In 2021, the animal parasiticides market was estimated to be worth US$ 9.7 billion, and by the end of 2022, it was expected to be worth US$ 10.4 billion. Long-term growth in revenue is anticipated to reach US$ 21.43 billion between 2022 and 2032 at a CAGR of 7.5%.
The market for worldwide parasiticide is being driven by an increase in government initiatives and animal welfare measures. A substance known as animal parasiticide, sometimes known as veterinary parasiticide, is used to eradicate parasite infestations in pets, livestock, and other animals.
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Which Key Factors Are Driving the Animal Parasiticide Market’s Growth?
The global market for animal parasiticides is being driven by the rising relevance of animal healthcare along with governmental regulations. Some of the growth drivers of the global parasiticide market include an increase in the number of livestock animals in emerging markets, advancements in parasiticide products, a forthcoming new product from the top players, and the execution of welfare acts across developing and developed regions worldwide.
Along with rising awareness, the market is also expanding as a result of rising GDP rates in places like Latin America and Asia-Pacific, which has led to rising per capita spending on products used in animal husbandry.
Animal Parasiticide Market: Competitive Evaluation
The FMI’s Animal Parasiticide market report provides a comprehensive analysis on key players operating in the Animal Parasiticide market. Some of the key players are:
- Bayer AG,
- Bimeda Animal Health
- Boehringer Ingelheim GmbH
- Ceva Santé Animale
- Elanco (Eli Lilly and Company)
- Merck & Co., Inc.
- Zoetis, Inc.
- The Chanelle Group
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Key Segments Covered in the Animal Parasiticide Industry Study
- Animal Parasiticide for Companion Animals
- Animal Parasiticide for Food Producing Animals