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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Driver: Rising demand for animal-derived food products

The livestock sector is a highly dynamic and significant global asset. The volume production of meat has increased from 317.2 million metric tons in 2016 to 330.5 million metric tons in 2018 worldwide. Livestock products contribute 17% to kilocalorie consumption and 33% to protein consumption globally; however, this varies across developed and developing countries.

The demand for meat has grown over the last 50 years, while production has more than quadrupled globally. The world now produces more than 320 million tons of meat and 800 million tons of milk each year. This is mainly attributed to the rising demand for livestock products in developing countries. While high-income countries have shown a steady and consistent rise, the rising populations of emerging and developing markets have supported similar and explosive growth.

Restraint: Regulations restricting the use of parasiticides for food-producing animals

The use of parasiticides in livestock animals is subject to various federal regulations in many countries. The extra-label use of these topical parasiticides could leave residues that may, on consumption by human beings, have side effects. As a result, the use of these parasiticides, especially endoparasiticides, needs to be regulated; safe residue concentrations and withdrawal periods for antiparasitics used in food-producing animals must be standardized, and slaughtered animals need to be monitored for possible unsafe residues.

In the US, parasiticides given to food-producing animals have precise FDA-regulated withdrawal times (the time taken post drug administration for drug residues to reach limits set by the FDA) to prevent the presence of harmful drug residues. Similarly, according to the National Organic Program, parasiticides are banned for all organic slaughter stock.

Opportunity: Lucrative opportunities in emerging markets

Over the last few years, companion animal ownership has witnessed a steady increase, especially in emerging countries such as India, China, Brazil, and other APAC and Latin American countries. Rapid urbanization and growing disposable incomes are driving pet ownership in these countries. Many pet owners in these countries are now willing to spend more on pet care.

On the other hand, emerging countries like India and China have robust livestock markets. According to the National Dairy Development Board, milk production in India has increased every year—from 146.3 million tons in 2015 to 165.4 million tons in 2017 and 187.7 million tons in 2019. Moreover, India is the world’s largest milk producer, accounting for 19% of the global market. As of January 2020, China is the world’s largest pork producer, producing about 55 million metric tons of pork each year. Milk production and consumption in China are also increasing at a rapid pace.

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Challenge: The stringent regulatory approval process for drugs

To ensure that animal parasiticides have no side effects on animal health and are of sufficient quality and efficacy, authorities have set stringent regulations to approve animal parasiticides.

The US FDA; Canadian Food Agency; European Medical Agency; Ministry of Agriculture, Forestry, and Fisheries (MAFF); and Australian Pesticides and Veterinary Medicines Authority (APVMA) are some major regulatory bodies that approve medicines used for veterinary purposes. The Veterinary International Committee for Harmonization (VICH) also plays a significant role in bringing together regulatory authorities in the US, Europe, and Japan; it also harmonizes guidelines and technical requirements to register veterinary products. These regulatory bodies have set stringent regulations to approve veterinary pharmaceutical products. Regulatory standards for the approval of new veterinary pharmaceutical products, including antimicrobials, antibiotics, vaccines, parasiticides, and other pharmaceutical products, are also very stringent in Australia, Japan, and China.