Market Analysis
Global Animal Parasiticides Market is expected to register a CAGR of 5.4% from 2019 to 2024 and reach USD 12.4 billion by the end of 2024. Animal parasiticides are chemical formulations used to kill different types of parasites on animals. Due to the increasing awareness for animal health, the market is growing at an incremental pace of development on the global stage.
Animal parasiticides is one the major sources used to maintain the animal health. Rising demand for nutritional food products for animals and growth within the awareness regarding animal transferred diseases is influencing the expansion of the global animal parasiticides market throughout the forecast period. Due to government support in Europe, North America, and few regions of Asia Pacific, Key players are acquiring small players and expanding its operational base in rural areas.
Moreover, in North America, increasing awareness about animal diseases and inclination of client preference towards meat consumption is driving the growth of the market. North America is predicted to dominate the animal parasiticides market owing to the magnified consumers awareness and convenience of latest technology. However, lack of consumer’s awareness relating to animal parasiticides and increasing number of new entrants within the market will change the market dynamics in upcoming years.
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Competitive Analysis
Major manufacturers are found to have a high focus on strategic acquisitions and business expansions. They are also involved in the strategic agreement which will further support the company to expand and reach out to consumers across the regions. Acquisitions are also done to mark the company’s presence and expand their business line. Moreover, the companies are focusing to launch new product and their product promotions to strengthen their marketing base. The promotional strategy aids in retaining the existing customers and also to regenerate new customer base.
The key players profiled in Animal Parasiticides Market are Boehringer Ingelheim GmbH (Germany), Eli Lilly and Company Limited (U.K), Bayer Aktiengesellschaft (Germany), Merck & Co., Inc. (U.S.), Zoetis Inc. (U.S), Sanofi (France), Virbac Corporation (U.S.), Ceva Sante Animale S.A. (France), Vetoquinol SA (France), and Perrigo Company plc (Ireland).
Market Segments
The global animal parasiticides market has been divided into type, species, and region.
On The Basis Of Type: ectoparasiticides, endoparasiticides, and endectocides
On The Basis Of Species: poultry, swine, sheep & goats, cattle, and others
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
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Regional Analysis
North America is dominating the global animal parasiticides market as consumption of animal parasiticides due to rise in cases of livestock diseases and demand for fortified nutritional animal food products. In Asia Pacific region, India, China, and Japan accounts for significant market share because of increasing demand for animal feed and meat & dairy products. Also, growing per capita spending on animal health care products in developing countries of South America & Latin America is expected to boost the sales of animal parasiticides in upcoming years.
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