Animal Parasiticides Market DRIVERS:
Rising demand for animal-derived food products
The livestock sector is a highly dynamic and significant global asset. The volume production of meat has increased from 317.2 million metric tons in 2016 to 330.5 million metric tons in 2018 worldwide. Livestock products contribute 17% to kilocalorie consumption and 33% to protein consumption globally; however, this varies across developed and developing countries.
The demand for meat has grown over the last 50 years, while production has more than quadrupled globally. The world now produces more than 320 million tons of meat and 800 million tons of milk each year.
Increasing investments by private players
The animal health market has grown modestly in the past few years, largely driven by growing awareness and rising concerns over zoonotic diseases. This industry has attracted huge investments from leading market players, mainly due to the growing demand in the animal parasiticides market for effective drugs. This is one of the major drivers increasing R&D efforts in the animal health industry. At present, many leading market players are focusing on R&D to develop new drugs. Globally, spending on R&D in animal healthcare is about 7–8% of the total revenue of individual market players.
Expected Revenue Gains:
The global animal parasiticides market is projected to reach USD 13.7 billion by 2026 from USD 9.7 billion in 2021, at a CAGR of 7.2% during the forecast period.
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=258895412
Restraints:
Regulations restricting the use of parasiticides for food-producing animals
The use of parasiticides in livestock animals is subject to various federal regulations in many countries. The extra-label use of these topical parasiticides could leave residues that may, on consumption by human beings, have side effects. As a result, the use of these parasiticides, especially endoparasiticides, needs to be regulated; safe residue concentrations and withdrawal periods for antiparasitics used in food-producing animals must be standardized, and slaughtered animals need to be monitored for possible unsafe residues.
Shift towards vegetarianism
Globally, there is a significant rise in the prevalence of obesity and other chronic disorders. Owing to this, many people are shifting toward a vegetarian diet from a predominantly non-vegetarian diet. According to Google Trends, interest in veganism increased sevenfold between 2014 and 2020. The US Department of Agriculture releases dietary guidelines on a timely basis. These guidelines influence nutrition education, public policy, and food programs and provide guidance on food choices with recommendations for weight management and physical activity. In addition, these guidelines encourage the consumption of fruits and vegetables, whole grains, and low-fat milk and equivalents.
OPPORTUNITY:
Lucrative opportunities in emerging markets
Over the last few years, companion animal ownership has witnessed a steady increase, especially in emerging countries such as India, China, Brazil, and other APAC and Latin American countries. Rapid urbanization and growing disposable incomes are driving pet ownership in these countries. Many pet owners in these countries are now willing to spend more on pet care.
Veterinary Clinics & Hospitals accounted for the largest share of animal parasiticides market in 2020
Based on end users, the animal parasiticides market is segmented into veterinary clinics & hospitals, animal farms, and home care settings. Veterinary clinics & hospitals accounted for the largest share of 61.4% of the animal parasiticides market in 2020. This segment is projected to reach USD 8,252.7 million by 2026 from USD 5,952.6 million in 2021, at a CAGR of 6.8%. The large share of this segment can be attributed to the higher adoption of animal parasiticides in hospital settings, the increasing incidence of parasitic diseases, and growing awareness about animal health in developing countries.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=258895412
North America accounted for the largest share of the animal parasiticides market in 2020
On the basis of region, the animal parasiticides market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of 40.3% of the global animal parasiticides market in 2020. This market is projected to reach USD 5,179.1 million by 2026 from USD 3,879.4 million in 2021, at a CAGR of 5.9%. The large share of North America is due to its well-established base of the animal health industry, the high adoption of companion animals, and the growing expenditure on animal health. The market in Latin America is expected to grow at the highest CAGR of 8.8% during the forecast period. This can be attributed to the growing population of livestock animals, increasing consumption of animal-derived food products, and growing adoption of pets.
