Newark, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 10.11 billion in 2022 animal parasiticides market will reach USD 18.48 billion by 2032. The world was always on the move before the covid-19 pandemic hit. Individuals were constantly interacting with each other, having gatherings, hang-outs, and work parties. The millennial or young working population that moved to metropolitan cities alone did not feel the need for companionship until the pandemic hit. The pandemic-induced lockdowns rendered everyone isolated from the rest of the world and enclosed in their residential spaces. The isolation and exclusion highlighted the need for companionship in the form of pets like dogs and cats.
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The adoption of dogs and cats skyrocketed during the pandemic. The trend has continued to show positive growth, given the influence of social media, awareness about animal cruelty, and the need for animal homes. It has also continued to rise, given the mental and emotional support they offer. The increase in pet adoption is a positive development for the global animal parasiticides market.
Key Insight of the Animal Parasiticides Market
The North American region is expected to dominate the market during the forecast period.
The region's animal husbandry business is a well-known source of livelihood. The adoption of pets and companion animals is also a growing trend. The regional market for animal parasiticides is driven by institutions and organizations that promote animal health and are sufficiently funded to carry out their responsibilities. The region's expansion in the worldwide market is facilitated by well-organized, well-documented, and properly enforced health regulations to avoid any misadventures in the business. Key players in the industry drive innovation and support regional market expansion. The establishment of veterinary clinics in the area results from the surge in pet adoption. The broad network of these hospitals and clinics expands access to veterinary care, fostering local market expansion.
In 2022, the livestock animals segment dominated the market with the largest market share of 57% and market revenue of 5.76 billion.
The animal type segment is divided into livestock animals and companion animals. In 2022, the livestock animals segment dominated the market with the largest market share of 57% and market revenue of 5.76 billion.
In 2022, ectoparasiticides accounted for the largest share of the market, with 48% and a market revenue of 4.85 billion.
The product type segment is divided into ectoparasiticides, endoparasiticides, and endectocides. In 2022, ectoparasiticides accounted for the largest share of the market, with 48% and a market revenue of 4.85 billion.
In 2022, the veterinary hospitals & clinics segment dominated the market with 58% and a revenue of 5.86 billion.
Ectoparasites are parasites that live outside the host body. The end-user segment is divided into laboratories, veterinary hospitals & clinics, home care settings, animal farms, and others. In 2022, the veterinary hospitals & clinics segment dominated the market with 58% and a revenue of 5.86 billion.
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Advancement in market
October 2022 - A renowned Australian supplier of goods for livestock and companion animals, Jurox, was acquired by Fortune 500 animal health business Zoetis. The Zoetis company, based in Parsippany, claimed that this acquisition would broaden its selection of animal health products and provide it with more opportunities for international growth. Jurox's portfolio complements the anti-infectives and parasiticides that Zoetis now offers to veterinarians, livestock producers, and pet owners.
Market Dynamics
Driver: The rising instances of zoonotic diseases
Humans can contract zoonotic diseases. As witnessed in COVID-19, infections that affect humans and spread can have disastrous results. Over the past few decades, the animal-human connection has increased. The rise in animal-human connection can be attributed to several factors, including the rising rate of pet adoption, dairy farming, cattle raising, and other non-agricultural activities involving domesticated animals. The conflict between humans and animals has also escalated due to shifting land use patterns that have invaded many animals' natural habitats. The growing interaction between humans and animals makes people susceptible to various infections and diseases. These zoonotic illnesses can potentially jeopardize the nation's social, economic, and food security. The need to avoid the transmission of zoonotic illnesses by raising awareness about the efficacy and safety of animal parasiticides will fuel the market's expansion. As a result, the global market for animal parasiticides will rise as zoonotic infections become more common.
Restraint: Environmental and human health concerns about animal parasiticides
A major segment of the population gets their protein from animal foods. Vegetarians also consume dairy products like milk and its derivatives. Since many animal-based products come into contact with people directly through food, their contamination harms human health. Therefore, government ministries and federal entities supervise, regulate, monitor, and account for animal health and safety by controlling their food, fodder, supplements, medicines, and water according to strict regulatory requirements. Animals often include remnants from chemical-based animal parasiticides most likely to be transmitted to humans. As a result, the market's expansion will be constrained by the strict regulations governing the use of animal parasiticides.
Opportunities: The promotion of animal husbandry by public institutions
The majority of the people in the world's developing countries are agrarian. However, the changing land use pattern brought about by the population boom, urbanization, and industrialization has resulted in a yearly decline in the amount of arable land accessible. Land holdings have also decreased due to the expanding population. The farmers' small land holdings provide them with meager revenue and income, which causes covert seasonal employment, migration, urban congestion, etc. To prevent the repercussions outlined above, governments worldwide have developed several ways to enhance farmer income. A well-liked government program aiming to raise the living standard in the agrarian community promotes animal husbandry as a substitute all-season revenue source. Animal health and animal husbandry go hand in hand. As a result, the government is promoting animal husbandry by providing information, knowledge, resources, finance, and other supportive measures. As part of these activities, the use of animal parasiticides to maintain animal health will be promoted, creating lucrative market potential.
Challenge: The rising trend and popularity of vegan diet culture and lifestyle
As the climate problem worsens, people are becoming more conscious of how much the commercial meat industry contributes to global warming. Growing acceptance of vegan food culture results from increased awareness of the variety of plant-based diet options, derivatives, and benefits. Plant-based meat substitutes have emerged due to technological advancements, becoming more and more well-liked globally. The increasing trend towards veganism has also been influenced by international celebrities and influencers switching to vegan diets. The popularity of veganism will lower the demand for and supply of meat. Therefore, the market's expansion will be hampered by growing veganism.
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Some of the major players operating in the animal parasiticides market are:
• Bayer AG
• Bimeda Animal Health
• Boehringer Ingelheim International GmbH
• Elanco Animal Health Incorporated
• Merck Animal Health
• Norbrook
• PetIQ Inc.
• Vetoquinol SA
• Virbac
• Zoetis
Key Segments cover in the market:
By Animal Type
• Livestock Animals
• Companion Animals
By Product Type
• Ectoparasiticides
• Endoparasiticides
• Endectocides
By End User
• Laboratories
• Veterinary Hospitals & Clinics
• Home Care Settings
• Animal Farms
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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