Animal Parasiticides Market is Projected to Surpass US$ 8,963.9 Mn by 2026; Zoonotic Infection and Adoption Rate of Companion & Food-producing Animals Likely to Fuel Market - TMR

ALBANY, New York, August 20, 2018 /PRNewswire/ --

The global animal parasiticides market was valued at US$ 5,606.8 Mn in 2017 and is projected to expand at a cumulative annual growth rate (CAGR) of 5.5% from 2018 to 2026 according to a new report published by Transparency Market Research (TMR) titled "Animal Parasiticides Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026". The report suggests that increase in number of livestock farms and rise in demand for meat and animal byproducts are expected to boost the animal parasiticides market between 2018 and 2026. North America and Europe are projected to dominate the global market owing to the rise in adoption rate of companion animals and increase in demand for meat. Moreover, high adoption rate of animal parasiticides for instant treatment planning by veterinary doctors as well as researchers is also likely to fuel the market in North America and Europe during the forecast period. The market in Asia Pacific is projected to expand at a significant growth rate during the forecast period. Expansion of the market in Asia Pacific is attributed to the large cultivation base of food producing animals in the countries in Southeast Asia, rising number of pig population, and investment by major players for developing production units in the region. The market for animal parasiticides in Latin America is likely to expand at a moderate growth rate during the forecast period.

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Zoonotic infection and adoption rate of companion & food-producing animals is expected to fuel global market 

The global animal parasiticides market is projected to be potentially driven by the increase in adoption rate of companion animals and production of food-producing animals in farms. Animal parasiticides provide diverse benefits for treatment of zoonotic diseases, which can be used by veterinary physicians and hospital staff. Key players offering animal parasiticides are developing value added features such as effective spray, dips, collars, etc. The new features or technological developments in parasiticides applications reduce the overall application cost and thus, improves the overall effectiveness and efficiency of food-producing animal production practices. Companies are focusing on the development of parasiticides chemical constituents for major diseases such as malaria in animals and Lyme disease. Other value-added features responsible for the expansion of the animal parasiticides market include expansion of biotechnology industries for research and development on zoonotic diseases, rise in expenses for R&D development, and rising government initiatives in funding societies for development in agriculture field, which improves the development of animal parasiticides globally.