Animal Parasiticides Market Worth $17.9 Billion by 2030

The Animal Parasiticides Market is projected to reach $17.9 billion by 2030, at a CAGR of 7.3% from 2023 to 2030. Animal parasiticides are chemicals used to eliminate parasitic organisms that affect the health of companion animals and livestock. These parasiticides are of various types depending upon the nature of administration or use. Parasiticides such as ectoparasiticides, endoparasiticides, and endectocides are used against the infections of parasitic organisms, such as tapeworms, hookworms, roundworms, mites, fleas, ticks, flukes, and other parasites.

However, the restricted use of parasiticides in food-producing animals hinders the growth of this market to a notable extent. In addition, the rising inclination towards vegetarian and vegan diets is a major challenge for market growth.

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Animal Parasiticides Market: Future Outlook

The animal parasiticides market is segmented by product type, parasite type, animal type, and geography. The study also evaluates industry competitors and analyzes the market at the country and regional levels.

Based on product type, in 2023, the ectoparasiticides segment is expected to account for the largest share of the animal parasiticides market. The large market share of this segment is attributed to factors such as the high rate of fleas, ticks, and mites infestations in animals and the ease of using ectoparasiticides on companion and farm animals. Ectoparasiticides are used in liquid pours, spots, sprays, powders, and other forms such as collars and ear tags, making them easy to apply on external parts of the animal body infected by parasites.

Based on parasite type, in 2023, the mite, tick, flea, lice, and grub infestation segment is expected to account for the largest share of the animal parasiticides market. The large market share of this segment is attributed to the high prevalence of ectoparasitic infections. Animals easily attract external parasites such as fleas, ticks, and lice, as they are a food source for them, and parasites can bury themselves in animals' furs to lay eggs.

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Based on animal type, in 2023, the companion animal segment is expected to account for the largest share of the animal parasiticides market. Globally a large number of households have pets which makes a large population base of the pet population. For instance, according to the American Pet Products Association National Pet Owners Survey (2021-2022), in the U.S., around 70% (85 million families) of households have at least one pet. Similarly, according to an Animal Medicines Australia survey on pet ownership, in 2022, approximately 69% of households in Australia owned pets, with dogs being the most common at 48%, followed by cats (33%). The pet owners treat pets as family member and show no hesitation in the pet's health expenditure. For instance, in 2021, the total U.S. pet industry expenditure was USD 123.6 billion. Therefore, the large population base and high expenditure on pets are the major factors contributing to the large market share of this segment.

This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.

Based on geography, in 2023, North America is expected to account for the largest share of the animal parasiticides market, followed by Europe and Asia-Pacific. The large share of this market is attributed to factors such as high expenditure on animal health, highly commercialized and institutionalized meat industry, large consumption and import-export of animal-derived food products, and large base of pet population treated as family.

Key Players:

The key players operating in the animal parasiticides market are Zoetis Inc. (U.S.), Virbac (France), Heska Corporation (U.S.), Bimeda, Inc. (Ireland), Boehringer Ingelheim International GmbH (Germany), Merck & Co., Inc. (U.S.), Elanco Animal Health Incorporated (U.S.), Vetoquinol Group (France), PetIQ, LLC (U.S.), and ECO Animal Health Ltd (U.K.), among others.

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Key questions answered in the report:

Which are the high-growth market segments in terms of product type, animal type, parasite type, and region/country?

What was the historical market size for animal parasiticides across the globe?

What are the market forecasts and estimates for the period 2023-2030?

What are the major drivers, restraints, opportunities, and challenges in the global animal parasiticides market?

Who are the major players operating in the animal parasiticides market?

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This release was published on openPR.