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Animal parasiticides are materials that are key ingredients in medicines that are used for veterinary purposes. These agents specialize in helping the health of animals and livestock, by killing parasites including microbial forms such as fungi and bacteria.
The global market for animal parasiticides are expected to grow at a strong CAGR of over 6 per cent through the forecast period till 2026. This rapid rise is largely attributed to the growing interest in animal welfare, support from local governments, and increasing user awareness about the different types of zoonotic ailments.
Pet Ownership and Veterinary Practices Contribute to Demand
The trend of owning cats and dogs is gaining traction around the world, especially in developed economies. This trend has been supported by the increasingly easy availability of appropriate veterinary services, which ensures easy pet healthcare.
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The rising numbers of pet ownership have contributing to the health of dogs. In addition the growth of the dairy industry has also resulted in the development of the specialized parasiticides for milch animals in addition to high demand sectors such as poultry and swines.
Governments have set key legislations against the use of antibiotics in food and beverage products. Despite this, the animal livestock market has been rising at an above average growth rate. This can be attributed to the high importance being given to animal health in government policies around the world.
The market is further supported by high demand for animal and meat byproducts, efforts to eradicate health issues associated with parasites, and increasing instances of ailments such as Lyme disease, which can cause substantial losses to enterprises involved in the animal rearing business.
Manufacturers Focus on Consolidation Activities
Countries in North America are dominant markets owing to the high levels of cat and dog ownership in the region, which is expected to boost the demand for ectoparasiticides in these countries for the foreseeable future. The demand is augmented by the convenience of application for such products, and the variety of mediums including dips, sprays, spot-ons, and oral medications among others.
Major manufacturers such as Bayer AG, and Boehringer Ingelheim GmbH are pushing for inorganic consolidation strategies such as partnerships and acquisitions, which will help in penetration to unexplored and nascent markets. In addition, sharing activities will also help in the acquisition of larger customer demographics in addition to diversifying product portfolios.
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However, the high costs of animal parasiticides in these developed economies is creating substantial lucrative opportunities for manufacturers in the Asia Pacific. This trend has been possible owing to the low costs of labor here and the high number of animal husbandry enterprises that are growing rapidly in these countries
On the other hand, there are also a number of factors that restrict the rate of growth for the animal parasiticides market. These include strict regulatory standards for the approval of new parasiticide products, the high cost required for research and development activities, and costs associated with the purchase.
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