Animal Parasiticides Market - Key Players To Dominate The Global Industry
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- Rising demand for animal-derived food products.
- Increasing investments from private players.
- Growing concerns of zoonotic diseases.
- Regulations for preventing the spread of animal diseases.
- Growing companion animal ownership rate.
Global Growth Boosters:
Growth of the Global Animal Parasiticides Market can be attributed to the growing population of companion animals, rising demand for animal-derived food products, growing concerns of zoonotic diseases, rising animal pet expenditure, and increasing investments from private players.
Overview of This Study:
The study involved four major activities for estimating the size of the Animal Parasiticides Market. Exhaustive secondary research was done to collect information on the market, including its peer markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
What the Market Looks Like?
The global animal parasiticides market is projected to reach USD 13.7 billion by 2025 from USD 9.7 billion in 2020, at a CAGR of 7.2 % during the forecast period.
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The global animal parasiticides market is fragmented, with many regional and global players vying for larger market shares. Bayer AG (Germany), Boehringer Ingelheim (Germany), Elanco (US), Zoetis (US), Merck (US), and PetIQ (US) are the major players in this market.
Boehringer Ingelheim was a leading player in the animal parasiticides market in 2019. The company’s strong focus on R&D and investments in collaborations, partnerships, and acquisitions have ensured its position in the market. It focuses on expansions to strengthen its geographic footprint, presence, and growth. For instance, in August 2019, the company opened a Health Management Center in China.
Bayer has a strong portfolio of parasiticides for companion as well as livestock animals. Over the years, the company has maintained its leading position in the market through continuous innovation and the launch of advanced products. In this regard, in 2019, it launched three products in China. In addition, Bayer focuses on expanding its product portfolio and geographic presence by means of agreements, partnerships, and joint ventures. For example, in July 2018, Bayer Animal Health GmbH signed a global license agreement with Mitsui Chemicals Agro (Japan) to develop innovative parasiticides for companion animals based on MCAG’s innovation and technology.
Elanco (US) is one of the largest players in the animal parasiticides market. In order to remain competitive and grow, the company focuses on expanding and deepening its partnerships with existing customers, enhancing operation excellence and quality, enhancing capabilities and expertise, and developing innovative products. The company pursues a number of organic and inorganic growth strategies.
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