Global Animal Parasiticides Market Report 2021-2026 by Type (Ectoparasiticides , Endoparasiticides, Endectocides), Animal, End-user and Region

Dublin, Nov. 05, 2021 (GLOBE NEWSWIRE) -- The "Global Animal Parasiticides Market Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global animal parasiticides market is projected to reach USD 13.7 billion by 2026 from USD 9.7 billion in 2021, at a CAGR of 7.2% during the forecast period.

Factors such as the rising demand for animal-derived food products, increasing investments by private players, growing concerns of zoonotic diseases, regulations for preventing the spread of animal diseases, growing companion animal ownership rates, and rising animal health expenditure are driving the growth of the animal parasiticides market. However, a shift toward vegetarianism and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of this market during the forecast period.

Ectoparasiticides segment accounted for the largest share in the animal parasiticides market

Based on type, the animal parasiticides market is segmented into endoparasiticides, ectoparasiticides, and endectocides. The ectoparasiticides segment accounted for the largest share of 57.9% of the global animal parasiticides market in 2020. This segment is projected to reach USD 8,582.1 million by 2026 from USD 5,703.9 million in 2021, at a CAGR of 8.5%. The large share of this segment can be attributed to the higher adoption of ectoparasiticides as compared to other products. The increasing population of companion animals and rising pet ownership in developed countries are also expected to support the growth of this market during the forecast period.

Companion Animals segment is expected to witness the fastest growth in the forecast period

Based on animal type, the animal parasiticides market is segmented into companion animals and livestock animals. In 2020, companion animals accounted for the largest share of 52.2% of the global animal parasiticides market. This segment is projected to reach USD 7,633.2 million by 2026 from USD 5,130.2 million in 2021, at a CAGR of 8.3%. The large share of this segment is primarily attributed to the increasing expenditure on pet animals and increasing companion animal ownership in developed countries.

Veterinary Clinics & Hospitals accounted for the largest share of animal parasiticides market in 2020

Based on end users, the animal parasiticides market is segmented into veterinary clinics & hospitals, animal farms, and home care settings. Veterinary clinics & hospitals accounted for the largest share of 61.4% of the animal parasiticides market in 2020. This segment is projected to reach USD 8,252.7 million by 2026 from USD 5,952.6 million in 2021, at a CAGR of 6.8%. The large share of this segment can be attributed to the higher adoption of animal parasiticides in hospital settings, the increasing incidence of parasitic diseases, and growing awareness about animal health in developing countries.

North America accounted for the largest share of the animal parasiticides market in 2020

The market in Latin America is expected to grow at the highest CAGR of 8.8% during the forecast period. This can be attributed to the growing population of livestock animals, increasing consumption of animal-derived food products, and growing adoption of pets.

Premium Insights

• Increasing Incidence of Zoonotic Diseases and Parasitic Infections to Drive Market Growth

• Ectoparasiticides Segment Accounted for the Largest Share of the APAC Animal Parasiticides Market in 2020

• China to Register the Highest Growth During the Forecast Period

• North America to Continue to Dominate the Animal Parasiticides Market During the Forecast Period

• Developing Countries to Offer Growth Opportunities for Market Players During the Forecast Period

Market Dynamics

Drivers

• Rising Demand for Animal-Derived Food Products

• Increasing Investments by Private Players

• Growing Concerns of Zoonotic Diseases

• Regulations for Preventing the Spread of Animal Diseases

• Growing Companion Animal Ownership Rates

• Growing Prevalence of Animal Diseases

• Rising Animal Health Expenditure

Restraints

• Regulations Restricting the Use of Parasiticides for Food-Producing Animals

• Shift Towards Vegetarianism

• Emerging Novel Drug Development Models

Opportunities

• Lucrative Opportunities in Emerging Markets

Challenges

• Growing Resistance to Parasiticides

• Stringent Regulatory Approval Process for Drugs

• Diversity in Parasite Species

Industry Trends

• Growing Consolidation in the Animal Health Industry

• Innovations in Animal Parasiticides

Companies Mentioned

• Abbey Animal Health Pty. Ltd.

• Bimeda Animal Health

• Biogenesis Bago

• Boehringer Ingelheim GmbH

• Brilliant Bio Pharma

• Calier

• Ceva Sante Animale

• Chanelle Pharma

• Eco Animal Health Group plc

• Elanco Animal Health Incorporated

• Inovet

• KRKA Group

• Kyoritsu Seiyaku Corporation

• Lutim Pharma Private Limited

• Merck & Co. Inc.

• Norbrook

• PetIQ, LLC

• PRN Pharmacal

• Sequent Scientific Limited

• Smartvet Holdings, Inc.

• UCBVet

• Vetanco SA

• Vetoquinol SA

• Virbac

• Zoetis Inc.

For more information about this report visit https://www.researchandmarkets.com/r/7ycnzq

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