Albany, NY -- (SBWIRE) -- 09/14/2018 -- The global flea and tick products market consists of a large number of public and private players, who are focusing on developing new products to satisfy the ever-changing consumer preferences, find a new research report by Transparency Market Research (TMR). The leading players are taking up advancements in technology and partnerships, mergers, and acquisitions as key strategies aimed at expanding their businesses. Merck Animal Health, Virbac Corp., Ceva Sante Animale S.A., Bayer AG, The Hartz Mountain Corp., Ecto Development Corp., Wellmark International Inc., Merial Animal Health Ltd., and Eli Lilly and Co. are some of the prominent vendors of flea and tick products across the world, states the research report.
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According to the research report, the global market for flea and tick product was worth US$1.48 bn in 2017. Researcher predict the market's opportunity to rise at a CAGR of 5.0% during the period from 2018 to 2026 and reach a value of US$2.28 bn by the end of the forecast period. Spot on products dominates the global market on the basis of products and are closely followed by oral pills. Among distribution channels, vet stores have emerged as the dominant segment in this market and this scenario is likely to remain so over the next few years. Regionally, the worldwide market is led by North America. This regional market, trailed by Europe, is projected to continue on the top over the forthcoming years, reports the market study.
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Rising Expenditure on Pet Care to Support Global Flea and Tick Product Market
"The rising concerns of pet owners towards proper health of the pets is influencing the growth of the global market for flea and tick products substantially," says an analyst at TMR. The changing consumer attitude towards pets over the years has resulted in a considerable increase in the demand for flea and tick products across the world.
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In addition to this, the rapid rise in the expenditure on pet care, majorly driven by the fact that the attitude of consumers has shifted as pets being members of the family, is likely to support the growth of this market in the years to come. Coinciding with this attitude shift, consumers are also increasingly willing to spend a sizeable share of their income on caring and feeding their pets, which is also expected to reflect positively on this market over the next few years, states the research study.