New York, USA, June 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global animal parasiticides market is projected to generate a revenue of $7,082.2 million by 2026 and grow at a CAGR of 4.2% over the forecast period from 2019-2026. The extensive report provides a concise layout of the animal parasiticides market’s current framework including prime aspects of the market, such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The rising demand for pet animals and animal protein foods for proper nutrition is the prime factor predicted to drive the growth of the global animal parasiticides market during the forecast period. In addition, the increasing occurrence of parasite infections and diseases among livestock is another factor estimated to boost the market growth by 2026.
Opportunities: Rising governmental initiatives towards the safety of animals’ health in both developed and developing nations is a major factor anticipated to offer ample growth opportunities for the animal parasiticides market by 2026. Moreover, market players’ initiatives towards reducing the cost of parasiticide is also expected to create market growth opportunities.
Restraints: High cost of animal parasiticides is the key factor predicted to hinder the market growth.
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Segments of the Animal Parasiticides Market
The report has divided the market into a few segments based on product type, animal type, and regional analysis.
Product Type: Endoparasiticides Sub-segment to be Highly Lucrative
The endoparasiticides sub-segment is projected to have a significant market growth and register a revenue of $2,294.6 million during the analysis timeframe. This immense growth is attributed to the growing product use for controlling fluke, tapeworms, and roundworms in the animals’ bodies.
Animal Type: Companion Animals Sub-segment to be Highly Progressive
The companion animals sub-segment of the global animal parasiticides market is estimated to hold a noteworthy market share and register a revenue of $2,323.0 million during the 2019-2026 forecast period. This growth is attributed to the increasing adoption rate of pet animals and government’s heavy expenditure to prevent zoonotic diseases among animals.
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Region: Market in the Asia-Pacific Region to Witness Better Growth Opportunities
The animal parasiticides market in the Asia-Pacific region is anticipated to have enormous growth opportunities by 2026 and surpass $1,614.8 million. This immense growth rate is attributed to the huge existence of farm animals and rising demand for quality meat in the Asia-Pacific region.
Significant Market Players
Some significant animal parasiticides market players include
- Boehringer Ingelheim animal Health
- Ceva Santé Animale
- Zoetis Inc.
- Vetoquinol
- Elanco
- Sanofi
- Perrigo Company Plc
- Merck Co.
- Bayer AG., Eli Lilly
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in August 2020, Merck Animal health, a leading manufacturer of a broad range of veterinary medicines, announced its acquisition of IdentiGEN, an Ireland-based poultry healthcare organization, to boost its product portfolio with the latter’s animal traceability solution for livestock and aquaculture.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Animal Parasiticides Market:
- The Most Popular Types of Animal Parasiticides
- Animal Parasiticides: A Surefire Solution to Save Your Pet from Parasites
