According to the new market research report, "Animal Parasiticides Market by Type (Ectoparasiticides (Pour-ons & Spot-ons, Tablets, Sprays), Endoparasiticides (Oral Solids, Injectables, Feed Additives), Endectocides), Animal (Companion Animals, Livestock), End User, & Region- Global Forecast to 2026" The global animal parasiticides market is projected to reach USD 13.7 billion by 2026 from USD 9.7 billion in 2021, at a CAGR of 7.2% during the forecast period.

Global Industry Growth Boosting Factors:

Factors such as the rising demand for animal-derived food products, increasing investments by private players, growing concerns of zoonotic diseases, regulations for preventing the spread of animal diseases, growing companion animal ownership rates, and rising animal health expenditure are driving the growth of the animal parasiticides market. However, a shift toward vegetarianism and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of this market during the forecast period. In this report, the animal parasiticides market is segmented on the basis of type, animal type, end user, and region.

Overview:

This study involved four major approaches in estimating the current animal parasiticides market size. Extensive research was conducted to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the value market. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

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Global Leading Players:

The prominent players in the animal parasiticides market are Boehringer Ingelheim (Germany), Elanco Animal Health Incorporated (US), Merck & Co., Inc. (US), Zoetis Inc. (US), Virbac (France), Vetoquinol S.A. (France), PetIQ, Inc. (US), SeQuent Scientific Ltd. (India), ECO Animal Health Group plc (UK), Ceva Santé Animale (France), Chanelle Pharma (Ireland), Abbey Animal Health Pty Ltd. (Australia), Norbrook (UK), SmartVet Holdings (US), Krka Group (Slovenia) and Bimeda Animal Health (Ireland) among others.

Growth Strategies Adopted by Key Players:

These players have adopted various growth strategies such as acquisition, product launches, and expansion to increase their presence and reach in the medical device contract manufacturing market.

Elanco Animal Health Incorporated accounted for an estimated share of 23-25% of the animal parasiticides market in 2020. To secure its position in the global animal parasiticides market, the company focuses on expanding and strengthening its partnerships with existing customers, enhancing operations and quality, and enhancing product scope, capabilities, and expertise. The company achieves its targets through a number of organic and inorganic growth strategies, such as product launches, expansions, acquisitions, agreements, partnerships, collaborations, and divestitures.

Boehringer Ingelheim accounted for an estimated share of 21-23% of the animal parasiticides market in 2020. The company offers a diverse product line for animal parasiticides in different formulations to meet the unaddressed needs of pets and livestock animals. Boehringer Ingelheim’s core brands such as NexGard, followed by Frontline and Heartgard, are the foundations of its success in the companion animals segment. The company’s strong focus on R&D and investments in collaborations, partnerships, and acquisitions have helped the company to secure a leading position in the market.

Zoetis accounted for an estimated share of 12-13% of the animal parasiticides market in 2020. The company provides highly diversified products for a wide range of animal species. To maintain its position in the parasiticides segment, Zoetis focuses on providing innovative products and enhancing its R&D capabilities to address the needs of animal health. Additionally, the company has well-invested assets for which it has developed into a global company with subsidiaries in every continent. This gives the company a strong competitive advantage in terms of distribution networks and production facilities.

Merck accounted for an estimated share of 9-10% of the animal parasiticides market in 2020. The company’s strong focus to broaden its animal parasiticides product portfolio through investments in the form of collaborations and partnerships are driving its growth in the market. For instance, in July 2020, Merck acquired the US rights from Virbac for the SENTINEL brand of combination parasiticides used to protect dogs against fleas and common intestinal parasites. This helped Merck offer a comprehensive portfolio of parasiticide products for companion animals.

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