The global animal parasiticides market was valued at $6,509.1 million in 2013 and is expected to grow at a moderate CAGR during the forecast period of 2013 to 2018.
Dallas, TX -- (SBWIRE) -- 08/28/2014 -- Over the years, the demand for animal parasiticides has increased significantly owing to the growing awareness about zoonotic diseases; implementation of animal welfare acts in developed countries; increase in the population of livestock animals, especially in the emerging markets; launch of new broad spectrum parasiticide product offerings by leading players; increasing demand for animal protein and animal-based food; and an upsurge in the animal welfare awareness leading to the worldwide adoption of companion animals such as cats and dogs.
The global market is segmented on the basis of product type, animal type, and geography. Based on the type of product, the market is divided into three segments namely, endoparasiticides, ectoparasiticides, and endectocides. The endoparasiticides are classified into feed additives, injectables, oral liquids, tablets (oral solids), and others. The ectoprasiticides are classified into dips, sprays, pour on/spot on, collar, ear tags, and others.
By the type of animals, animal parasiticides market is divided into two major categories as companion animals and food producing animals. These major animal segments are further subdivided into different animal types. Companion animals include dogs, cats, horses and other companion animals while food producing animals include poultry, pigs, cattle, sheep and goats, and other food producing animals.
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In 2013, Europe contributed the largest share to the market, followed by North America, Rest of the World, and the Asia-Pacific regions. The animal parasiticides market in the Asia-Pacific and Latin American region is largely driven by growing adoption of pets as well rise in livestock farming acting as a source of income and continued growing demand for animal proteins in India, China, Australia, Indonesia, New Zealand, Brazil, Argentina, and Mexico.
Increasing GDP rate and thereby increase in per capita animal health expenditure in these regions and growing awareness about animal health among animal owners are also expected to fuel the market growth in these regions. However, the developed markets such as North America (specifically U.S. and Canada) are reaching maturity and are likely to grow at lower CAGR as compared to the high-growth markets across the Asia-Pacific and Latin American regions
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Some of the major players in the animal parasiticides market are Merial (Sanofi) (France), Bayer AG (Germany), Zoetis, Inc. (U.S.), Novartis AG (Switzerland), Merck & Co., Inc. (U.S.), Eli Lilly and Company (U.S.), Ceva Sante Animlae (France), Virbac SA (France), Boehringer Ingelheim (Germany), and Vetoquinol (France).
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