Animal Parasiticides Market : Worldwide Study on Top Players | Zoetis, Merck, Elanco, Bayer Animal Health, Boehringer Ingelheim Animal Health, Ceva Sante Animale, Virbac, Sanofi, Vetoquinol, Perrigo Company PLC
A whooping rise in the zoonotic diseases prevalence and transmission from pets and farm animals to humans is envisaged to drive the global market. According to the ESCCAP, dogs and cats in Europe are frequently infested with endoparasites, ectoparasites and other vector-borne parasites. The body sets up guidelines for the prevention, control and treatment of companion animal parasites, with an aim to protect pet’s health as well as public’s health by plummeting the possible risk of zoonotic parasite transmission.
Cramping many animals in an inadequate and unhygienic space should also elevate the need to prevent and control parasiticides infection. Rapid and intensified development of neoteric products will impel global market growth.
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Rising number of companion animals and the preventive measures taken by their owners will serve as a high impact rendering factor for spurring pet parasiticides products demand. Furthermore, rising focus of animal health companies on developing promising animal parasiticides products will propel business growth over coming years.
Soaring demand for animal source protein will further drive animal health products sales and consequently fuel industry growth. Additionally, favorable government initiatives for prevention and control of animal infections and spreading of zoonotic diseases will also boost the industry growth.
Concerns regarding the use of parasiticides in food producing animals, lack of awareness in the developing countries and prohibitive costs relating to the development of new products should impede the industry growth over the forecast years.
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Farm animal parasiticides market will witness significant growth due to burgeoning demand for animal source protein, rising need to produce pathogen free animal for consumption. However, limitations concerning the use of parasiticides, especially endoparasiticides in food animals should prove to be a hurdle in the growth path.
Increased consumption of poultry meat worldwide and cattle farming for yielding by-products and meat should fuel the industry growth with nearly 4% CAGR during the forecast timeframe. Furthermore, the pet parasiticides market is poised to expand due to soaring pet adoption across the globe, growing awareness regarding usage of pet parasiticides will augment the business growth.
North America animal parasiticides market accounted for more than 25% of the regional revenue share, be indebted to large scale industrial animal farming and elevated number of pet population. Moreover, early adoption tendency for neoteric products results in rapid realization of sales in the United States.
Germany animal parasiticides market holds more than 19% share of the total European region, owing to the growth in number of farm animals, consequently their consumption and rising rate of pet adoption.
Asia Pacific market presents lucrative opportunity in expansion of Asia-Pacific industry size due to factors such as rising disposable incomes of pet owners, awareness about animal products and increasing penetration of animal health companies in India and China.
Globally active top 10 animal parasiticides companies hold nearly 70% share of the total market. Competition on basis of product differentiation, pricing and geographical presence is seen amongst the top players. A sizeable proportion of their share come from developed regions. Focus on exploring promising developing markets is clearly visible, as many multinational companies are looking for greener avenue of business to gain competitive advantage.
The animal parasiticides industry has been shaping up since more than 3 decades. It started operating as an organized sector from developed regions such as North America and Europe; however, it has proliferated rapidly in developing nations of Latin America and Asia. The multinational animal health companies have been dominant throughout the course of industry so far; however specialized companies have shaped up lately. Introduction of domestic companies in countries such as China is likely to take a bit from market share pie in coming years.
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