Press release
"Forecasting Growth: Animal Parasiticides Market Set to Reach $17.9 Billion by 2030"
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The report forecasts that the animal parasiticides market is poised to achieve a significant milestone, reaching $17.9 billion by 2030, showcasing a promising Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period spanning from 2023 to 2030.
The growth trajectory of this market is fueled by several factors including the escalating prevalence of zoonotic and parasitic diseases, the burgeoning demand for animal-derived food products, and the escalating expenditure on animal health. Furthermore, the surge in the livestock population, particularly in emerging economies, is anticipated to offer lucrative growth avenues for market players.
However, despite the optimistic outlook, the market faces certain challenges, notably the restricted application of parasiticides in food-producing animals and the increasing preference for vegetarian and vegan diets, posing obstacles to market expansion.
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Insights into Market Dynamics:
The report segments the animal parasiticides market based on product type, parasite type, animal type, and geography.
Product Type: In 2023, the ectoparasiticides segment is expected to dominate the market share, attributed to factors such as the high incidence of fleas, ticks, and mites infestations in animals and the ease of application on companion and farm animals.
Parasite Type: The mite, tick, flea, lice, and grub infestation segment is projected to hold the largest market share owing to the prevalent ectoparasitic infections in animals.
Animal Type: The companion animal segment is anticipated to command the largest share of the market due to the substantial population of pets globally and the significant expenditure on their health.
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Regional Insights:
Geographically, North America is anticipated to lead the animal parasiticides market in 2023, followed by Europe and Asia-Pacific. Factors such as high spending on animal health, a well-developed meat industry, and a sizable pet population contribute to the dominance of these regions.
Key Players:
Prominent players in the animal parasiticides market include Zoetis Inc., Virbac, Heska Corporation, Bimeda, Inc., Boehringer Ingelheim International GmbH, Merck & Co., Inc., Elanco Animal Health Incorporated, Vetoquinol Group, PetIQ, LLC, and ECO Animal Health Ltd, among others.
The comprehensive report provides an in-depth analysis of major geographies, industry competitors, and market dynamics, enabling stakeholders to make informed decisions and capitalize on emerging opportunities.
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