Animal Parasiticides Market Report

Demand for animal-derived food products such as meat, milk and eggs are increasing. Reduced agricultural production has resulted in resource depletion and decreased availability of cultivable land, increasing use of animal-derived foods. Animal products are an excellent source of protein and a protein-rich diet is vital for living a healthy life. For instance, as per the report, around 12.7 million metric tons of beef are consumed in the United States every year. Farmers are anticipated to expand livestock production in order to fulfill the growing demand for animal-derived foods. The rising livestock population is expected to boost the usage of animal parasiticides in order to minimise the economic losses caused by parasite infections' negative effects on animal health.

The market is constrained by parasiticides' high product costs. Furthermore, animal parasiticide R&D facilities need substantial funding to develop innovative and effective products to improve the animals' health. The lack of adequate investment in R&D facilities would severely limit the expansion of the animal parasiticide industry. However, volatility in the availability of raw materials used in the manufacturing of finished products in pharmaceutical companies are gradually limiting market demand. One of the major challenges for market participants is accounting for parasite species diversity when developing effective medications and parasiticides. Countries such as the United States, United Kingdom, Saudi Arabia, United Arab Emirates, France, Germany, Turkey and others are major meat producers and consumers globally. However, the rising climate crisis has increased awareness of the commercial meat-producing industry's significant contribution to global warming. The growing awareness of the numerous alternatives, derivatives and benefits of a plant-based diet has aided in the development of vegan food culture. Veganism's popularity will reduce meat demand and production. It will also have an impact on milk and milk products. As a result, the market's expansion will be limited by an increasing shift towards veganism.

Partnerships and collaborations play a critical role in driving innovation and expanding market reach in the animal parasiticides industry. Top corporations are collaborating strategically to utilize one another's expertise in research and development, distribution, and marketing. These partnerships aid in developing cutting-edge parasite-killing products, strengthen worldwide distribution channels, and increase entry into developing markets. By collaborating, companies can more effectively meet the increasing need for efficient and eco-friendly parasiticide products, leading to enhanced animal well-being and output in diverse industries. For instance, Zoetis Inc. signed an agreement in June 2022 to acquired Basepaws, a privately owned pet care genetics firm that provides pet owners with genetic tests, analytics and early health risk assessments to assist manage their pets' health, wellness, and quality of care.

North America currently leading the animal parasiticide market owing to increasing animal adoption and growing per capita animal healthcare expenditure, the United States is anticipated to maintain its significant market share among other nations. The growing trend of pet adoption in North America is likely to fuel market expansion. In accordance with the APPA National Pet Owners Survey 2023-2024, 66% of U.S. households, or 86.9 million households, own a pet. Additionally, other nations nearby, including Canada and Mexico, have also seen a surge in pet ownership. According to Pet Keen, released in May 2022, 38% of Canadian households own a cat and 35% own a dog. As a result, pet adoption and ownership in the region are expected to increase parasite infection since these animals are more susceptible to parasite infection. Pets are therefore more susceptible to getting parasites and more spending on pets may result in higher spending on parasite treatment, which would encourage market growth.