PUBLISHER: Allied Market Research | PRODUCT CODE: 1193222
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193222
The livestock parasiticides market size was valued at $2,607.4 million in 2021, and is projected to reach $4,855 million by 2031, registering a CAGR of 6.7% from 2022 to 2031. The livestock parasiticides market is meant to provide the chemical substances that remove parasites other than fungi and bacteria in livestock. These chemicals are generally inert ingredients that are made in a formulation and consist of one or more than one active ingredient in it. Most of the parasiticidal have active ingredients, which have similar chemical structures and have many of the common features among them. They are grouped into different chemical classes and families as well. The importance of the livestock parasiticides has been recognized for the protection and the cure of parasitic diseases in the animal. Many key players and the companies throughout the world are coming up with various new formulations and the products in the livestock parasiticides market to remove the increasing prevalence of the foodborne diseases.
The major factors that drive the growth of the livestock parasiticides market are increasing awareness about animal healthcare worldwide. Moreover, the escalating number of livestock animals for the purpose of food production in the emerging economies is leading to rising demand for animal healthcare products. And surge in the animal healthcare expenditure for animal welfare to improve their health of livestock animals further fuels the overall livestock parasiticides market.It was also found that there was mixed impact of COVID-19 on livestock parasiticides market.
There was significant decline in the demand for animal health products. The decline in demand for livestock business primarily in clinical administrator pharmaceuticals segment was due to social distancing guidelines followed across the globe led to decrease in veterinary clinical visit.. However, the rising concern about the livestock health during the pandemic ultimately led to increase in market demand.
The market in North America dominates the global livestock parasiticides market due to its well-established base of animal health industry along with rise in expenditure on animal healthcare. Whereas Asia-Pacific is expected to grow at a faster CAGR of 7.7% from 2022 to 2031, due to the presence of some of the largest animal farms such as pigs and the poultry farms in the countries such as China and India and this ultimately results in the substantial growth of the market in the region. The market in Latin America is expected to grow in upcoming future due to rise in population of livestock animals and increase in consumption of animal derived food products in the region.
A growth in preference for vegetarian food & diet coupled with the restrictions and the long approval process for livestock parasiticides for livestock animals are some of the restraints affecting the global livestock parasiticides market. The livestock parasiticides market is segmented into type, livestock, end user, and region. On the basis of type, the market is fragmented into ectoparasiticides, endoparasiticides , and endectocides. On the basis of livestock, the market is categorized into cattle, pigs, poultry, sheep, and goats. On the basis of end user, the market is bifurcated into veterinary clinics & hospitals and animal farms. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, The Netherlands , Switzerland and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Thailand, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, & Africa).
Key Benefits For Stakeholders
By Type
By Livestock
By End user
By Region