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Animal Parasiticides Market Trends & Forecast Up to 2024

Transparency Market Research Report Added "Animal Parasiticides Market" to its database.


Albany, NY -- (SBWIRE) -- 05/12/2016 -- Global Animal Parasiticides Market: Description

Animal parasiticides are various formulations used to get rid of parasites in both companion and livestock animals. Animal parasites not only cause distress to the animal, but can also result in outbreaks of zoonotic diseases, necessitating the use of parasiticides. The type of parasiticides to be used depends entirely on the parasite in question, and a wide range of animal parasiticides has thus been developed in recent years. The rising demand for meat and meat products and the increasing preference for keeping companion animals have emerged as the key factors propelling the global animal parasiticides market and are expected to remain influential in the near future.

Global Animal Parasiticides Market: Drivers

The major driver for the global animal parasiticides market is the increasing demand for animal-derived products. Milk and various meat products have been a staple of the dietary intake of humans for centuries and continue to be among the most widely consumed animal products around the world. This has naturally led to a demand to keep production animals healthy, since diseases in animals can affect the quality of the products obtained from them.

The growing concern regarding zoonotic diseases, as seen in the scare caused by the outbreak of mad cow disease in North America, has resulted in many private players funding research into animal parasiticides as well as several governments mandating the use of preventive measures against zoonotic diseases. The animal parasiticides market has thus received significant regulatory and financial support in recent years, boosting its growth rate.

Apart from production animals, demand for animal parasiticides for companion animals is also increasing. High expenditure on pet healthcare is common in North America and Europe and is becoming commonplace in the rest of the world as well. This has emerged as a major driver for the animal parasiticides market, since prevention of parasite-borne diseases constitutes a major part of pet care.

Global Animal Parasiticides Market: Restraints

Despite the strong positive impact of a multitude of growth drivers, the global animal parasiticides market needs to overcome several hurdles to ensure smooth growth in the near future. The high preference for vegetarian diets has become a major restraint on the global market for animal parasiticides, since it directly reduces the demand for livestock animals, a key application segment of animal parasiticides. Many Western countries are witnessing a strong rise in the preference for vegetarianism, while India's large population is majorly vegetarian, dampening the prospects for the animal parasiticides market in the country, though demand for meat products is rising among the country's urban population.

The stringent regulations governing the addition of animal parasiticides to the diet of meat-producing animals such as cattle, poultry, and swine are another major restraint on the animal parasiticides market. Since animal parasiticides can themselves cause adverse reactions in humans, their usage is subject to strict and lengthy approval processes.

The large number of animal parasites has also presented another major concern for the animal parasiticides market. The heavy, large-scale use of animal parasiticides has resulted in the parasites evolving into resistant species that can withstand the parasiticides currently used against them. This has necessitated further R&D in order to design new formulations that can eradicate even resistant species. However, the new formulations still need to be kept harmless to humans. Striking a balance between these two aspects has become a major concern for players in the global animal parasiticides market.

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Global Animal Parasiticides Market: Geographical and Competitive Dynamics

Europe is currently the largest regional segment of the global animal parasiticides market, thanks to the availability of promising R&D and distribution channels. Europe also exhibits high per-capita consumption of meat products and high pet ownership figures, both of which contribute to the high demand for animal parasiticides in the region. However, increasing pet ownership and meat consumption in Asia Pacific countries are expected to help the region gain a dominant share in the global animal parasiticides market.

Major players in the global animal parasiticides market are Sanofi, Merck and Co., Inc., Eli Lilly and Company, Ceva Sante Animale, Bayer AG, and Boehringer Ingelheim.

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