The Animal Parasiticide Market To Move Up The Growth Ladder With Technological Advancements

Animal parasiticides are chemical substances that eradicate parasites other than fungi and bacteria in animal livestock, pets and other animals. These are generally inert ingredients made in a formulation and consist of one or more than one active ingredients. Most parasiticidal active ingredients have similar chemical structures and share many features. They are often grouped into chemical classes or families.

The importance of the animal parasiticides has been recognized for the protection and cure of the parasitic diseases in animals. Companies are coming with the various new formulations and products in the animal parasiticides market to eradicate the increasing prevalence of foodborne diseases. A growing awareness about animal healthcare, rapidly growing animal livestock and technological advancements over the past few years are expected to boost the growth of the global animal parasiticides market.

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The prime factors powering the demand for animal parasiticides are increasing awareness about animal healthcare, increasing demand of animal derived food products, growing concern about foodborne diseases and zoonotic diseases, growth in adoption of companion animals and increase in animal healthcare expenditure. However, a growing preference for vegetarian food and diet and a stringent approval process for animal parasiticides coupled with restrictions on the use of parasiticides in food producing animals are the restraints affecting the global animal parasiticides market.

A key trend defining the market is that larger players are focused towards enhancing their geographical presence and expanding their customer base by entering into strategic mergers and acquisitions. Furthermore, huge investment from government organizations and private players for research and development activities is also a key trend of global animal parasiticides market.

The market is segmented based on product type, animal type, distribution channel and region. Based on product type, the market is sub-segmented into Ectoparasiticides, Endoparasiticides and Endectocides. Among the product type segment, Endoparasiticides segment is expected to exhibit the highest revenue growth over the forecast period.

The Endoparasiticides product type segment is expected to register a significant CAGR of 5.9% during the forecast period in terms of value. The Ectoparasiticides segment is projected to exhibit a CAGR of 5.7% over the forecast period in terms of value.

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Some of the key players in the global animal parasiticides market include Sanofi S.A. (Merial), Ceva Sante Animlae, Virbac SA, Vetoquinol S.A., Eli Lilly and Company, Zoetis Inc., Merck & Co Inc., Bayer AG, Boehringer Ingelheim GmbH and Perrigo Co. plc. The report discusses individual strategies followed by these companies in terms of enhancing their product portfolio, creating new marketing techniques, mergers and acquisitions. The ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and company share collectively.