The global animal parasiticides market is expected to reflect a healthy growth rate between the forecast period from 2020 to 2026, and reaching a valuation of $8.9 billion. The coronavirus pandemic is likely to marginally affect operations in the animal parasiticides market, due to continued use through livestock and pet owners use.
While the industry will witness minor disruptions in supply chains, the importance of parasiticide products for livestock husbandry and the growing numbers of pet owners will sustain market growth throughout the crisis period.
Strong growth in the number of animals grown for livestock purposes in the food production sector, particularly in developing countries, is resulting in a higher demand for associated healthcare commodities. Growing expenditure in animal welfare for livestock and pets is also fueling market growth.
Animal Parasiticides Market- Key Takeaways
- Endectocides are expected to witness widespread demand in animal husbandry applications owing to low toxicity, and broad-spectrum efficacy.
- Farm animal applications account for major market share, supported by demand from the massive meat processing industry.
- North America is a dominant region for animal parasiticides owing to widespread insect infestations and higher awareness on animal welfare standards.
Animal Parasiticides Market- Driving Factors
- Government initiatives in the food industry to prevent zoonotic disease transmission contributes to market growth.
- Rising popularity of pet ownership in developed and developing economies is a key factor providing impetus to the animal parasiticides market.
Animal Parasiticides Market- Major Restraints
- Strict regulatory restrictions on the usage of parasiticide products on animals for food applications hinders growth.
- Lack of awareness on the benefits and requirements of animal parasiticides in rural regions limit adoption.
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COVID-19 Impact on Animal Parasiticides Market
The animal parasiticides market is largely unaffected by the coronavirus pandemic. Barring minor disruptions to raw material supplies, the industry is witnessing steady growth. Animal parasiticides have been designated as essential products, which aids in sustained demand. Manufacturers are primarily invested in telework capabilities and optimizing distribution channels to keep up with deliveries even during quarantines and lockdowns.
Boehringer Ingelheim GmbH, Merck Animal Health, Elanco Animal Health, Ceva Sante Animale, and Zoetis Inc. are some of the leading animal parasiticide manufacturers in the global market.
Animal parasiticides market players have been displaying increased interest in strategic industry acquisitions in recent times to expand product portfolio and geographical presence.
For instance, Merck Animal Health announced the acquisition of rights for VECOXAN animal parasiticides for ruminants.
Vetoquinol has announced the acquisition of UK rights to Drontal and Profender products from Elanco Animal Health.
Further, Elanco Animal Health has revealed the approval of acquisition for Bayer AG’s animal health division by the European Commission.