Global Animal Parasiticides Market to Reach $10.4 Billion by 2024

Veterinary parasiticides, also called antiparasitics, are used for killing parasites infesting pets and livestock mainly. Parasiticidal products are made of active ingredients with particular efficacies against specific parasites. These active ingredients are combined with other inert or non-active ingredients to form a parasiticidal formation. The inert ingredients in the formulation are typically solvents (alcohols, water etc.), preservatives, stabilizers and emulgants among others. The term `antiparasitic` implies the active ingredient in the finished product or the finished product itself. Ectoparasiticides are used for eliminating external parasites such as ticks, lice, mites, flies and fleas among others while endoparasiticides control parasites that are internal, including tapeworms, flukes and roundworms. Most of the endoparasiticides work effectively against parasitic worms, implying that they are anthelmintics. There is another type of antiparasitic apart from these two, called the endectocides, which control both internal and external parasites. In several countries worldwide, most of the endoparasiticides are veterinary medicines and ectoparasiticides are pesticides. This is because the active ingredients in most of the ectoparasiticides are also deployed as pesticides in the agricultural sector. Chemical structures of most of the active ingredients in all these parasiticides are largely similar sharing several features because of which, they can be easily grouped into specific families or chemical classes. For example, there are many chemicals classes among veterinary parasiticides. These include synthetic pyrethroids, organophosphates and benzimidazoles etc.

Amid the COVID-19 crisis, the global market for Animal Parasiticides is projected to reach US$10.4 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.2% over the analysis period. The United States represents the largest regional market for Animal Parasiticides, accounting for an estimated 22.4% share of the global total. The market is projected to reach US$2.5 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 7.2% over the analysis period. The market is being driven mainly by the growing need to treat parasitic diseases in animals. Since parasitic attacks are known to lead to significant economic losses, parasiticides are essential to maintain health of animals. Factors such as continuous increase in healthcare spending for animal health, rapidly rising demand for animal-based foods and increase in livestock volumes, continuous increase in pet adoption levels, and the need to prevent zoonotic diseases are driving growth in the global animal parasiticides market. Animal meat is a nutrient rich food and so are eggs and milk. With increasing disposable incomes, consumers are demanding better quality food products, which is a major growth promoting factor for the market. Animal welfare activities of governments aimed at improving livestock health is also fueling market growth. With number of companion animals on the rise, owners are taking preventive measures to protect health of pets, thus fueling growth in the parasiticides market. The market is also being favored by the steady rise in the numbers of veterinary practitioners, specifically in developed regions. With the awareness about zoonotic diseases increasing, governments are stressing on efforts to prevent transmission of animal diseases to humans, thus enhancing demand for anti-parasitics. For instance, ESCCAP, a European body has established guidelines to prevent, control and treat companion animal parasites, since dogs and cats are frequently infested with vector borne parasites such as ectoparasites and endoparasites. The objective of the European body is to reduce risk of zoonotic transmission of parasitic diseases by protecting health of pets. Rise in research activities for developing innovative parasiticides would also drive market growth in the coming ears. For example, Zoetis had remained focused on expanding the company`s research for widenings its parasiticide and vaccine product ranges.