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Animal Parasiticides Market Size forecast to witness considerable growth from 2018 to 2026

02-19-2019 01:12 PM CET | Health & Medicine

Press release from: Coherent Market Insights

Global Animal parasiticides Market

Global Animal parasiticides Market

Animal parasiticides or antiparasitics are chemical substances used to eradicate parasites that infect livestock, pets, and other animals and subsequently improve animal health. Most parasiticides finished products consist of one or more active ingredients that help carry out a specific action against particular parasites. Parasiticides also comprise inert ingredients (water and alcohol) called as solvents (stabilizers, preservatives, emulgants, etc.). Animal parasiticides market size is expected to grow at a significant rate owing to increased pet adoption worldwide.

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Global Animal Parasiticides Market Taxonomy

The global animal parasiticides market outlook can be classified on the basis of type of parasiticides, animal type, and end user. There are five types of parasiticides, namely ectoparasiticides, endoparasiticides, endectocides, anthelmintic, and anti-protozoans. Parasiticides used for killing external parasites in animals such as fleas, ticks, lice, fleas, and mites are termed as ectoparasiticides. Most ectoparasiticides are called pesticides, as these chemicals are also used for agriculture and hygiene purpose. Likewise, endoparasiticides are utilized to kill internal parasite such as flukes, roundworms, and tapeworms in animals. Most endoparasiticides are termed as veterinary medicines, as the active ingredients of the products are not used for agriculture and hygiene purpose. Endectocides or macrocyclic lactones are effective in both internal and external parasites. They are either natural products or chemically-modified derivatives that show strong parasiticidal efficacy in animals. On the basis of their chemical structure, endectocides are segmented into avermectins and milbemycins. Parasiticides are available in various formulations namely, liquids, tablets, injectables, sprays, spot-on, and pour-on.

On the basis of animal type, the global animal parasiticides market scenario can be segmented into food producing animals (cattle, pigs, poultry, sheep, and goats) and companion animals (dogs, cats and horses). On the basis of end user, the global animal parasiticides market is segmented into farms, R&D facilities, and veterinary clinics. Increasing pet adoption in the Asia Pacific region is a major driving factor fueling demand for animal parasiticides in veterinary clinics.

Growing Livestock Population and Increasing Adoption of Pet Animals in the Asia Pacific Region is expected to boost growth of the animal parasiticides market size over the forecast period

Geographically, the global animal parasiticides market outlook can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East. Key factors driving growth in adoption of animal parasiticides in Europe and North America include increasing pet adoption, high number of R&D activities, increasing expenditure on animal health, and rising demand for animal-derived food products. However, Asia Pacific (India, China, Australia, Japan, and Malaysia) is expected to be the most lucrative market for animal parasiticides in future due to a number of driving factors such as increasing number of companion animals, growing livestock population, increasing expenditure on animal health, and rising awareness about animal health.

Animal Parasiticides Market Trends

Key driving factors for the growth of the global animal parasiticides market include increasing awareness about animal zoonotic disease, rising number of animal population especially in developing nations of the world, increasing demand for animal-based food and animal proteins, and increasing animal research activities. Furthermore, increasing expenditure on animal health and government initiatives to protect animal health is fueling demand for animal parasiticides. However, high cost of R&D activities, new species of parasites, stringent regulatory policies for approval of animal parasiticides, and high cost of animal parasiticide products is hindering growth of the animal parasiticides market.

Market Consolidation

There has been various consolidation activities in the global animal health industry. In just one year, 2016, Boehringer Ingelheim acquired Sanofi's animal health business, Novartis sold its animal health business to Eli Lilly and Merck Animal Health (subsidiary of Merck & Co.) acquired Vallee—a leading animal health product manufacturer based in Brazil. Some of the major market players operating in the global animal parasiticides market include Boehringer Ingelheim, Bayer Ag, Eli Lilly And Company, Ceva Sante Animale, Novartis Ag, Merck & Co., Inc., Zoetis, Inc., Virbac Sa, and Merial.

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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