Animal Parasiticides Market to Grow Exponentially Forecast, 2024
Spot-ons and pour-ons accounted the largest market share of the global animal parasiticides market in 2014. The growth in this segment can be attributed to rising popularity and use of spot-on and pour-on formulations in animal parasiticides market. Furthermore, growing demand for ectoparasites for food-producing animals and companion animals’ is also expected to stimulate the growth of the market. Availability of wide array of parasiticides product by major players, rising demand for animal-based food and animal protein are some of the driving factors for the animal parasiticides market. In addition, rising animal welfare awareness is increasing the adaption of animals such as dogs and cats among others. Increasing livestock farming as a source of income in developing nations are fueling the demand for animal parasiticides. However, there are some of the restraining factors may hinder the growth of the market in near future such as stringent rules and regulations of authoritative bodies in use of parasiticides in food- producing animals in some of the countries. Moreover, time consuming and expensive procedures of new product development are some of the restraining factors for the market.
Europe is leading the market for animal parasiticides followed by North America, Asia Pacific and Rest of the World. In developed nations, implementation of animal welfare acts is one of the major driving factors for the animal parasiticides market. The emerging market in Latin America and Asia Pacific is contributing in the positive growth of animal parasiticides market owing to the increasing population of companion animals’ and livestock. Moreover, increasing per capita expenditure on animal health along with improving infrastructure of animal welfare is some of the major factors fueling the demand for animal parasiticides in these regions. With growing awareness towards animal healthcare, countries such as China, India, Indonesia, Australia, New Zealand in developing nations like Asia pacific is expected to depict a significant growth over the forecast period from 2015 to 2021. Argentina and Brazil are potential market for animal parasiticides across Latin America.
Some of the key players operating in the animal parasiticides market are Ceva Sante Animale S.A., Vétoquinol S.A., Virbac SA in France, Bayer Aktiengesellschaft in Germany, Novartis AG in Switzerland, Merial Limited, Eli Lilly and Company, Zoetis Inc. and Merck & Co., Inc. in U.S.
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