India, Bangladesh, Sri Lanka, Nepal Pet Parasiticides Market to grow at a CAGR of 4.9% from 2021-2030 | Valuates Reports

The India, Bangladesh, Sri Lanka, Nepal pet parasiticides market size was valued at $14,772.23 thousand in 2020, and is projected to reach $23,944.89 thousand by 2030, registering a CAGR of 4.9% from 2021 to 2030. Parasiticide products are commonly used in small animal medicine to prevent and treat various parasites, including fleas, ticks and worms.

Animal health and welfare problems, human health risks from companion animals and other associated zoonotic threats are considered a major issue in countries like India and Sri Lanka. With more people owning pets, and many of them being regularly treated for parasites, the volume of products being used has increased. In the farm animals such as dogs and cats, there are concerns over high levels of resistance to parasiticide products as a result of misuse and overuse. Ectoparasiticides such as deltamethrin-impregnated dog collars or spot-on repellants that contain permethrin can prevent canine parasites. Anti-flea and anti-tick collar contain extracts of Margosa and Lavandin, which are known for their repellent properties.

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The growth of the India, Bangladesh, Sri Lanka, Nepal Pet Parasiticides market is driven by increase in the population of companion animals like dogs and cats, increase in the prevalence of parasitic diseases, and increase in the number of veterinary hospitals and clinics. Moreover, surge in pet dogs and cats ownership and rise in investments by private players for pet parasiticides also contributes in the growth of the market. In addition, rapid developments in parasiticides products technology and rise in veterinary health awareness, supplement the market growth. However, strict consent process for pet parasiticides and regulations restricting the use of parasiticides restrains the growth of the India, Bangladesh, Sri Lanka, Nepal pet parasiticides market. Conversely, rise in awareness related to parasitic diseases in dogs and cats is anticipated to create lucrative opportunities in the near future.

What is the Impact of COVID-19 Pandemic on the India, Bangladesh, Sri Lanka, Nepal Pet Parasiticides Market?

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The parasiticides manufacture was disturbed in 2020, due to the slowdown of distribution chain of raw material.

The manpower needed for the manufacturing plants were at home due to quarantine or lockdown, which led to shut down of the manufacturing plants of the pet parasiticides. Overall impact of the COVID-19 pandemic on the India, Bangladesh, Sri Lanka, Nepal pet parasiticides market was recorded to be negative, owing to the factors such as disturbance in the distribution chain, financial problems, scarcity of labor at manufacturing plants and increase in the demand and supply gap of the parasiticides. However, this situation is expected to change post COVID-19 pandemic in the coming years.

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The India, Bangladesh, Sri Lanka, Nepal Pet Parasiticides market is segmented on the basis of product, animal type, end user, and country. On the basis of product, the market is categorized into ectoparasiticide, endoparasiticide and endectocide. Ectoparasiticide is further segmented into pour-on and spot-on, oral tablet, sprays, dips, ear tags, collars, other ectoparasiticides. Endoparasiticides are further segmented as oral liquids, oral solids, injectables and feed additives. By animal type, it is classified into dogs and cats. By end user, it is classified into veterinary hospital and clinics, animal farms and home care setting. Country wise, the market is analyzed across India, Bangladesh, Sri Lanka, and Nepal.

Product Segment Review
By product, the market is segregated into ectoparasiticide, endoparasiticide and endectocide. Ectoparasiticide is further segmented into pour-on and spot-on, oral tablet, sprays, dips, ear tags, collars, other ectoparasiticides. Endoparasiticides are further segmented as oral liquids, oral solids, injectables and feed additives. The ectoparasiticides generated the highest revenue in 2020. This is attributed to increase in focus on the development of parasiticides. Major factors that influenced the market growth include rise in prevalence of parasitic diseases in dogs and cats, and rise in investments by parasiticides manufacturers. In addition, rise in dogs and cats population and surge in demand for use of ectoparasiticides, have further influenced companies to focus on the development of pet parasiticides.

Animal Type Segment Review
By animal type, the market is segregated into dogs and cats. The dogs segment garnered the highest revenue in 2020. Major factors that influenced the market growth include rise in demand for dog parasiticides, increase in number of dog owners, rise in population of the dogs, and increase in the prevalence of diseases that require parasiticides for the treatment.

End User Segment Review
By end user, the market is segregated into veterinary hospital and clinics, animal farms and home care setting. The veterinary hospital and clinics segment dominated the market in 2020 and is anticipated to continue this trend during the forecast period. This was attributed to the fact that veterinary hospital and clinics are increasingly showing an inclination toward pet parasiticides usage. Moreover, surge in number of companion animals like dogs, rise in number of visits of pet owners in the hospitals and increased government initiatives to ensure high degree parasitic disease treatment measures, and surge in number of veterinary hospital and clinics with increased use of parasiticides boost the growth of the hospitals segment.

Country Segment Review
India accounted for a major share in the India, Bangladesh, Sri Lanka, Nepal Pet Parasiticides market, owing to increase in well-developed healthcare industry, presence of leading manufacturers in the country, and high adoption rate of parasiticides in this India. Moreover, India is also projected to register the fastest growth during the forecast period, owing to increase in number of pet owners, rise in prevalence of parasitic diseases, and improving veterinary healthcare infrastructure in India.

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