Kenneth Research recently added a report on ‘Animal Used Parasiticides Industry Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Animal Used Parasiticides Industry Market , along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
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“In 2021, the market value of animal used parasiticides exceeded ~USD 6 billion, and the compound annual growth rate from 2022 to 2030 is expected to exceed 5%. The increasing incidence of parasitic infections in pets, livestock and other animals creates profitable growth opportunities for the veterinary parasite agent market.
The growing demand for animal parasite agents for better treatment of pets and livestock , Increasing the use of pesticide products, which is conducive to the growth of the market in the next few years. Increasing awareness of animal health, increasing attention to zoonotic diseases, and increased investment in the development of innovative veterinary health products will have a positive impact on business growth.
Increasing expenditure on veterinary care and pet adoption is also a key factor in the growing popularity of animal parasite killing products. Due to the high production of farm animals and poor conditions, the chance of parasitic infection is especially increasing in developing countries, which ultimately leads to production losses.
A variety of drugs and vaccines have been developed, and farmers can easily obtain these drugs and vaccines to control parasitic infections. For example, various anthelmintics such as benzimidazole, levamisole and macrolides used to treat intestinal infections are readily available on the market. Consumers’ awareness of improved veterinary treatment methods has continued to increase, increasing their demand for advanced drugs, and creating better growth opportunities for major market participants within the expected time frame.
Animal parasite agent industry, by-products:
During the forecast period, the ectoparasite agent market will grow by more than 5%. During the analysis period, the increasing use of ectoparasite agents to treat insect infestations in animals, and the increasing investment in the development of new veterinary products, will promote business growth.
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In addition, compared with other methods, economical, environmentally friendly, ready-to-use and rapid spill preparation will increase the use of ectoparasitic agents in the next few years, which will actively stimulate the growth of the industry. It is estimated that by 2030, the pesticide market will grow significantly within the forecast period, reaching USD ~1.9 billion.
The increase in pesticide usage can be attributed to its low toxicity to mammals, ease of use, and broad-spectrum activity against arthropods and nematodes, making it an ideal solution for animal health management. Sales of more than 1.7 billion U.S. dollars According to the American Pet Products Association (APPA), approximately 68% of American households own pets. Various types of zoonotic diseases and the infectiousness of these diseases to humans are driving the growth of the market. In addition, the increase in pet ownership, increasing attention to pet healthcare, and the increasing incidence of zoonotic and food-borne diseases will lead to increased profits in this market.
Due to the increasing demand for animal feed and growing concerns about the quality of meat and other products, the compound annual growth rate of the farm animal market is expected to exceed 3% during the forecast period. In addition, increased consumption of animal by-products and increased investment in animal health expenditures will drive market growth. The increase in pet adoption and the growing demand for animal by-products have stimulated the demand for animal parasite agents in the United States.
The high incidence of insect infections in animals and the increasing attention of owners to animal health will increase the use of animal parasiticides. In addition, the presence of major market players in the country and increased investment in research and development of new veterinary products will support the growth of the veterinary healthcare market during the forecast period.
The Indian market had a market share of more than USD ~300 million in 2020 and is expected to see substantial growth in the future. The increase in the number of farm animals and the increasing demand for high-quality meat and animal by-products will drive market growth. In addition, the increasing popularity of companion animals, increased awareness of animal care products, and increased investment by major market participants, who focus on establishing a strong position in the lucrative market, have stimulated business growth in the foreseeable period.
Competitive market share:
Some of the major players in the global animal parasite agent market are Merck, Soten, Elanco, Boehringer Ingelheim Animal Health, Bayer Animal Health, Ceva Sante Animale, Virbac, Perrigo Company PLC, Sanofi And Vetoquinol. These companies are adopting various strategies to gain a competitive advantage and increase sales of their products, including substantial investments in the research and development of advanced veterinary parasite drugs. Strategic alliances with major market participants are also one of the main strategies adopted by these companies to strengthen their position in the market.
Recent industry trends: In August 2019, Elanco acquired Bayer animal health business, making Elanco the second largest player in the veterinary drug market. The acquisition aims to increase Elanco’s position in the veterinary market by expanding its product portfolio and strengthening its position in the market. In July 2018, Bayer Animal Health signed a license agreement with Mitsui Chemical Agriculture to expand its parasite-killing product portfolio for companion animals. The agreement helps the company expand its product portfolio and enhance its position in the animal health market.
Background of the animal parasiticide industry:
Veterinary care and management has been developed for centuries. With the development of the first veterinary school in 1762, animal health was recognized worldwide. The discovery of new animal parasiticides is due to the need to broaden the efficacy and scope of parasiticidal activity. Since the launch of the first parasiticide, extensive research has been conducted to test the parasitic activity of the compound to improve the efficacy of the product.
The main focus of the researchers is to control worms, arthropods and protozoan parasites in animals while maximizing the productivity of livestock producers. In 1985, Virbac formulated a parasiticide for the treatment of ruminants. This research promotes the development of modern medicines designed to promote animal health, thereby promoting the development of the animal parasite agent industry.
Researchers re-examined their research on parasitic infections and drug formulations, and found that the incidence of parasitic infections in animals is getting higher and higher, and formulated new drugs. The animal parasite medicine industry strengthens its business through new collaborations with existing market participants. This helps promote the development of the industry by developing innovative products and optimizing the leadership position of the R&D structure.”
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