Demand for Ectoparasiticides to Soar with High Growth Observed in Asia Pacific: Fact.MR
Parasiticides are now being developed in various formats, apart from the conventional ones developed for external use, which are rather cumbersome to administer. From oral tablets to sprays, animal parasiticides have been mapping a steady sales trail, with ‘convenience to use’ being integral to product innovation. The global demand for animal parasiticides is set to expand moderately at a CAGR of 5.9% during the forecast period (2020-2026)
Rising pet humanization and focus on the protection of livestock and companion animals from fungi and bacterial infections, on the back of increasing incidence of zoonotic diseases, creates a highly conducive environment for the growth of the animal parasiticides market. Taking these factors into account, Fact.MR, in its exhaustive report, portends that, the animal parasiticides market would record a CAGR tantamount to 5.5% during the forecast period (2020-2026).
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“Success in the competitive animal parasiticides market will mean product innovation, and better infiltration will require an amplified focus of market players towards the introduction of animal parasiticides with low mammalian toxicity, cost-efficiency, and convenience of use.”– opines a seasoned analyst at Fact.MR.
Key Takeaways of the Animal Parasiticides Market Study
- Wide availability of generic vaccines and injectables to treat infestations in livestock and companion animals will challenge the adoption of cost-prohibitive branded animal parasiticides.
- Surge in gastrointestinal parasitism and zoonotic diseases in dogs and milch animals is projected to increase sales to livestock farmers and pet owners.
- Growth in awareness pertaining to improved veterinary treatment methods, in turn, increases the adoption of advanced medicines to curb parasitic infections among pets. This will serve as an opportunity for animal parasiticides market players to establish distribution partnerships with veterinary practitioners.
- Stringency in approval of animal parasiticides used for treating infections in livestock, coupled with the growing trend of ‘veganism’, could derail the otherwise steady trajectory of the global animal parasiticides market.
- Rise in livestock population and their increasing penetration in the food chain is attracting the focus of central authorities. To create a healthy food chain, efforts are being made towards the adoption of animal parasiticides.
- Asia Pacific is poised to emerge as a key market, as livestock farmers in developing countries such as China and India are intensifying their focus on animal-raising activities to capitalize on the demand arising from the evolving food and beverages industry in Asia Pacific.
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Global animal parasiticides market segmentation
Fact.MR has studied the global animal parasiticides market with detailed segmentation on the basis of product, species and regions.
- Oral Tablets
- Oral Suspension
- Feed Additives
- Food-Producing Animals:
- Companion Animals:
- Other Livestock
- North America
- Asia Pacific (APAC)
- Latin America
- Middle East & Africa (MEA)
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Fact.MR Study Deduces the Consolidated Landscape with Focus on Key Strategies
Being a highly consolidated landscape that the animal parasiticides market is, market players such as Zoetis, Inc., Merck & Co., Inc., Boehringer Ingelheim, Ceva Sante Animale, and Elanco deploy both, organic as well as inorganic growth strategies to consolidate their positions in the landscape. The organic strategy includes the diversification of products, which adds convenience to use as a USP for consumers. For instance, Stronghold Plus, developed by Zoetis, Inc., is developed as a spot-on solution for treating infestations found on the fur or skin of cats.
On the other hand, the inorganic strategy involves establishing partnerships with other players to gain reciprocal benefits. For example, with the intent of developing and commercializing products underpinning the poultry production, Boehringer Ingelheim joined forces with Novozymes. However, with limited global exposure, regional players stay distinguished in the market through the expansion of their product portfolios, and the partnership between Bayer AG and Mitsui Chemicals Agro, Inc. to work towards the advancement of parasiticides for companion animals illustrates this strategy.
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Find More Valuable Insights on the Animal Parasiticides Market
Fact.MR, in its new offering, brings to the fore an unbiased analysis of the global animal parasiticides market, presenting historical demand data (2016-2019), and forecast statistics for the period of 2020-2026. The study divulges compelling insights on the animal parasiticides market on the basis of product (ectoparasiticides, endoparasiticides, and endectocides) and species (food-producing animals, companion animals, and other livestock) across five major regions.
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