Newark, NJ, May 30, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global animal parasiticides market is expected to grow from USD 9.16 billion in 2019 to USD 14.49 billion by 2027, at a CAGR of 5.9% during the forecast period 2020-2027. The Asia-Pacific region stands as a promising market for animal parasiticides and is expected to grow at the highest CAGR during the forecast period because of increasing knowledge about animal health management and its benefits. The markets in India and China are proliferating, commanding significant shares and high growth potential in the regional market. Due to the rising demand for food obtained from animal sources, and increasing R&D activities in animal parasiticides, North America is also expected to dominate the global animal parasiticides market.
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Key players in the global animal parasiticides market are Bayer AG, Zoetis, Inc., Eli Lilly and Company, Merck and Co., Inc., Virbac, Vetoquinol S.A., Boehringer Ingelheim, Sanofi, and Huvepharma among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global animal parasiticides market.
In January 2014, Merial released, NexGard, an oral ectoparasiticide. They are soft chewable tablets made for dogs. Later in September 2014, Merial announced that it will allocate USD 25 million to expand its production facility in Paulínia, Brazil, which would increase the manufacturing of NexGard. This action is being done to meet the growing demand for chewable tablets.
The animal type segment includes food-producing animals, and companion animals. The increasing number of livestock animals like cattle & sheep is one of the major factors driving growth in the food-producing animals segment. The companion animals sub-segment accounted for a huge part of the market share in 2018. Approximately 68 per cent of U.S. households own a pet according to the American Pets Products Association (APPA). The product type segment includes endoparasiticides, ectoparasiticides, and endectocides. Ectoparasiticides is forecasted to achieve a high growth rate due to its vital application in insect infestation treatment in animals. The endectocides sub-segment is also expected to grow significantly during the forecast period because of its ease of use, broad-spectrum anti-arthropod & anti-nematode characteristics and low mammalian toxicity.
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About the report:
The global animal parasiticides market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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