Global Animal Parasiticides Industry

Global Animal Parasiticides Industry

  • September 2020 •
  • 353 pages •
  • Report ID: 5797894 •
  • Format: PDF
The global market for Animal Parasiticides is projected to reach US$10.9 billion by 2025, driven by the growing focus shed on animal health against the backdrop of humanization of pet animals and growing concerns over the safety of foods of animal origin. In the livestock industry, health of farm animals is closely linked to quality and safety of animal derived food. The world is increasingly awakening to impact of animal diseases on food safety. Food borne illnesses cause the healthcare system billions of dollars in preventable medical health services. Therefore significant focus is being shed on animal health management. Parasites, both external and internal, are a major cause for production loss in the livestock industry claiming the life of 1 in 5 animals. In farm animals, parasites can retard growth and livestock productivity by stealing nutrition. In pigs, parasites such as trichinella spiralis, taenia solium and toxoplasma gondii cause foodborne diseases in humans. Against the backdrop of growing stringency of food safety norms and standards and growing competitiveness of pastoral livestock production, incidence such as these can erode profitability of the livestock industry. External parasites like ticks and mosquitos spread zoonotic diseases among humans that cause millions of dollars each year in preventable healthcare costs. In pet dogs, heartworms mature and cause dirofilariasis or blockage of major arteries in the heart and pet owners have a high risk of becoming accidental hosts. Poised to benefit under this scenario is the animal health industry. In this regard, parasiticides, also known as antiparasitics are veterinary products with proven effectiveness against parasites will witness strong growth. Popular and widely used parasiticides include Ectoparasiticides, Endoparasiticides, and Endectocides. In the pet health sector, the emerging pet loving culture worldwide will help drive market gains.

Emergence of pet parents as part of the humanization of pets trend, is a key revenue generating trend in the pet industry. Per capita spending by pet parents on pets is significantly higher as compared to pet owners and they therefore represent a lucrative target customer cluster for pet products including veterinary drugs. The growing opportunity in this space is encouraging leading animal health companies like Boehringer Ingelheim to invest in the development of vaccines, parasiticides and pharmaceuticals. The United States and Europe represent large markets worldwide with a combined share of 48.6%. China ranks as the fastest growing market with a 7.2% CAGR over the analysis period supported by factors such as a growing pet care industry driven by higher standard of living and increased disposable income to spend on pets; and developing livestock industry encouraged by supply of new breeds, new technology, and government support. The Chinese government as part of its food security goals is shedding significant focus on improving productivity of different livestock production systems and feed conversion ratios. This will help drive consumption of animal feed and medicines. Also, historically known as a rabies-endemic country, the gradual relaxation of regulations against pet ownership and dissolution of myths surrounding dogs and public health, have primed the Chinese pet industry for robust growth.