Redding, California, Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Animal Parasiticides Market By Product [Ectoparasiticides (Pour On, Spray, Spot on), Endoparasiticides (Oral, Injectable), Endectocides], Animal (Companion, Livestock), Parasite Type (Tapeworm, Fleas, Ticks, Mites, Roundworms) - Global Forecast to 2030,’ published by Meticulous Research®, the animal parasiticides market is projected to reach $17.9 billion by 2030, at a CAGR of 7.3% from 2023 to 2030.
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Parasites are organisms that depend on their hosts (animals) for nourishment, which in turn deteriorates animal health. Parasitic infections in farm animals cause economic losses to farmers as it is expensive to raise infected animals and obtain lower production of animal-derived foods. Parasitic infections in pets cause great discomfort to pet owners as well as the pet. Animal parasiticides are the chemicals responsible for killing or eliminating these parasites from animals internally and externally.
Parasiticides used to eliminate external parasites such as fleas, lice, ticks, and mites dwelling on the skin or fur of animals are known as ectoparasiticides. Similarly, parasites that affect animals internally, such as tapeworms, roundworms, and flukes, among others, are treated with endoparasiticides. However, endectocides are used in the elimination of both internal as well as external parasites.
Increasing Number of Livestock Animals in Emerging Economies: Opportunity for Animal Parasiticides Market
Agriculture provides livelihood to a large number of people in developing countries. It is also one of the largest industries for economic development in emerging economies. The export of agricultural products, including animal-derived products, helps strengthen a country’s economy. Furthermore, the consumption of animal-derived food is increasing in Asia-Pacific. For instance, according to OECD-FAO, poultry meat consumption in India is set to grow from 2,872 cwe (carcass weight equivalent) in 2016 to 3,860.1 cwe by 2026.
Similarly, beef and veal consumption in China is expected to reach 9,539.54 cwe by 2026 from 7,900.21 cwe in 2016. Therefore, to meet the increasing demand for animal-derived food products, farmers in developing countries are increasing the livestock population. For instance, the number of chickens in China increased from 4,794 million heads in 2015 to 5,223 million heads in 2021. Similarly, the number of cattle heads in India increased from 188.0 million heads in 2015 to 193.1 million in 2021. The increasing livestock population in developing countries due to the increasing demand for animal-derived food products provides an opportunity for the players operating in the animal parasiticides market, as parasitic infections result in economic loss due to low production.
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The animal parasiticides market is segmented by product type [ectoparasiticides (pour on, spot on, sprays, powders, and other ectoparasiticides), endoparasiticides (injectables, orals liquid, oral tablets, and feed additives), and endectocides]; parasite type [roundworms, tapeworms, heartworms, flukes, coccidia, and mites, fleas, lice, and grub infestations]; animal type [companion animals (dogs, cats, and other companion animals), livestock (cattle, poultry, and other livestock)] and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country and regional levels.
Based on the product type, the ectoparasiticides segment is projected to register the highest CAGR during the forecast period. Ectoparasiticides eliminate external parasites which dwell on animal skin or fur. Parasites such as ticks, mites, and fleas are easily attracted to animals as they are a source of food for parasites. The increasing prevalence of external parasitic infestations and expenditure on animal health are the major factors driving the growth of this segment.
Based on parasite type, in 2023, the mite, tick, flea, lice, and grub infestation segment is expected to account for the largest share of the animal parasiticides market. The large market share of this segment is attributed to the high prevalence of ectoparasitic infections. Animals easily attract external parasites such as fleas, ticks, and lice, as they are a food source for them, and parasites can bury themselves in animals’ furs to lay eggs. However, the heartworms segment is projected to record the fastest growth rate during the forecast period. The growth of this segment is attributed to the increasing prevalence of heartworm disease in pets. Heartworm disease spreads easily in pet animals as 70 species of mosquitoes are the vectors of this parasite. This infection has a great risk of zoonotic transmission, leading to higher adoption of parasiticides for heartworm infections.
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Based on animal type, in 2023, the companion animal segment is expected to account for the largest share of the animal parasiticides market. However, the livestock segment is projected to register the highest CAGR during the forecast period. According to the Food and Agriculture Organization (FAO), feeding a world population of 9.3 billion would require raising the overall agri-food production by around 60% by 2050. However, agricultural productivity has been declining in recent years, largely due to the depletion of resources, particularly cultivable lands. Owing to this, the demand for animal-derived food products is increasing and is further estimated to increase in the future across the globe. For instance, according to the FAO, based on volume, global beef and veal consumption is estimated to reach 76,386 kilo ton carcass weight equivalent (kt cwe) by 2031 from 72,234 kt cwe in 2022. This increasing demand for animal-derived food products will increase the livestock population, contributing to the growth of this segment.
Based on geography, in 2023, North America is expected to account for the largest share of the animal parasiticides market, followed by Europe and Asia-Pacific. The large share of this market is attributed to factors such as high expenditure on animal health, highly commercialized and institutionalized meat industry, large consumption and import-export of animal-derived food products, and large base of pet population treated as family. However, Asia-Pacific is slated to record the fastest growth rate in the animal parasiticides market during the forecast period. The growth of this market is attributed to the increasing demand for animal-derived food products, growing awareness about livestock health and advanced livestock farming systems, and the growing adoption of pets in developing countries of this region.
The report includes an extensive assessment of product portfolios, geography, and key growth strategies adopted by leading market participants between 2020 and 2022.Some of the key players operating in the animal parasiticides market are Zoetis Inc. (U.S.), Virbac (France), Heska Corporation (U.S.), Bimeda, Inc. (Ireland), Boehringer Ingelheim International GmbH (Germany), Merck & Co., Inc. (U.S.), Elanco Animal Health Incorporated (U.S.), Vetoquinol Group (France), PetIQ, LLC (U.S.), and ECO Animal Health Ltd (U.K.), among others.
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Scope of the Report
Animal Parasiticides Market, by Product Type
- Ectoparasiticides
- Pour On
- Spot On
- Sprays
- Powders
- Other Ectoparasiticides
- Endoparasiticides
- Injectables
- Oral Liquids
- Oral Tablets
- Feed Additives
- Endectocides
Animal Parasiticides Market, by Parasite Type
- Roundworms
- Tapeworms
- Heartworms
- Flukes
- Coccidia
- Mite, Tick, Flea, Lice, and Grub Infestation
- Other Parasites
Animal Parasiticides Market, by Animal Type
- Companion Animals
- Dogs
- Cats
- Other Companion Animals
- Livestock
- Cattle
- Poultry
- Other Livestock
Animal Parasiticides Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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