Animal parasiticides Market Introduction
Animal parasiticides market play a crucial role in safeguarding livestock from parasitic attacks, enhancing immunity, and promoting overall animal health. With three main forms—ectoparasiticides, endoparasiticides, and endectocides—this market is witnessing exponential growth, driven significantly by its high usage in the feed industry. The forecast indicates a robust Compound Annual Growth Rate (CAGR) of 7%, projecting the market to reach USD 14 billion by the end of 2030.
Factors Driving Market Growth: Animal parasiticides serve as a key contributor to improving livestock health, fueled by the increasing demand for animal-derived food products. Growing awareness of animal-transmitted diseases and a heightened focus on enhancing animal health among consumers are further propelling market growth. Supportive government regulations, particularly in Europe, North America, and select regions of Asia Pacific, are anticipated to boost the use of parasiticides in animal medicinal formulations.
Regional Dynamics: In North America, a rising awareness of animal protein and a shift in consumer preferences towards meat consumption are driving market growth. The availability of advanced technology equipment further contributes to North America's dominance in the animal parasiticides market. However, challenges such as lack of consumer awareness about animal parasiticides and the entry of new players into the industry are noteworthy hurdles.
Market Challenges and Growth Opportunities: Despite these challenges, the animal parasiticides market share is expected to maintain a robust CAGR of 7.0% during the forecast period from 2023 to 2030. The downstream analysis offers insights into the segmentation based on type, species, and competitive landscape.
Downstream Analysis:
1. Types of Animal Parasiticides:
- Ectoparasiticides
- Endoparasiticides
- Endectocides
Among these, endoparasiticides stand out as the dominant segment, attributed to their ease of usage and effectiveness.
2. Species-based Segmentation:
- Poultry
- Swine
- Sheep & Goats
- Cattle
- Others
Cattle emerge as the dominant segment, closely followed by poultry, owing to the increased consumption of animal-source protein.
3. Competitive Landscape:
- Eli Lilly and Company Limited (U.K)
- Boehringer Ingelheim GmbH (Germany)
- 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)
- Perrigo Company plc (Ireland)
Regional Analysis: The global animal parasiticides market is segmented into North America, Europe, Asia Pacific, and the rest of the world (RoW). Europe leads the market due to an increasing consumption of animal parasiticides to combat rising livestock diseases and meet the demand for enhanced animal medicinal products. Key players in the region actively engage in research and development to align with North American regulations for animal parasiticides.
In the Asia Pacific region, India, China, and Japan command a significant market share, driven by the escalating demand for animal feed to meet consumer preferences.
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