Animal Parasiticides Market - Lucrative Opportunities in Emerging Markets


Posted July 5, 2022 by vmack2187

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.
 
Major Objectives Behind This Study:

# To define, describe, segment, and forecast the animal parasiticides market based on type, animal type, end user, and region.

# To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and industry-specific challenges).

# To assess the animal parasiticides market with regard to Porter’s five forces, regulatory landscape, the value chain, the supply chain, the ecosystem, patent protection, and the impact of COVID-19 global pandemic.

# To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market.

# To forecast the size of the animal parasiticides market in North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

# To analyze opportunities in the market for stakeholders and provide details of the competitive landscape.

# To profile key players in the animal parasiticides market and comprehensively analyze their core competencies.

# To track and analyze competitive developments such as product launches & approvals, acquisitions, expansions, partnerships, agreements in the animal parasiticides market.

Recent Developments:

# In June 2021, Boehringer Ingelheim partnered with Lifebit (UK) to detect global infectious disease outbreaks using AI and natural language processing technology.

# In August 2020, Elanco Animal Health Incorporated (US) acquired Bayer Animal Health (Germany) for USD 6.89 billion to expand its scale and capabilities in the animal health industry.

# In August 2021, Zoetis Inc. (US) acquired Jurox (Australia) to expand its product portfolio and manufacturing capacity with potential for global expansion.

# In August 2020, Merck & Co., Inc. (US) acquired worldwide rights of Vexocan brand of parasiticide from Elanco Animal Health for the ruminants portfolio.

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Major Growth Driving 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.

RESTRAINTS:

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.

Shift towards vegetarianism

Globally, there is a significant rise in the prevalence of obesity and other chronic disorders. Owing to this, many people are shifting toward a vegetarian diet from a predominantly non-vegetarian diet. According to Google Trends, interest in veganism increased sevenfold between 2014 and 2020. The US Department of Agriculture releases dietary guidelines on a timely basis. These guidelines influence nutrition education, public policy, and food programs and provide guidance on food choices with recommendations for weight management and physical activity. In addition, these guidelines encourage the consumption of fruits and vegetables, whole grains, and low-fat milk and equivalents.

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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CHALLENGES:

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.

Diversity in parasite species

The diversity of parasite species is a major concern while diagnosing the cause of illness in animals. The identification of the species is followed by developing a new drug for treating ailments caused by the same; this is a time-consuming process. Sometimes, an animal may be administered with an endoparasiticide that differs from the one designed for the diagnosed causative endoparasite. In such cases, the causative agent may develop immunity against the endoparasiticide. Therefore, manufacturers of parasiticides must conduct different tests on animals to prove the efficiency of the drug developed. This is a time-consuming and expensive task, which may lead to the disapproval of new drugs developed as parasiticides.

End Users:

Veterinary Clinics & Hospitals accounted for the largest share of animal parasiticides market in 2020

Based on end users, the animal parasiticides market is segmented into veterinary clinics & hospitals, animal farms, and home care settings. Veterinary clinics & hospitals accounted for the largest share of 61.4% of the animal parasiticides market in 2020. This segment is projected to reach USD 8,252.7 million by 2026 from USD 5,952.6 million in 2021, at a CAGR of 6.8%. The large share of this segment can be attributed to the higher adoption of animal parasiticides in hospital settings, the increasing incidence of parasitic diseases, and growing awareness about animal health in developing countries.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags animal parasiticides , animal parasiticides market
Last Updated July 5, 2022