The global animal parasiticides market is expected to grow from USD 10.11 billion in 2022 to USD 18.48 billion by 2032, at a CAGR of 6.22% during the forecast period 2023-2032. The increasing prevalence of zoonotic diseases will drive the global animal parasiticides market.

Market Introduction:

Parasites are organisms of the natural world that depend on other organisms for nutrition and home. They do not contribute or provide anything in exchange for what they take from the host. The host suffers at the expense of the parasite. The parasite can live on the outside or inside of the host. Parasites living off animals are called animal parasites; fleas, ticks, and lice are common examples. They can impact the health of the host animal. Parasites can also act as a carrier of animal diseases to humans and drive the spread of zoonotic diseases. Therefore, mitigating these parasites is imperative to preserve animal and human health. Animal parasiticides are drugs that kill or inhibit the growth of animal parasites. Animals play a crucial role in the food chain. Animal health is, therefore, fundamentally linked to the safety and security of the global food supply. Given the ongoing interactions between animals and people, animal health also affects public health. The pressure to rank animal health as a high-priority problem has intensified due to the rising occurrence of zoonotic illnesses that affect animals and spread to people via them. Similarly, relying on animals to meet nutritional needs underscores how crucial animal health is to prevent foodborne infections.

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Recent Development

April 2022 - Felpreva is now accessible for veterinarians to prescribe in five European markets, including France, Germany, the United Kingdom, Austria, and Italy, according to Vetoquinol. A breakthrough in companion animal parasitology is Felpreva. It is the first three-monthly spot-on parasiticide for cats to treat fleas, ticks, and mites in addition to lungworms, roundworms, and hookworms in a single dosage. It has a license to treat cats with mixed parasite infestations, diseases, or those at risk of getting them.

Market Dynamics:

Drivers

The increasing incidence of zoonotic diseases – The few pandemics and epidemics experienced by the world through centuries have more or less transmitted from animals to humans. The covid-19 pandemic is also allegedly carried by a bat, which acted as a vector before transferring the virus to humans. Viruses, bacteria, fungi, and protozoans cause zoonotic diseases in animals, which tend to catch a human host during an animal-human interaction. Once the disease affects humans and spreads, it can cause catastrophic consequences, as seen in the case of covid-19. The animal-human interaction has risen over the past few decades. The increasing rate of pet adoption, dairy farming, cattle rearing, and other non-farming activities involving domesticated animals to gain an additional source of income have all contributed to the rising animal-human interaction. The changing land patterns that have encroached upon the natural habitat of several animals have also increased the human-animal conflict. The rising climate change concerns have rendered animals vulnerable to changing biosphere conditions, followed by fatal infections and diseases. The increased human-animal interaction also renders humans equally vulnerable to these infections and diseases. These zoonotic diseases have the potential to damage the food and social and economic security of the country. The majority of the world consumes meat, and a reduction in animal population as a result of preventable diseases or, worse human deaths due to the unchecked spread of zoonotic diseases can cause a food crisis, economic loss, and a disbalance in the ecosystem. The need to control the spread of zoonotic diseases by spreading awareness about animal parasiticides as an effective preventive measure to ensure animal health will drive the market's growth. Therefore, the increasing prevalence of zoonotic diseases will propel the global animal parasiticides market's growth.

Restraints:

Stringent regulation on the use of animal parasiticides – The meat of animal-based food is consumed regularly by most of the world's population as a part of their daily diet. Another part of the population also depends on animal-based food for protein intake. Dairy products, including milk and milk derivates, are consumed by vegetarians. These animal-based products can potentially harm human health, given their direct contact with humans through food. Therefore, the diet, including food, fodder, supplements, medicines, and water, is controlled, regulated, monitored, and accounted for with stringent regulatory guidelines by government ministries and federal institutions. Chemical-based animal parasiticides leave residues in animal bodies most likely to be transferred to humans. They are the same as microplastics finding their way back to humans through marine species. Therefore, the stringent regulation on animal parasiticides will limit the market's growth. Furthermore, the rising awareness about the ill effects of animal parasiticides among the general population will negatively impact the market.

Opportunities:

Favorable government schemes, funding, and regulations – The world's developing nations are predominantly agrarian, meaning most of their populations rely on agriculture as their primary source of livelihood, and the agriculture sector contributed significantly to the national GDP. However, the growing population, urbanization, and industrialization have caused a significant shift in the land use pattern. There is less and less arable land available every year. The growing population has reduced land holdings are well. The meager land holdings of the farmers offer them low revenue and income, which leads to disguise and seasonal unemployment, migration, urban congestion, etc. Governments worldwide have devised several strategies to increase the farmer's income to avoid the previously mentioned consequences. Promoting animal husbandry as an alternative all-season income stream is a popular government initiative to improve the agrarian community's quality of life. Animal husbandry is associated with animal health. Therefore, the government offers information, knowledge, resources, funding, and other supportive measures to promote animal husbandry. The extra revenue that animal husbandry will bring for the governments is an added advantage for the growing push towards promoting the sector. The use of animal parasiticides to maintain animal health will be encouraged as a part of these initiatives, thereby offering lucrative opportunities for the market.

Challenges:

A growing shift towards veganism – Countries like the US, UK, Saudi Arabia, UAE, France, Germany, Turkey, etc., are top meat producers and consumers worldwide. However, the growing climate crisis has increased awareness about the significant contribution of the commercial meat-producing business to global warming. The rising awareness about the multiple options, derivatives, and benefits of a plant-based diet has contributed to the growing adoption of vegan food culture. Technological advancements and product innovations have led to the development of plant-based meat alternatives, which are gaining popularity worldwide. The adoption of vegan diets by global celebrities and influencers has also contributed to the growing shift toward veganism. The popularity of veganism will reduce meat demand and production. It will also affect milk and milk derivates. Therefore, a growing shift towards veganism will challenge the market's growth.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest global animal parasiticides market, with a 38.91% market revenue share in 2022. The United States is among the top producers of meat and meat derivatives, along with being the top consumer of these products. Restaurant chains, eateries, food outlets, and supermarkets selling meat products rely on the commercial cattle rearing and meat production business. The animal husbandry sector is also a widely accepted livelihood-employing industry in the region. The trend of pet adoption or companion animals is also on the rise. The region has a well-established regulatory framework to govern the vast animal market. The adequately funded institutions and organizations promoting animal health drive the regional animal parasiticides market. The well-structured, documented, and appropriately implemented health guidelines to prevent any misadventures in the industry contribute to the region's growth in the global market. The presence of key players in the market drives innovation and promotes the regional market's growth. The rise in pet adoption has led to the establishment of veterinary clinics in the region. The extensive and vast network of these clinics and hospitals improve access to animal healthcare, thereby contributing to the regional market's growth.

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Animal-type segment analysis

The animal type segment is divided into livestock animals and companion animals. The livestock animals segment dominated the market with a revenue share of around 57% in 2022. Poultry, swine, cattle, sheep, and goats are examples of production animals. In several nations, beef, bacon, lamb, chicken, and pork are the main protein sources and are included in their daily diet. The human diet also heavily relies on poultry, from eggs to cheese. Worldwide, people eat milk and a variety of milk-based products. Goats, cows, buffalos, and sheep are raised for various uses, including milk and meat. Additionally, cattle significantly contribute to a farmer's additional income through milk sales. Users can contract numerous infections or zoonotic diseases through direct contact with livestock animals or goods they produce. Therefore, achieving animal health is essential, including protecting them from pathogens using animal parasiticides. Since they can directly affect humans through them or their products, livestock animals are treated with the best medications to protect them from infections or other harmful health problems. Given their multiple uses, the dominance of livestock animals in the global market explains the significant demand for animal parasiticides from the segment.

Product type segment analysis

The product type segment is divided into ectoparasiticides, endoparasiticides, and endectocides. The ectoparasiticides segment dominated the market with a market share of around 48% in 2022. Ectoparasites are parasites that live outside the host body. Fleas are a very common example of ectoparasites. They are treated with a drug called ectoparasiticides. Given the large prevalence of ectoparasites in multiple animal species, ectoparasiticides dominate the market.

End-user segment analysis

The end-user segment is divided into laboratories, veterinary hospitals & clinics, home care settings, animal farms, and others. The veterinary hospitals & clinics segment dominated the market with a market share of around 58% in 2022. The main providers of animal healthcare services are veterinary hospitals and clinics. Regarding the welfare of animals, they are the best option. They provide various services, such as vaccines, treatments, and diagnostics. The presence of more veterinary hospitals and clinics will promote the segment's growth, given the expanding popularity of pets. Similarly, rural animal husbandry owners frequently seek medical attention at government veterinary hospitals and clinics. Veterinary clinics and hospitals provide information about new goods and government initiatives to improve animal health. They are the point of contact when significant market participants launch new pharmaceuticals or therapies. Veterinarian hospitals and clinics provide a crucial function in maintaining the health of animals, which accounts for their market dominance.

Some of the Key Market Players:

• Bayer AG
• Bimeda Animal Health
• Boehringer Ingelheim International GmbH
• Elanco Animal Health Incorporated
• Merck Animal Health
• Norbrook
• PetIQ Inc.
• Vetoquinol SA
• Virbac
• Zoetis

Report Description: