Key Takeaways from the Latest Study On the Global “Animal Parasiticides” Market
The global market for Animal Parasiticides is projected to reach US$10.9 billion by 2025, driven by the growing focus shed on animal health against the backdrop of humanization of pet animals and growing concerns over the safety of foods of animal origin.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Animal Parasiticides market. Report segmentation includes Animal Type (Food-Producing Animals, Companion Animals); Product (Ectoparasiticides, Endoparasiticides, Endectocides) ).
21 June 1:36 A.M., California/Marketwire/ - According to the new market research report, the global market for Animal Parasiticides is projected to reach US$10.9 billion by 2025, driven by the growing focus shed on animal health against the backdrop of humanization of pet animals and growing concerns over the safety of foods of animal origin. In the livestock industry, health of farm animals is closely linked to quality and safety of animal derived food. The world is increasingly awakening to impact of animal diseases on food safety. Food borne illnesses cause the healthcare system billions of dollars in preventable medical health services. Therefore significant focus is being shed on animal health management. Parasites, both external and internal, are a major cause for production loss in the livestock industry claiming the life of 1 in 5 animals.
In farm animals, parasites can retard growth and livestock productivity by stealing nutrition. In pigs, parasites such as trichinella spiralis, taenia solium and toxoplasma gondii cause foodborne diseases in humans. Against the backdrop of growing stringency of food safety norms and standards and growing competitiveness of pastoral livestock production, incidence such as these can erode profitability of the livestock industry. External parasites like ticks and mosquitos spread zoonotic diseases among humans that cause millions of dollars each year in preventable healthcare costs. In pet dogs, heartworms mature and cause dirofilariasis or blockage of major arteries in the heart and pet owners have a high risk of becoming accidental hosts. Poised to benefit under this scenario is the animal health industry. In this regard, parasiticides, also known as antiparasitics are veterinary products with proven effectiveness against parasites will witness strong growth.
Popular and widely used parasiticides include Ectoparasiticides, Endoparasiticides, and Endectocides. In the pet health sector, the emerging pet loving culture worldwide will help drive market gains.Emergence of pet parents as part of the humanization of pets trend, is a key revenue generating trend in the pet industry. Per capita spending by pet parents on pets is significantly higher as compared to pet owners and they therefore represent a lucrative target customer cluster for pet products including veterinary drugs. The growing opportunity in this space is encouraging leading animal health companies like Boehringer Ingelheim to invest in the development of vaccines, parasiticides and pharmaceuticals.
The United States and Europe represent large markets worldwide with a combined share of 48.6%. China ranks as the fastest growing market with a 7.2% CAGR over the analysis period supported by factors such as a growing pet care industry driven by higher standard of living and increased disposable income to spend on pets; and developing livestock industry encouraged by supply of new breeds, new technology, and government support. The Chinese government as part of its food security goals is shedding significant focus on improving productivity of different livestock production systems and feed conversion ratios. This will help drive consumption of animal feed and medicines. Also, historically known as a rabies-endemic country, the gradual relaxation of regulations against pet ownership and dissolution of myths surrounding dogs and public health, have primed the Chinese pet industry for robust growth.
Key Competitors Covered in the Report
Boehringer Ingelheim International GmbH
Ceva Sante Animale
Elanco Animal Health
Merck Animal Health
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 4632. Among this pool, 834 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 139 unique participations, a total of 63 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.