MRFR (Market Research Future) believes that the Animal Parasiticides Industry Value could record a moderate CAGR of 5.4% from 2020 to 2027. It is also projected that by 2027-end, the market will be worth a stunning USD 12.4 billion.
Top Drivers and Deterrents
Over the last decade, animal health has emerged as a lucrative sector, with significant growth witnessed by the Animal Parasiticides Industry Value owing to rising zoonotic diseases. The soaring consumption of protein-rich food and the unprecedented surge in a variety of animal diseases have pulled the companies’ focus on introducing highly innovative parasiticides with higher effectiveness. These players are also ramping up their efforts to reduce the cases of parasitic diseases among animals as well as pathogen contamination risks, which should further elevate the market position for animal parasiticides.
The notable technical innovations in the global market include the emergence of advanced information management systems, animal owner mobile technology, vaccine banks, and more. Surge in pet ownership and the burgeoning number of vets worldwide will also enhance the global market size in the next few years. Soaring knowledge levels of people regarding the latest available animal parasiticides and their rising purchasing capacity work in market’s favor as well.
The Animal Parasiticides Industry Value has been studied with respect to segments like product type, and livestock.
The Animal Parasiticides Industry Value, depending on product type, caters to endoparasiticides, endectocides and ectoparasiticides. The biggest share in the global market belongs to the ectoparasiticides segment as these products witness substantial popularity combined with the surge in zoonotic and parasitic infections because of external parasites.
The global Animal Parasiticides Industry Value has been bifurcated, based on livestock, into ruminants, poultry, porcine, and others. The poultry sector has undergone a striking transformation in recent years, involving large-scale investments in hatching, breeding, processing, and rearing activities. As a result, the sector has expanded rapidly but this growth has brought along with itself a host of parasitic diseases. Therefore, the poultry sector has taken the lead since the demand in this field is significantly higher than in other livestock.
animal health international stock has been analyzed with respect to four major regions, which are North America, Asia Pacific or APAC, Europe, as well as RoW/ rest of the world.
The North American market shows the highest growth potential since there is a considerable demand for animal protein in the region. The large-scale poultry sector and the significant focus on food safety are some of the top growth rendering factors. Surge in pet ownership, rampant surging need for effective animal parasiticides also benefit the regional market. The animal testing sector in the region notes significant expansion with people growing aware about the latest medicines and treatment lines, while the presence of a flourishing veterinarian healthcare industry bolsters the market value as well.
Europe should take the second lead in the years to come, as a result of the strong government support and the substantial funds that go into extensive research development activities. The blossoming companion animal population paired with the mounting number of technical innovations also favor the European market. Besides, the alarming rise in zoonotic diseases among the livestock and the urgent need to curb this issue will ensure sustained market growth in the coming years.
APAC is slated to the fastest gainer in the global industry between 2020 and 2027. Growth in pet adoptions, soaring number of animal welfare programs across India and China and rigorous RD activities backed by high expenditure by animal health-based manufacturers facilitate market development in the region. Also, the boost in the number of vets and veterinary services strengthen the market position in the region.
Danisco A/S (Denmark), Bupo Animal Health (South Africa), Bayer Animal Health GmbH (Germany), DSM N.V. Merck Co. Inc. (US), Vétoquinol and Bioniche Life Sciences Inc. (Canada), Cargill Inc (US), AB Vista Inc. (UK), The Alltech Groupare (US), Elanco Animal Health Incorporated (US), Chr. Hansen A/S (Denmark), Novus International Inc. (US), Zoetis Inc. (US), Biomin Holding Gmbh (German), Boehringer Ingelheim International GmbH (Germany), are the top market contenders profiled in the MRFR study.
MRFR expects the global market to be extremely consolidated with established companies who are majorly focused on spending considerably on research development activities. These research and studies aim to develop high performance vaccines and medicines, diagnostic tools as well as genetic tests. Approval from designated authorities for the latest tools and new drugs also encourage players to continue focusing on research and development for further innovations.
To cite an instance, in January 2021, Boehringer Ingelheim, a renowned name in the animal health industry, got the marketing authorization from the European Commission and the European Medicine Agency for its NexGard COMBO topical cream for cats. This parasiticide is anticipated to be available in the EU very soon and offers impressive protection to cats, killing a more extensive range of parasites compared to other isoxazoline-based parasiticides for cats currently sold in the market.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America