The global animal parasiticides market will experience substantial growth, reaching a valuation of USD 15.6 billion by 2031, with an estimated CAGR of 5.7% from 2023.
This forecast, reported by Transparency Market Research Inc., underscores the market’s significant evolution and its anticipated trajectory over the coming years.
The market’s upward trajectory is influenced by various factors. Evolving regulations in livestock and pet care are steering the development of new formulations and treatment approaches, driven by the emphasis on parasite control. The “One Health” approach, recognising the interconnectedness between human, animal, and environmental health, propels demand for parasiticides to prevent zoonotic diseases. This benefits both animals and humans.
Opportunities and Trends
Advancements in understanding animal microbiomes have led to novel strategies for parasite control. This includes innovative approaches like probiotics and microbiota-based parasiticides. Additionally, exploration into novel delivery systems such as transdermal patches and wearable technology enhances convenience and compliance in parasite treatment methodologies.
Spot-on treatments and oral tablets dominate the animal parasiticides market, particularly in food-producing animals like cattle, poultry, and swine. North America spearheads market growth due to stringent regulations and advanced veterinary healthcare infrastructure.
- North America: Led by the United States, it dominates the market, driven by robust research initiatives and stringent regulatory frameworks.
- Europe: Emphasises sustainable and eco-friendly parasiticides, with prominent markets in the UK, Germany, and France.
- Asia Pacific: Witnesses rapid market expansion due to increasing pet adoption and demand for livestock products.
Leading players like Zoetis, Bayer AG, and Boehringer Ingelheim dominate the animal parasiticides market with diverse portfolios of innovative parasiticides. Intensified research in developing regions has empowered local players like Ceva Santé Animale and Elanco, fostering competition. Collaborations for novel formulations and acquisitions to expand product offerings characterize the market.
Parasiticides: Key Players and Market Segments
- Vetoquinol: Offers a diverse portfolio of animal health products, aiming to enhance the well-being of companion animals and livestock.
- Zoetis, Inc.: Delivers a comprehensive portfolio of pharmaceuticals, vaccines, and diagnostics for companion animals and livestock.
- Virbac: Specialises in animal health, providing a wide range of pharmaceuticals, vaccines, and hygiene products for pets and livestock.
The animal parasiticides market is segmented by product, species, and region. It encompasses ectroparasiticides, endroparasiticides, and endectocides. The market targets food-producing animals like cattle, poultry, and swine, along with companion animals like dogs and cats.
The anticipated growth trajectory and technological advancements in the animal parasiticides market signify a pivotal period ahead, fostering innovation and enhanced care within the global animal health sector.