Overview of This Study:

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.

Research Methodologies Followed:

Primary Research:

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include CEOs, vice presidents, marketing and sales directors, business development managers, technology and innovation directors of animal parasiticide manufacturing companies, key opinion leaders, and suppliers and distributors. Primary sources from the demand side include veterinary hospitals and clinics, research institutes, academic institutions, and contract manufacturing organizations.

Secondary Research:

This research study involved widespread secondary sources; directories; databases such as Bloomberg Business, Factiva, and Dun & Bradstreet; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the animal parasiticides market. It was also used to obtain important information about key players, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

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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.

Expected Revenue Growth:

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.

Impact of Covid-19 on Animal Parasiticides Market

In the optimistic scenario, the COVID-19 pandemic has positively impacted the animal parasiticides market. Because of the pandemic, there was an increase in dog and cat adoption from animal shelters in many developed and developing nations. This increased the demand for pet care products for a brief period. However, the abandonment of pet dogs and animal cruelty have also been reported amidst the pandemic due to rumors of animals as potential reservoirs of COVID-19.

In a pessimistic scenario, it could be assumed that the COVID-19 pandemic has lowered the demand for animal care. As a result of the pandemic in most veterinary clinics & hospitals and pet care centers, footfall was limited due to infection control measures and nationwide lockdowns. This has resulted in most major players functioning at negligible capacity or even immobilized them completely. Major players in the market have adopted several measures to deal with these disturbances—for instance, in April 2020, Merck & Co. announced that it had lowered revenue expectations for 2020 by about USD 2.5 billion in anticipation of the negative impact on its animal health segment.

Companion Animals segment is expected to witness the fastest growth in the forecast period.

Based on animal type, the animal parasiticides market is segmented into companion animals and livestock animals. In 2020, companion animals accounted for the largest share of 52.2% of the global animal parasiticides market. This segment is projected to reach USD 7,633.2 million by 2026 from USD 5,130.2 million in 2021, at a CAGR of 8.3%. The large share of this segment is primarily attributed to the increasing expenditure on pet animals and increasing companion animal ownership in developed countries.

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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North America accounted for the largest share of the animal parasiticides market in 2020

On the basis of region, the animal parasiticides market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of 40.3% of the global animal parasiticides market in 2020. This market is projected to reach USD 5,179.1 million by 2026 from USD 3,879.4 million in 2021, at a CAGR of 5.9%. The large share of North America is due to its well-established base of the animal health industry, the high adoption of companion animals, and the growing expenditure on animal health. The market in Latin America is expected to grow at the highest CAGR of 8.8% during the forecast period. This can be attributed to the growing population of livestock animals, increasing consumption of animal-derived food products, and growing adoption of pets.