As per the current market research conducted by the CMI Team, the global Animal Parasiticides Market size is expected to record a CAGR of 5.9% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 11.99 Billion. By 2032, the valuation is anticipated to reach USD 16.98 Billion.
Animal Parasiticides Market: Growth Factors and Dynamics
The Animal Parasiticides Market is characterized by a multitude of growth drivers and dynamic forces that collectively shape its trajectory. These factors, along with ongoing industry dynamics, foster the market’s expansion and evolution. Here’s an exploration of the key growth factors and dynamics propelling the Animal Parasiticides Market:
- Escalating Pet Ownership: The surge in pet ownership, driven by changing lifestyles and increased companionship, is a pivotal driver. Pet owners prioritize their animals’ health, resulting in a higher demand for effective parasiticides to safeguard their well-being.
- Zoonotic Disease Awareness: Growing awareness of zoonotic diseases, which can be transmitted from animals to humans, underscores the importance of controlling animal parasites. Preventing parasites in pets and livestock reduces the risk of disease transmission, enhancing market growth.
- Livestock Industry Expansion: The expansion of the livestock industry, fueled by population growth and rising protein consumption, increases the demand for effective parasiticides to maintain animal health and optimize production.
- Technological Advancements: Continuous advancements in parasiticide formulations, delivery methods, and administration techniques enhance product efficacy and patient compliance, driving market growth.
- Government Initiatives: Government initiatives aimed at animal health and welfare, including regulations and campaigns, play a pivotal role in promoting the use of parasiticides and elevating market adoption.
Animal Parasiticides Market: COVID-19 Analysis
- Disrupted Veterinary Services: Lockdowns, social distancing measures, and overwhelmed healthcare systems have led to disruptions in routine veterinary care. Non-essential visits and elective procedures were postponed, affecting the prescription and administration of parasiticides.
- Shifting Consumer Priorities: Economic uncertainties and changing lifestyles have impacted consumer spending on pet care. While pet ownership remains strong, some consumers might have scaled back on non-essential pet products, potentially affecting parasiticide demand.
- Supply Chain Disruptions: Global supply chain disruptions affected the availability of raw materials, manufacturing processes, and distribution networks. This could have caused temporary shortages or delays in parasiticide production and distribution.
- Focus on Essentials: During the pandemic, consumers focused on essential goods, which might have led to a temporary decrease in purchases of non-urgent pet care products, including some parasiticides.
- Increased Online Sales: As brick-and-mortar stores faced closures or reduced foot traffic, there was a surge in online purchases, including pet supplies. This shift in consumer behaviour could have favored online sales of parasiticides.
- Telemedicine Adoption: The adoption of telemedicine and remote veterinary consultations increased during the pandemic. While this facilitated continued care, it might have posed challenges for prescribing and administering parasiticides remotely.
- E-commerce Expansion: E-commerce platforms played a pivotal role in providing consumers with access to pet care products. This expansion in digital sales channels might have impacted the way parasiticides were purchased.
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List of the prominent players in the Animal Parasiticides Market:
- Zoetis Inc
- Merck Animal Health
- Elanco Animal Health
- Boehringer Ingelheim
- Bayer AG
- Ceva Sante Animale
- IDEXX Laboratories Inc
- Chanelle Pharma Group
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