Flea and Tick Product Market is projected to register a CAGR of 4.8% from 2017 to 2025 to attain a value of US$1.34 bn by 2025
Albany, NY -- (SBWIRE) -- 01/23/2018 -- The global flea and tick market features the presence of a large number of market players, which makes the market fragmented and competitive, notes Transparency Market Research in a recently published report. Few prominent players in this market are: Virbac, Bayer AG. Merck Animal Health, Ecto Development Corporation, Merial Animal Health, and Eli Lilly, amongst several others.
Considering a number of growth drivers, the global flea and tick product market is being predicted to register a revenue of US$1.34 bn by 2025, through a rise of 4.8% CAGR during the forecast period from 2017 to 2025. The market earlier recorded a revenue of US$0.894 bn 2016, which exhibits an anticipation of a fairly strong growth in a period of 9 years.
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Asia-Pacific Countries to Stealthily Gain Market Revenue in Future
From a regional perspective, the global flea and tick market is spread across several regions namely, North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. Europe held the leading position with maximum share at 35% in 2016 as compared to other regions. This region is also forecasted to keep its position steady in the future. Large-scale market growth in Europe is mainly possible due to presence of market players dealing with manufacturing of animal healthcare products. In Europe, Germany holds a top market share, which is expected to be retained at least until 2025.
Apart from Europe, Asia-Pacific based countries are slowly gaining traction in the market mainly due to the rising awareness amongst pet owners to safeguard pets' health from ill effects and diseases that might be caused by fleas and ticks. India and China are two prime countries that are responsible for providing a boost to the market in this region. North America is another significant region which accounts for a considerable market share in 2016. With a positive anticipation in the next future years, the North America countries are forecasted show a market rise at a robust CAGR of 4.4% from 2017 to 2025.
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Rise in Product Distribution Channels to Support Market Growth
A significant factor that has proven to bolster the global flea and tick product market is the increase in the number of pet owners and increasing spending for the betterment of pets' health and welfare. The increasing utilization of products that can reduce the proliferation of ticks and fleas helps to maintain clean surroundings. The expansion of distribution channels such as vet shops and pet stores is also another reason for the growth in the global flea and tick product market. Last but not the least, government regulations and initiatives formed to safeguard the welfare of animals and boost animal health are expected to act as a catalyst for flea and tick products market in the next few years.
Less awareness as well as meagre knowledge about various products that can be used to reduce the spread of fleas and ticks is a prime hindrance to the market. Some of these products also have less availability, which poses an obstacle. However, with better provision of services and improvement in therapeutic care provided to pets, these restraints are expected to decrease in the future.