Animal Parasiticides Market Size

Animal Parasiticides Market Size

Animal Parasiticides Market size surpassed USD 10 billion in 2022 and is projected to exhibit over 6.5% CAGR between 2023 and 2032. A remarkable surge in the incidences of zoonotic and transboundary diseases is a leading factor contributing to market growth.

Zoonoses are a great public health concern and a direct human health hazard that may even lead to death. The increased risk of parasitic zoonoses such as trichinellosis, visceral larva migrans, cutaneous larval migrans, hydatidosis, cryptococcosis, cryptosporidiosis, and fascioliasis has bolstered the usage of parasiticides for companion and livestock animals. This, in turn, may propel the sales of animal parasiticides.

The rising demand for animal parasiticides used for better treatment in pets and livestock has elevated the use of parasiticide products. Besides, growing concerns about animal health and increasing investments focused on developing innovative veterinary healthcare products will positively impact the animal parasiticides business. With an elevated production by farm animals, the chances of parasitic infection increase, especially in developing countries, due to sub-optimal conditions, ultimately leading to loss of production. Several drugs and vaccines have been developed that are easily accessible to farmers to gain control over the parasitic infection.
 

Restrictions on parasiticide consumption in livestock animals may restrict the animal parasiticides market share. Several governments and regulatory authorities have imposed stringent norms on many parasiticides characterized for usage in food-producing animals to make sure that the products intended for human consumption are free of inappropriate residues. These regulations may demand that animal slaughter must not take place for prescribed periods after product administration or that the product is not used in animals producing milk for human consumption, thus hampering the market revenue.