New York, USA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global animal parasiticides market is projected to generate a revenue of $7,082.2 million and grow at a CAGR of 4.2% over the forecast period from 2019-2026.
As per analysts, the growing demand for pet animals and animal protein food worldwide is expected to foster the growth of the market over the analysis period. Besides, the increasing phenomenon of parasitic infection and rising diseases among the livestock, pet animals, and other animals is the factor expected to fuel the growth of the animal parasiticides market during the estimated period. Moreover, the increasing government initiatives towards animal safety and growing significant investment opportunities in both developed and developing countries are predicted to create extensive growth factors for the market during the analysis period. However, the high cost of parasiticides and greater R&D investments may impede the growth of the market over the forecast period.
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Segments of the Market
The report has divided the animal parasiticides market based on product type, animal type, and region.
Product Type: Ectoparasiticides Sub-Segment to be Most Lucrative
The ectoparasiticides sub-segment is expected to generate a revenue of $1,678.5 million and is expected to see steady growth during the forecast period. This is mainly due to the rising need for the treatment of infestations among individuals. Moreover, the increasing use of products to control tapeworms, roundworms, and many more are further expected to amplify the growth of the animal parasiticides market sub-segment throughout the forecast period.
Animal Type: Companion Animal Sub-Segment to be Most Productive
The companion animal sub-segment is projected to garner a revenue of $2,323.0 million over the analysis timeframe. This is major because of the increasing pet animal adoption rate globally. Furthermore, the growing expenditure on animal health to protect them from zoonotic diseases is expected to fortify the growth of the market sub-segment over the analysis timeframe.
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Region: Asia-Pacific Region Anticipated to Have Maximum Share of the Market
The Asia-Pacific region is expected to generate a revenue of $1,614.8 million and grow at a healthy CAGR of 4.7% during the forecast period. This is wide because of the presence of a huge number of farms for animals in this region. In addition, the rising demand for quality meats is expected to boost the regional growth of the animal parasiticides market throughout the analysis timeframe.
Key Players of the Market
For instance, in August 2019, Elanco, a leading American pharmaceutical company that produces medicines and vaccination for pets and livestock, has purchased Bayer, a renowned animal healthcare business providing innovative products and solutions for farm animals. With this acquisition, Elanco has become the second-largest market player in the veterinary pharmaceutical industry and has expanded its business in the global industry.
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The major players of the animal parasiticides market include
- Perrigo Company Plc
- Ceva Santé Animale
- Boehringer Ingelheim Animal Health
- Elanco, Merck Co.
- Eli Lilly
- Vetoquinol
- Zoetis Inc.
- Bayer AG
- Sanofi, and many more.
These players are working on the development of new business strategies such as product development. Merger and acquisition, partnership and collaboration to achieve the leading positions in the global industry.
Further, the report also summarizes other vital aspects including the financial performance of the key players, SWOT analysis, the latest strategic developments, and the financial performance of the key players.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Animal Parasiticides: A Surefire Solution to Save Your Pet from Parasites
- The Most Popular Types of Animal Parasiticides
