Rising adoption of pets a key factor for the rising popularity of animal parasiticides products

Date: 8 May 2020

According to a research report published by Azoth Analytics in April 2020, the Global AnimalParasiticides Market was valued at USD 9220.48 Million in the year 2019. Rising awareness about animal healthcare, growing concern about zoonotic diseases and increasing investment in development of innovative veterinary healthcare products will positively impact the business growth. Growing expenditure on veterinary healthcare and adoption of pets is also a key factor for the rising popularity of animal parasiticides products. Increasing incidence of parasitic infestation in pets, livestock and other animals has created lucrative growth opportunities for the veterinary parasiticides market. Rising demand of animal parasiticides used for better treatment in pets and livestock has elevated the use of parasiticides products, thereby benefiting the market growth over the coming years.

Among the Product Type segment in the Animal Parasiticides market (Endoparasiticides, Ectoparasiticides and Endectocides), Ectoparasiticides are expected to show high growth over the forecast period due to the increasing use of ectoparasiticides for the treatment of insect infestation in animals and growing investment in the development of new veterinary products that will elevate the growth of the market. Some of the major oral chewable ectoparasiticides tablets to control ticks and fleas in the companion animals are NexGard, Bravecto, and Simparica.

Based on Animal Type (Farm Animals and Companion Animals), Farm Animals dominates the market share in year 2019 and is also expected to show dominance during the forecast period, owning to rising demand of animal food and growing concern for quality in meat and other animal products. Furthermore, increasing consumption of animal by-products and growing investment in animal healthcare expenditure will augment the market growth. The factors driving the growth of the segment are rising demand of animal food products, greater concerns of parasite control in these animals, and the growing population of farm animals.

Based on Distribution Channel (Veterinary Hospitals, Veterinary Clinics and Pharmacies & Drug Stores), Pharmacies & Drug Stores dominates the market share in year 2019 and is also expected to show dominance during the forecast period, owning to the growing concerns on health and wellness of companion and livestock. Also, rising disposable income of individuals and the technological advancement in the diagnostic instruments in veterinary care to cater health of their pets will augment industry growth during the forecast period.

However, the Covid-19 pandemic that has completely disturbed the growth patterns of countries and incomes of individuals will have implications on the animal parasiticides market as well. 

The Azoth Analytics Research Report titled Global AnimalParasiticides Market has been analysed By Product Type (Endoparasiticides, Ectoparasiticides and Endectocides), By Animal Type (Farm Animals and Companion Animals), by Distribution Channel (Veterinary Hospitals, Veterinary Clinics and Pharmacies & Drug Stores), By Region (North America, Europe, Asia Pacific) and By Country (United States, Canada, Germany, Italy, France, United Kingdom, India, China, Japan, South Korea).

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