Global animal parasite treatment market is projected to witness a CAGR of 6.35% during the forecast period 2024–2031, growing from USD 10.27 billion in 2023 to USD 16.81 billion in 2031F. The growth of the market is boosted by increasing consumption of animal derived products, rising popularity of pet adoption, and novel product launches and strategic collaborations.
The growing threat of various endoparasites and ectoparasites and increasing awareness about the treatment solutions drive the global animal parasite treatment market. Both internal and external parasites can weaken the immune system and cause diseases. Thus augmenting the requirement for different treatment solutions in order to ensure that the threat of parasites can be contained. Additionally, the growing consumption of animal-based products in various regions across the globe due to their high nutritional value is also increasing the demand for animal parasite treatment solutions. Non-vegetarian sources of foods such as beef and poultry include vitamin B, protein, zinc, magnesium, and iron, which are essential for ensuring the strength of bones, cartilage, and muscles and ensuring optimal production of hormones and enzymes.
Additionally, successful acquisitions are also bolstering the growth of the market as they allow companies to enhance their product portfolios and expand their customer base by gaining the ability to cater to a broad clientele. In November 2021, NEOGEN Corporation announced the acquisition of CAPInnoVet, Inc. a company known for providing various pet medications. The transaction expanded NEOGEN’s capabilities and allowed them to enter the parasiticide market strategically.
Increasing Pet Adoption is Driving the Global Treatment Market for Animal Parasite
The rise of pet adoption is one of the major global animal parasite treatment market trends. The increasing preference for pet adoption can be attributed to increasing urbanization and the growing popularity of nuclear households. Pet parents have a vested interest in the health and well-being of their pets and ensure that the pets are provided with high-quality care and treatments. As per the estimates of Forbes, pet ownership in the United States has significantly increased over the past few years, and it is estimated that in 2024, approximately 66% of the households in the country own a pet. The growing awareness about the availability of various treatment solutions, coupled with the increasing preference for protecting companion animals from distress and diseases, is encouraging pet owners to spend on various animal parasite treatments. Additionally, the development of treatments that do not require frequent administration is also driving the expansion of the market as preference for such treatment options is increasing due to their convenience.
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Introduction of Novel Products is Boosting Global Animal Parasite Treatment Market Demand
The growing emphasis on novel product development and launches is one of the major drivers of the market. In 2022, Vetoquinol launched Felpreva, the first spot-on parasiticide for felines that is capable of treating both external and internal parasite infections and infestations. The three-month spot-on parasiticide belongs to the bispyrazole chemical family and is effective against mites, fleas, and ticks as well as hookworms, lungworms, and roundworms. Meanwhile, in April 2024, Boehringer Ingelheim, one of the global leaders in animal health, announced that they are launching NexGard SPECTRA (milbemycin oxime and afoxolaner) in India. The new flavorful product launched by the company offers a broad spectrum of ecto- and endo-parasite control. This prescription-only product provides comprehensive protection with the help of a single monthly chewable, reducing the burden of treatment on animal owners and caretakers. Such developments and product launches increase the convenience of the care providers and allow companies to expand their customer base, boosting market growth.
North America Holds Significant Share in the Global Animal Parasite Treatment Market
The growth of the market in North America can be attributed to the strong presence of various key market players, the rise of pet adoption in the United States of America and Canada and increasing awareness about the various parasites and their treatments. The rising adoption of companion animals in the region can be attributed to the growing awareness about the various emotional benefits provided by them. The growing adoption of companion animals is supported by a rise in mental health conditions. The Progressive Animal Welfare Services (PAWS) estimates that one in five Canadians live with some form of mental illness. The Mental Health Commission of Canada estimates that approximately 23% of the country’s population will be suffering from some mental illness by 2041. Several studies show a strong correlation between adopting a pet and improved mental health, with many emphasizing the mental health benefits of pet ownership. Pets, such as dogs and cats, provide companionship, unconditional love, and emotional support, which can alleviate feelings of loneliness, reduce stress, and boost mood.
Ectoparasiticides Are Expected to Witness Increase in Demand
The rising threat of ticks, mites, and fleas is boosting the demand for ectoparasiticides globally. Ectoparasites affect the skin of animals and can impact the production of animal products such as wool, silk, leather, and many others. The usage of ectoparasiticides is regulated by various governing bodies in different countries. In the United States, the use of ectoparasiticides is regulated by EPA (Environmental Protection Agency). Pour-ons are considered to be more effective against lice infestations (Haematopinus and Linognathus) as compared to equivalent compounds that are administered parenterally. This large consumption of animal-based products, including milk and meat, in various regions across the globe due to the various nutritional benefits offered by the food substances is augmenting the utilization of ectoparasiticides by cattle owners.
Future Market Scenario (2024–2031F)
As per the global animal parasite treatment market analysis, the market demand is expected to witness a significant increase owing to the rise in pet adoption, growing awareness about the various parasite treatment options and their preventive measures, increasing requirement for eco-friendly treatment options, and increasing collaborations to support novel product development. The requirement for treatment solutions that offer efficacy for longer periods of time is expected to rise as they aid in reducing the burden of treatment on livestock and pet owners. Additionally, due to the growing threat of climate change, a shift in preference for eco-friendly solutions is being witnessed across various industries, including animal parasite treatments. Thus, efforts towards the development of eco-friendly treatment solutions are increasing. Partnerships between various organizations are expected to boost such developments. For instance, the partnership between the Fraunhofer Institute for Molecular Biology and Applied Ecology IME and Boehringer Ingelheim is expected to bolster the development of parasiticides.
Report Scope
“Animal Parasite Treatment Market Assessment, Opportunities and Forecast, 2017–2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global animal parasite treatment market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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