Animal Parasiticides Market

Global Animal Parasiticides Market:

The global animal parasiticides market size reached US$ 9.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.09% during 2024-2032. The increasing awareness towards animal health, owing to the growing prevalence of zoonotic diseases, is propelling the market.

Animal Parasiticides Market Analysis:

• Major Market Drivers: The increasing need for controlling parasitic infections in livestock and pets is catalyzing the market.
• Key Market Trends: The rising inclination among individuals towards proper pet care is acting as a significant growth-inducing factor. Besides this, the introduction of effective measures to maintain animal health is further stimulating the market.
• Competitive Landscape: Some of the prominent companies in the global market include Bimeda Group, Boehringer Ingelheim GmbH, Ceva Santé Animale, Merck & Co. Inc., Norbrook Laboratories Limited, PetIQ LLC, Vetoquinol S.A., Virbac, and Zoetis Inc., among many others.
• Geographical Trends: The market in North America is primarily bolstered by the implementation of guidelines concerning animal welfare and food safety.
• Challenges and Opportunities: One of the limitations hampering the market is the development of resistance among parasites. However, the inflating promotions of integrated pest management practices are expected to fuel the market in the coming years.
   

Animal Parasiticides Market Trends:

Growing Focus on Enhanced Formulations

The rising need for comprehensive protection against a range of parasites, which can simplify treatment regimens for pet owners, is augmenting the market. By combining various active ingredients, these products reduce the frequency of treatments and make it easier to maintain consistent parasite control. This is positively influencing the animal parasiticides market outlook. In July 2024, a clinical assistant professor at the Texas A&M School of Veterinary Medicine and Biomedical Sciences provided insight into the importance of external parasite control and discussed methods for reducing the potential health risks associated with common farm pests.

Rising Demand for Organic Parasiticides

The increasing inclination towards eco-friendly and chemical-free solutions is acting as a significant growth-inducing factor. Pet owners are concerned about the potential side effects of synthetic chemicals on their animal health. According to the animal parasiticides market overview, this has led to the launch of products like Tick Home Spray and Vet's Best Flea, which uses natural ingredients, including clove and peppermint oil extract, to repel and kill parasites.

Elevating Enhanced Offerings

Continuous innovations that cater to the demand for more convenient and cost-effective parasite control solutions are catalyzing the market. Moreover, products, such as Bravecto, offer up to 12 weeks of protection against ticks with a single dose. In April 2024, Boehringer Ingelheim, one of the global leaders in animal health, launched NexGard SPECTRA® in India following its approval by the Central Drugs Standard Control Organisation (CDSCO).

Global Animal Parasiticides Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the animal parasiticides market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the type, animal type, and end user.

Breakup by Type:

• Ectoparasiticides
• Endoparasiticides
• Endectocides
   

Ectoparasiticides currently hold most of the total animal parasiticides market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes ectoparasiticides, endoparasiticides, and endectocides. According to the report, ectoparasiticides represented the largest market segmentation.

Ectoparasiticides are crucial for controlling parasites like fleas, ticks, and mites on animals. For instance, the launch of products like NexGard offers prolonged protection against multiple parasites with easy application methods.

Breakup by Animal Type:

• Companion Animals
• Livestock Animals
   

Companion animals hold the majority of the global animal parasiticides market revenue

The report has provided a detailed breakup and analysis of the market based on the animal type. This includes companion animals and livestock animals. According to the report, companion animals represented the largest market segmentation.

With pets being viewed more as family members, owners are more willing to invest in products that ensure their pets' well-being and comfort. For example, Bravecto is a chewable tablet that provides up to 12 weeks of flea and tick protection.

Breakup by End User:

• Veterinary Clinics and Hospitals
• Animal Farms
• Home Care Settings
   

Veterinary clinics and hospitals dominate the animal parasiticides market statistics

The report has provided a detailed breakup and analysis of the market based on the end user. This includes veterinary clinics and hospitals, animal farms, and home care settings. According to the report, veterinary clinics and hospitals represented the largest market segmentation.

Veterinary clinics and hospitals represent the largest segmentation in the market due to their pivotal role in prescribing, diagnosing, and administering parasite control treatments. Credelio allows veterinarians to educate pet owners on their benefits and proper administration.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

The growing pet ownership rates are among the key factors catalyzing the regional market. Apart from this, the rising emphasis on animal health will continue to fuel the market in the coming years. As per the IMARC, the United States animal health market size reached about US$ 17.2 Billion in 2023. Looking forward, IMARC Group projects the market to reach US$ 43.29 Billion by 2032, thereby exhibiting a growth rate (CAGR) of 10.50% during 2024-2032.

Competitive Landscape:

The top players in the market are heavily investing in R&D activities to create new solutions tailored to address specific parasitic infections. They are enhancing their product portfolios and expertise, which is escalating the animal parasiticides market demand. The major companies are also focusing on promoting awareness of the broader importance of parasitic control through seminars, workshops, and informative materials.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major animal parasiticides market companies have also been provided. Some of the key players in the market include:

• Bimeda Group
• Boehringer Ingelheim GmbH
• Ceva Santé Animale
• Merck & Co. Inc.
• Norbrook Laboratories Limited
• PetIQ LLC
• Vetoquinol S.A.
• Virbac
• Zoetis Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

 Animal Parasiticides Market Recent Developments:

• July 2024: A clinical assistant professor at the Texas A&M School of Veterinary Medicine and Biomedical Sciences provided insight into the importance of external parasite control.
• April 2024: Boehringer Ingelheim launched NexGard SPECTRA® in India following its approval by the Central Drugs Standard Control Organization (CDSCO).
• February 2024: Elanco invested approximately US$1.3 Billion deal to offer the animal health company more flexibility to launch enhanced animal parasiticide variants.

Animal Parasiticides Market Report Scope:

Key Questions Answered in This Report:

• How has the global animal parasiticides market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global animal parasiticides market?
• What is the impact of each driver, restraint, and opportunity on the global animal parasiticides market growth?
• What are the key regional markets?
• Which countries represent the most attractive animal parasiticides market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the animal parasiticides market?
• What is the breakup of the market based on the animal type?
• Which is the most attractive animal type in the animal parasiticides market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the animal parasiticides market?
• What is the competitive structure of the global animal parasiticides market?
• Who are the key players/companies in the global animal parasiticides market?

Key Benefits for Stakeholders:

• IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the animal parasiticides market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global animal parasiticides market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the animal parasiticides industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.