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. Market growth can be attributed to the growing population of companion animals, rising demand for animal-derived food products, growing concerns of zoonotic diseases, rising animal pet expenditure, and increasing investments from private players.
Global Industry Segmentation:
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.
By type, the ectoparasiticides segment accounted for the largest share of the market in 2019
On the basis of type, ectoparasiticides segment accounted for the largest share of the animal parasiticides market. This can be attributed to factors such as the growing incidences of zoonotic diseases due to external parasites and increased population of companion animals.
By animal type, companion animals held the highest growth of the animal parasiticides market in 2019
On the basis of animal type, companion animals accounted for the highest growth in this market. This is attributed to the increasing number of companion animals and the rising prevalence of zoonotic diseases in dogs worldwide.
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.
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Boehringer Ingelheim was a leading player in the animal parasiticides market in 2019. The company’s strong focus on R&D and investments in collaborations, partnerships, and acquisitions have ensured its position in the market. It focuses on expansions to strengthen its geographic footprint, presence, and growth. For instance, in August 2019, the company opened a Health Management Center in China.
Bayer has a strong portfolio of parasiticides for companion as well as livestock animals. Over the years, the company has maintained its leading position in the market through continuous innovation and the launch of advanced products. In this regard, in 2019, it launched three products in China. In addition, Bayer focuses on expanding its product portfolio and geographic presence by means of agreements, partnerships, and joint ventures. For example, in July 2018, Bayer Animal Health GmbH signed a global license agreement with Mitsui Chemicals Agro (Japan) to develop innovative parasiticides for companion animals based on MCAG’s innovation and technology.
Elanco (US) is one of the largest players in the animal parasiticides market. In order to remain competitive and grow, the company focuses on expanding and deepening its partnerships with existing customers, enhancing operation excellence and quality, enhancing capabilities and expertise, and developing innovative products. The company pursues a number of organic and inorganic growth strategies.