Selbyville, Delaware, Sept. 20, 2019 (GLOBE NEWSWIRE) --
China animal parasiticides market is projected to expand at 8% CAGR during the analysis period. The growth is attributed to increasing adoption of companion animals and growing incidence of zoonotic diseases in the country. According to the WHO, China has second highest incidence rate of rabies in the world, with approximately 2,000 deaths annually in last 10 years. Moreover, growing concern about meat quality and animal by products will further augment the growth of market over the upcoming years.
U.S. market will witness 2.7% CAGR during the forecast timeframe. Rising demand of animal derived food products and growing concern about foodborne diseases are some of the factors contributing to the high revenue share of the U.S. Additionally, presence of major market players and increasing government funding for research and development of animal healthcare products will stimulate the market growth during the estimation period.
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Global Animal Parasiticides Market is poised to surpass USD 7 billion by 2025; according to a new research report by Global Market Insights, Inc. Growing adoption of animals coupled with rise in incidence of zoonotic diseases across the globe will act as major factor driving the growth of the market. According to the American Pet Products Association (APPA), the U.S. pet industry expenditure reached up to USD 70 billion in the year 2017. The rising awareness about veterinary healthcare products and growing demand of animal products has triggered the growth of animal parasiticides market. According to the Centre for Disease Control and Prevention more than 1 in 6 Americans fall sick due to consumption of animal protein in their diet.
According to the World Health Organization, around 61% of all human diseases are zoonotic in origin. In developing countries, lack of awareness about zoonotic diseases results in occurrence of severe infections. Thus, rising investment by government in animal healthcare industry and major market players setting up their mark in emerging economies will surge the growth of the market over the projected timeframe.
Browse key industry insights spread across 130 pages with 78 market data tables & 8 figures & charts from the report, “Animal Parasiticides Market Size By Product (Ectoparasiticides {Sprays, Dips, Collars, Pour-ons and Spot-ons, Ear Tags}, Endoparasiticides {Injectables, Orals, Feed Additives}, Endectocides), By Animal Type (Farm Animals, Companion Animals), Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Poland, Russia, China, India, Japan, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/animal-parasiticides-market
However, growing vegetarian lifestyle and stringent regulations by government on approval of use of parasiticides in animal feed will impede the animal parasiticides industry growth to certain extent in upcoming years.
Endoparasiticides market will witness over 4.5% CAGR over the projected timeframe. Prophylactic use of endoparasiticides is growing due to the non-invasive nature of additives used in animal feeds and increasing use in development of new products. Growing awareness about animal healthcare and superior products available in the market will fuel the segmental growth in the coming years.
Companion animal segment of animal parasiticides market is estimated to exceed USD 2.0 billion by 2025. Substantial growth of the segment is attributed to increase in disposable income leading to rise in pet adoption and awareness about parasiticides among the pet owners to provide better healthcare facilities to their pets. Furthermore, rising prevalence of zoonotic diseases and entry of major market players in the business will provide lucrative market growth opportunities in the future.
Some of the notable players functioning in the animal parasiticides market include Elanco, Zoetis, Merck, Bayer, Perrigo Company PLC, Ceva Sante Animale, Boehringer Ingelheim, Virbac and Vetoquinol. The business players implement numerous strategies such as merger, acquisition and new product launch to gain significant market share as well as expand its product portfolio.
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