With 4% CAGR Animal Parasiticides Market to beat USD 6.5 bn by 2024
Selbyville, DE -- (SBWIRE) -- 12/24/2018 -- The Animal Parasiticides Market is set to reach USD 6.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
Endectocides dual purpose serving nature (being a endoparasiticide and ectoparasiticide) should spur the global market growth. Moreover, the mounting developments related to novel products should offer lucrative growth opportunities to industry players over the coming years.
Endoparasiticides accounted for the largest market share in 2016 and is estimated to witness significant growth over the forecast period, owing to the elevated use of endoparasiticides in development of new products. Easy to use and effective nature of pour-ons and spot-ons should drive the ectoparasiticides market with CAGR of around 4% during the forecast period, be indebted to the rising popularity and elevated usage of pour-on and spot-on formulations.
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Advent of new product development to address several parasitic infections, both in farm as well as pet animals should also fuel the industry expansion during the forecast timeframe. Limitations related to use of parasiticides, especially endoparasiticides in animals for consumption and lack of awareness about presence of animal health products in developing and under-developed regions happens to be a paramount growth restraining factor.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Perrigo Company plc
- CEVA SANTE ANIMALE
- Boehringer Ingelheim Animal Health - US
- Vetoquinol Global
- Zoetis Inc.
- Bayer Animal Health
Increased consumption of poultry meat worldwide and cattle farming for yielding by-products and meat should fuel the industry growth with nearly 4% CAGR during the forecast timeframe. Furthermore, the pet parasiticides market is poised to expand due to soaring pet adoption across the globe, growing awareness regarding usage of pet parasiticides will augment the business growth.
North America animal parasiticides market accounted for more than 25% of the regional revenue share, be indebted to large scale industrial animal farming and elevated number of pet population. Moreover, early adoption tendency for neoteric products results in rapid realization of sales in the United States.
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Germany animal parasiticides market holds more than 19% share of the total European region, owing to the growth in number of farm animals, consequently their consumption and rising rate of pet adoption.
Animal Parasiticides Market By Product
- Pour-ons and Spot-ons
- Ear tags
- Feed additives
Animal Parasiticides Market By Animal type
- Farm animal
- Sheep and goats
- Companion animal