Animal Parasiticides Market to grow from USD 10.6 billion in 2022 to USD 14.1 billion in 2027

The market for animal parasiticides is anticipated to grow from USD 10.6 billion in 2022 to USD 14.1 billion in 2027, at a CAGR of 5.8% over the forecast period. The market for animal parasiticides is expanding as a result of factors like the rising demand for food products made from animals, growing private player investments, laws aimed at preventing the spread of animal diseases, and rising costs for animal health care. During the projected period, regulations on the use of parasiticides on animals used for food production and a move toward vegetarianism will likely hamper the growth of this market.

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"Ectoparasiticides segment was dominated by the highest share in animal parasiticides market"

The animal parasiticides market is divided into endoparasiticides, ectoparasiticides, and endectocides based on type. The ectoparasiticides segment accounted for the highest share of the global animal parasiticides market in 2021. The high adoption of ectoparasiticides relative to other products is responsible for the huge proportion of this market. The rise in ownership of animals and the number of companion animals in developed nations are additional factors that are anticipated to promote market expansion throughout the projected period.

"Companion animals segment is accounted for highest market share in the forecast period."

The market for animal parasiticides is divided into divisions for companion animals and livestock animals based on the animal type. The companion animals was the largest segment of the global market for animal parasiticides in 2021. Companion animals accounted for the largest share of the global animal parasiticides market in 2021. The significant market share of this sector is largely due to the rising costs of keeping pets and the rise in the number of people who own companion animals in developed countries.

"Veterinary clinics & hospitals segment is expected to witness the fastest growth in the forecast period."

Animal farms, veterinary clinics & hospitals, and home care settings comprise the end-user segments of the market for animal parasiticides. The fastest growing market for animal parasiticides in 2021 was held by veterinary clinics and hospitals. The increased use of animal parasiticides in medical settings, the rise in parasitic illnesses, and the rising concern over animal health in developing nations are all factors that contribute to the fastest growth of this segment.

"Latin America is expected to witness the fastest growth in the forecast period."

In the forecast period, Latin America in the animal parasiticides market will have the fastest rising regional growth. Rising numbers of companion and food-producing animals, as well as the region's rising demand for food items generated from animals, are the main factors driving market growth. Several countries in Latin America are significant suppliers of beef to the global market. China has been recognized as the primary market for Brazilian beef exports, despite an increase in volume and overall value over the previous year. In the upcoming years, it is anticipated that a rise in beef exports from Latin American nations would support a rise in the market for animal parasiticides in this area.

Animal parasiticides play a crucial role in safeguarding the health and well-being of livestock and pets, protecting them from harmful parasites that can cause diseases and reduce productivity. As science and technology continue to progress, the future of animal parasiticides holds exciting developments that promise to revolutionize animal health management and improve global food security.

One of the primary areas of advancement lies in the development of novel active ingredients. Researchers are continuously exploring new compounds that target parasites more effectively, while also considering their safety for animals and the environment. These advancements will lead to more potent and selective parasiticides, minimizing the risk of resistance and enhancing treatment outcomes.

Moreover, the future of animal parasiticides includes innovations in delivery methods. Efforts are underway to create long-lasting formulations, such as injectables, oral tablets, and topical treatments, that offer sustained release of active ingredients, reducing the frequency of administration and improving compliance.

Integration of technology is another driving force in the future of animal parasiticides. With the advent of smart farming and wearable devices, real-time monitoring of animal health is becoming more feasible. This will enable early detection of parasitic infections, prompt treatment, and preventive measures, reducing the overall reliance on parasiticides.

Sustainability is also a critical focus for the future of animal parasiticides. Manufacturers are working to develop products with reduced environmental impact, ensuring that active ingredients break down rapidly and do not accumulate in soil or water sources.

However, challenges remain, such as addressing the issue of parasiticide resistance and meeting regulatory requirements for product safety and efficacy. Nonetheless, with ongoing research and collaboration between the animal health industry and scientific communities, the future of animal parasiticides holds tremendous potential in elevating animal health, welfare, and productivity worldwide.

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This release was published on openPR.