Animal parasiticides are chemical substances capable of destroying parasites infecting pets, livestock, and other animals. A parasiticide usually consists of more than one active ingredient and together with a number of inert ingredients makes its formulation. The wide usage of parasiticide has made a great impact in the improvement of health and livestock across the globe. A parasiticide has its own general features which allows them controlling and preventing the parasites growth on animal. Awareness of population regarding zoonotic diseases and increasing adoption of pet animals have propelled the global animal parasiticide market. Growing government initiatives like the animal welfare activities has increased the demand of the parasiticides, and thus improved the health of the livestock tremendously.
The importance of animal parasiticides have been recognized, and the protection of animals is considered with vital significance in the last decade. Latest innovations are also made in the novel parasiticide delivery systems. The companies are coming up with variety in their product portfolio, and execution of welfare acts in the developed and developing regions, will cause a boost in the global animal parasiticide market. Similarly, increasing GDP rates in egions like Asia Pacific and Latin America are increasing the per capita spending on the animal health care products which is also responsible for market growth. At the same time, number of other factors like high expenditure in R&D activities, strict regulations for approving animal parasiticides are limiting the use of parasiticide in some animals (specifically the food producers) in some regions. The number of parasites is increasing, that would impact the market growth.
Based on various types of treatment, the parasiticides market can be segmented by product type into: Ectoparasiticide, Endoparasiticide, and Endectocide. Ectoparasiticide which are be further segmented into product types like Our-On And Spot-On, Sprays, Dips, Ear Tags, Collars, Other Ectoparasiticides, while Endoparasiticide can be segmented by Product types into Oral Liquids, Oral Solids (Tablets, Pills, And Granules), injectables, feed additives, other endoparasiticides. By type of animals, market can be segmented into Companion animals and Food-producing animals. Companion animals are dogs, cats, horses and other companion animals. While food-producing animals are poultry, cattle, pigs, sheep & goats and other food-producing animals.
Geographically, the Parasiticides market can be segmented into six major regions: North America, Europe, Asia Pacific, Latin-America, Middle-East and Rest of the World (RoW). Europe holds the leading position in the Parasiticides market followed by North America. The developed markets like US and Canada are reaching saturation and likely to grow at a comparatively lower growth rate. Asia Pacific is the most promising market for parasiticides market due to various emerging economies. Latin America will also witness a similar growth opportunity. Higher growth expectation and increasing GDP rate and per capita expenditure on the animal health, are the prime reason of their growth in Asia-Pacific and Latin America. Apart from that, the market in these regions is easy to penetrate and it is expected to have a huge future scope in the region so the players are looking invest more on this region. The key players in global animal parasiticide market are Zoetis, Inc, Bayer AG, Novartis AG, Eli Lilly and Company, Merck & Co., Inc., Ceva Sante Animlae, Boehringer Ingelheim, Virbac SA, Vetoquinol among others.