The study involved four major activities for estimating the size of the animal parasiticides market. Exhaustive secondary research was done to collect information on the market, including its peer markets.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Global Revenue Growth:
The base year considered for the study is 2019, while the forecast period is 2020 to 2025. The global animal parasiticides market is projected to reach USD 13.7 billion by 2025 from USD 9.7 billion in 2020, at a CAGR of 7.2 % during the forecast period.
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Research Methodology Followed in This Study:
Top-down and bottom-up approaches were used to validate the size of the global animal parasiticides market and dependent submarkets. Various secondary sources such as directories, industry journals, databases, and annual reports of companies have been used to identify and collect information useful for the study of this market. Primary sources such as experts from both the supply and demand sides have been interviewed to obtain and validate information as well as assess the dynamics of this market.
# In February 2020, Zoetis launched Simparica Trio, a parasiticide for dogs with, or at risk from, mixed external and internal parasitic infestations.
# In February 2020, Elanco signed an agreement with Merck Animal Health to divest its worldwide rights for Vecoxan, used for the prevention and treatment of coccidiosis in calves and lambs.
# In February 2020, Vetoquinol acquired rights to Profendor and Drontal (parasiticides for companion animals offered by Elanco) for the European Economic Area and the UK.
# In August 2019, Boehringer Ingelheim opened a Health Management Center in China.
The animal farms segment is expected to witness the highest growth rate in the animal parasiticides market, by end user, during the forecast period
Based on end user, the animal farms segment is expected to register the highest CAGR during the forecast period. The increasing incidence of parasitic diseases and rising demand for animal-derived food products are the major factors supporting the growth of this segment.
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North America dominated the animal parasiticides market in 2019
North America accounted for the largest share of the animal parasiticides market in 2019, followed by Europe and the Asia Pacific. High pet spending,increased awareness about animal health, and the growing companion animal population are the major factors responsible for the large share of North America in the animal parasiticides market.
The global animal parasiticides market is fragmented, with many regional and global players vying for larger market shares. Bayer AG (Germany), Boehringer Ingelheim (Germany), Elanco (US), Zoetis (US), Merck (US), and PetIQ (US) are the major players in this market.