Increasing number of animal welfare programs and government initiatives are driving the market for the global animal parasiticide market. The animal parasiticide, also called, Veterinary parasiticide, are products that kill parasiticide infesting upon pets, livestock, and other animals. All these parasiticide has their own general features that determines their suitability for the control of parasites on animals. People being increasingly being aware about the zoonotic diseases and adoption of pet animals largely by the developed and developing nations have made a way for the global animal parasiticide market.
The government has also contributed towards the animal welfare activities that has resulted in the hefty demand for parasiticides which has improved the health of livestock tremendously across the globe and also elevated the global animal parasiticide market The market is growing due to the increasing demand for animal health products and the animal owners’ look out for low cost generics.
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Animal Parasiticide Market: Drivers & Restraints
The increasing importance of animal health care accompanied by governmental protocols is driving the global animal parasiticide market. The Increased number of animal livestock in the emerging markets, developments in the parasiticide products, upcoming new offerings by the leading players, execution of welfare acts in the developed and developing regions, worldwide increment in the number of adoptions of animals like dogs and cats are some of the growth drivers for the global animal parasiticide market.
Along with the increasing awareness, the increasing rate of GDP in the regions like Asia-Pacific and Latin America and thereby increasing per capita spending on the animal health care products are also responsible for growth of the market.
Apart from significant growth factors there exits some restraints to the market including high cost R&D activities, strict regulations for approval for animal parasiticides and restricting the use of parasiticide in some animals (specifically the food producers) in some regions. The increasing number of species of parasites in are also contributing to the restrains that are preventing the market from growing.
Animal Parasiticide Market: Segmentation
By product the global animal parasiticide market is segmented as Endoparasiticides (Additives, Injectable, Drenches, Tablets/Pills, Others), Ectoparasiticides (Collars, and Endectocides. The global animal parasiticide market is also segmented by the animal type which are as Companion Animal (Cat, Dogs, Horses, and Others) and Food Producing Animals (Cattle, Poultry, Sheep and Others).
Animal Parasiticide Market: Region-wise Outlook
The global animal parasiticide market is expected to register a favourable growth for the forecast period, 2015?2025. European market is the expected to hold the major share into the market. The increment in the number of pet animals and increased awareness among the people regarding the animal health. North America is expected to follow Europe however the developed markets like US and Canada are reaching saturation which tends to grow the market at a comparatively lower rate. The Asia-Pacific is projected to endure its control in terms of growth in global animal parasiticide market. The market is predominately affected by the increasing trend towards pet adoption. In terms of growth Latin American regions also represent a higher growth opportunity. APAC and Latin America is in the higher growth expectations due to the increasing GDP rate and per capita expenditure on the animal health.
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Animal Parasiticide Market: Key Players
The key market competitors 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, and Vetoquinol.