Animal Parasiticides Market Forecast 2024 - 2031

The global animal parasiticides market is essential in protecting livestock and companion animals from parasitic infections, which can affect animal health, productivity, and the welfare of animals and humans. Animal parasiticides, including ectoparasiticides, endoparasiticides, and endectocides, target external and internal parasites, ensuring the health of livestock, which is integral for food security, and companion animals. According to projections by International Market Research (IMR), the animal parasiticides market is expected to experience strong growth from 2024 to 2031, driven by rising demand for animal healthcare, the intensifying livestock industry, and an increasing pet population globally.

Market Overview
The global animal parasiticides market was estimated at approximately USD 9.2 billion in 2023 and is projected to reach around USD 13.5 billion by 2031, with a compound annual growth rate (CAGR) of about 5.1% during this period. The demand for parasiticides is being bolstered by the need to protect animals from parasitic infections that can lead to significant economic losses in the livestock sector. Additionally, the growth of the pet care industry, especially in regions with rising disposable incomes, is contributing to the increasing adoption of parasiticides for companion animals.

Key Market Drivers

1. Growing Livestock Industry
   The expanding global livestock industry is a major driver of the animal parasiticides market. Livestock farming remains crucial for meeting the growing global demand for meat, dairy, and other animal-based products. Parasitic infections can hinder the productivity of livestock, leading to economic losses and impacting food supply chains. As a result, the demand for effective parasiticides has increased in the livestock industry to ensure higher yields and healthier animals. IMR projects that the demand for parasiticides in livestock farming will continue to rise steadily through 2031.
2. Rising Pet Ownership and Expenditure on Companion Animals
   Increasing urbanization and rising disposable incomes, particularly in North America and Europe, have led to a surge in pet ownership and expenditures on pet health and wellness. Pet owners are more likely to invest in preventive healthcare solutions for their animals, including parasiticides, to maintain their pets’ health and hygiene. The trend is further supported by the growing popularity of pet insurance, especially in developed markets, which covers preventive healthcare, including treatments for parasitic infections.
3. Increased Awareness of Zoonotic Diseases
   Many parasitic infections in animals can be zoonotic, meaning they can be transmitted to humans, which has led to increased awareness of the importance of parasite control. Public health campaigns and veterinary guidance emphasize the need for regular parasite prevention measures, which is increasing demand for parasiticides. The COVID-19 pandemic has further raised awareness of zoonotic disease transmission, encouraging both livestock producers and pet owners to take preventive steps.
4. Advancements in Parasiticide Formulations
   Manufacturers are constantly innovating to improve the efficacy, convenience, and safety of parasiticides. Advances in product formulations, such as oral chews, topical solutions, and injectables, have made it easier for pet owners and livestock farmers to administer treatments. This innovation has been particularly significant for companion animals, as easy-to-use formats are more likely to be adopted by pet owners. Newer parasiticides also offer broader-spectrum activity against multiple types of parasites, providing more comprehensive protection.
5. Regulatory Support and Government Initiatives
   Governments and regulatory agencies worldwide are playing an active role in promoting animal health through disease prevention and control. Regulatory authorities such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have set stringent guidelines for animal healthcare products, ensuring the quality and safety of parasiticides. Additionally, government initiatives aimed at supporting the livestock industry and improving public health are indirectly boosting the demand for animal parasiticides.

Market Segmentation Analysis

The animal parasiticides market can be segmented based on product type, animal type, and region.

1. By Product Type

   • Ectoparasiticides: Accounting for approximately 40% of the market, ectoparasiticides target external parasites such as fleas, ticks, and mites. They are commonly used for both livestock and companion animals and are available in sprays, powders, and topical applications.

   • Endoparasiticides: Representing around 35% of the market, endoparasiticides are effective against internal parasites like worms. These products are frequently used in livestock to prevent gastrointestinal infections that can impair growth and productivity.

   • Endectocides: Endectocides, with about 25% of the market share, provide dual protection against both external and internal parasites. They are gaining popularity due to their broad-spectrum efficacy.

2. By Animal Type

   • Livestock: The livestock segment holds the largest share, accounting for nearly 60% of the market. This segment includes cattle, sheep, poultry, and swine. Effective parasite control is essential in livestock farming to prevent productivity losses and ensure animal health.

   • Companion Animals: Companion animals make up approximately 40% of the market. The rising pet population, especially in developed countries, and the willingness of pet owners to invest in healthcare products are driving growth in this segment.

3. By Region

   • North America: North America leads the global animal parasiticides market, accounting for about 35% of the total market share. High awareness of pet healthcare, extensive livestock farming, and the presence of key industry players contribute to North America’s dominance.

   • Europe: Europe follows closely, holding around 30% of the market share. The region has stringent animal health regulations, especially in countries like Germany, France, and the UK, and a well-established livestock sector.

   • Asia-Pacific: Asia-Pacific is projected to experience the highest CAGR, holding about 25% of the market share. Rapid urbanization, growing disposable incomes, and the rising adoption of pets in countries such as China, India, and Japan drive demand for animal parasiticides.

   • Rest of the World (RoW): Latin America, the Middle East, and Africa collectively hold approximately 10% of the market. Livestock farming and increasing awareness of animal health in these regions are expected to boost market growth.

The Prominent/Emerging Players in the Animal Parasiticides Market Research include:
CALIER

UCBVET

VIRBAC

NORBROOK

KRKA GROUP

PETIQ, LLC

VETANCO SA

ZOETIS INC.

PRN PHARMACAL

BIOGÉNESIS BAGÓ

CHANELLE PHARMA

VETOQUINOL S.A.

MERCK & CO., INC

CEVA SANTÉ ANIMALE

BIMEDA ANIMAL HEALTH

BRILLIANT BIO PHARMA

SMARTVET HOLDINGS, INC.

BOEHRINGER INGELHEIM GMBH

SEQUENT SCIENTIFIC LIMITED

ECO ANIMAL HEALTH GROUP PLC

ABBEY ANIMAL HEALTH PTY LTD.

KYORITSU SEIYAKU CORPORATION

LUTIM PHARMA PRIVATE LIMITED

ELANCO ANIMAL HEALTH INCORPORATED

Key Insights

• Focus on Prevention in Companion Animal Healthcare: Rising pet ownership and increased awareness of preventive healthcare for pets are likely to drive continued growth in the companion animal parasiticides segment.
• Emergence of Broad-Spectrum Parasiticides: The demand for broad-spectrum parasiticides, which provide comprehensive protection against multiple types of parasites, is on the rise. This trend is expected to contribute to product innovation in the market.
• Sustainable and Eco-Friendly Products: Consumers are showing a preference for eco-friendly products with minimal environmental impact. Manufacturers are expected to focus on sustainable solutions to cater to this demand.

Challenges

• Stringent Regulatory Approvals: Regulatory agencies have set high standards for the efficacy and safety of animal healthcare products. Meeting these requirements can be time-consuming and costly, especially for new market entrants.
• Risk of Resistance Development: Overuse of certain parasiticides can lead to resistance among parasites, which can reduce the effectiveness of these products over time. To address this, manufacturers need to invest in research to develop alternative solutions.
• High Cost of Innovative Products: Advanced formulations and broad-spectrum parasiticides tend to be more expensive, which can be a barrier for adoption in price-sensitive markets, particularly in developing countries.

Future Outlook and Opportunities

The animal parasiticides market is poised for steady growth due to the ongoing demand for parasite control solutions in both livestock and companion animals. The emphasis on sustainability and animal welfare is expected to drive innovation in product formulations and encourage manufacturers to develop environmentally friendly options. The Asia-Pacific region, with its rising pet population and expanding livestock industry, presents significant growth opportunities.

In addition, the companion animal segment will likely benefit from increased pet insurance coverage and a higher focus on preventive healthcare. Industry players are expected to focus on expanding their product portfolios to include multi-spectrum parasiticides that offer convenience and efficacy, further enhancing market growth.

Conclusion

The global animal parasiticides market, valued at around USD 9.2 billion in 2023, is projected to grow to approximately USD 13.5 billion by 2031, with a CAGR of 5.1%. Driven by rising pet ownership, advancements in parasiticide formulations, and increasing awareness of zoonotic diseases, the market is set to witness considerable growth. As regulations tighten and consumer awareness of environmental impact increases, the demand for sustainable and effective parasiticides will continue to shape the future of this market.