilian beef exports, despite an increase in volume and overall value over the previous year. In the upcoming years, it is anticipated that a rise in beef exports from Latin American nations would support a rise in the market for animal parasiticides in this area.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 285 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $10.6 Billion |
| Forecasted Market Value (USD) by 2027 | $14.1 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Rising Demand for Animal-Derived Food Products
- Increasing Investments by Private Players
- Growing Concerns of Zoonotic Diseases
- Regulations for Preventing Spread of Animal Diseases
- Growing Companion Animal Ownership Rates
- Growing Prevalence of Animal Diseases
- Rising Animal Health Expenditure
Restraints
- Regulations Restricting Use of Parasiticides for Food-Producing Animals
- Shift Toward Vegetarianism
- Novel Drug Development Models
Opportunities
- Lucrative Growth Opportunities in Emerging Markets
Challenges
- Growing Resistance to Parasiticides
- Stringent Regulatory Approval Process for Drugs
- Diversity in Parasite Species
Companies Mentioned
- Abbey Animal Health Pty Ltd.
- Bimeda Animal Health
- Biogenesis Bago
- Boehringer Ingelheim GmbH
- Brilliant Bio Pharma
- Calier
- Ceva Sante Animale
- Chanelle Pharma
- Eco Animal Health Group plc
- Elanco Animal Health Incorporated
- Krka Group
- Kyoritsu Seiyaku Corporation
- Lutim Pharma Private Limited
- Merck & Co., Inc
- Norbrook
- Petiq, LLC
- Prn Pharmacal
- Sequent Scientific Limited
- Smartvet Holdings, Inc.
- Ucbvet
- Vetanco Sa
- Vetoquinol S.A.
- Virbac
- Zoetis Inc.
- Zuche Pharmaceuticals Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/6mno4i
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