Global Animal Parasiticides Market Expected to Exceed $18.48 billion by 2032 By 2032: Players Bayer AG, Bimeda Animal Health, Boehringer Ingelheim International GmbH

As per the report published by The Brainy Insights, the global animal parasiticides market is expected to grow from USD 10.11 billion in 2022 to USD 18.48 billion by 2032, at a CAGR of 6.22% during the forecast period 2023-2032. The North American region emerged as the largest global animal parasiticides market, with a 38.91% market revenue share in 2022.

The United States is among the top producers of meat and meat derivatives, along with being the top consumer of these products. Restaurant chains, eateries, food outlets, and supermarkets selling meat products rely on the commercial cattle rearing and meat production business. The animal husbandry sector is also a widely accepted livelihood-employing industry in the region. The trend of pet adoption or companion animals is also on the rise. The region has a well-established regulatory framework to govern the vast animal market. The adequately funded institutions and organizations promoting animal health drive the regional animal parasiticides market. The well-structured, documented, and appropriately implemented health guidelines to prevent any misadventures in the industry contribute to the region's growth in the global market. The presence of key players in the market drives innovation and promotes the regional market's growth. The rise in pet adoption has led to the establishment of veterinary clinics in the region. The extensive and vast network of these clinics and hospitals improve access to animal healthcare, thereby contributing to the regional market's growth.

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Animal Parasiticides Market Size by Animal Type (Livestock Animals and Companion Animals), Product Type (Ectoparasiticides, Endoparasiticides, and Endectocides), End User, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Bayer AG, Bimeda Animal Health, Boehringer Ingelheim International GmbH, Elanco Animal Health Incorporated, Merck Animal Health, Norbrook, PetIQ Inc., Vetoquinol SA, Virbac, and Zoetis, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The animal type segment is divided into livestock animals and companion animals. The livestock animals segment dominated the market with a revenue share of around 57% in 2022. The product type segment is divided into ectoparasiticides, endoparasiticides, and endectocides. The ectoparasiticides segment dominated the market with a market share of around 48% in 2022. Ectoparasites are parasites that live outside the host body. The end-user segment is divided into laboratories, veterinary hospitals & clinics, home care settings, animal farms, and others. The veterinary hospitals & clinics segment dominated the market with a market share of around 58% in 2022. The main providers of animal healthcare services are veterinary hospitals and clinics. Regarding the welfare of animals, they are the best option. They provide various services, such as vaccines, treatments, and diagnostics. The presence of more veterinary hospitals and clinics will promote the segment's growth, given the expanding popularity of pets. Similarly, rural animal husbandry owners frequently seek medical attention at government veterinary hospitals and clinics.

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The world was always on the move before the covid-19 pandemic hit. Individuals were constantly interacting with each other, having gatherings, hang-outs, and work parties. The millennial or young working population that moved to metropolitan cities alone did not feel the need for companionship until the pandemic hit.

The pandemic-induced lockdowns rendered everyone isolated from the rest of the world and enclosed in their residential spaces. The isolation and exclusion highlighted the need for companionship in the form of pets like dogs and cats. The adoption of dogs and cats skyrocketed during the pandemic. The trend has continued to show positive growth, given the influence of social media, awareness about animal cruelty, and the need for animal homes. It has also continued to rise, given the mental and emotional support they offer. The increase in pet adoption is a positive development for the global animal parasiticides market.

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