The global animal parasiticides market is expected to reflect a healthy growth rate between the forecast period from 2020 to 2026, and reaching a valuation of US$ 8.9 billion. According to Fact.MR, the coronavirus pandemic is likely to marginally affect operations in the animal parasiticides market. While the industry will witness minor disruptions in supply chains, the importance of parasiticide products for livestock husbandry and the growing numbers of pet owners will sustain market growth throughout the crisis period.
“Strong growth in the number of animals grown foe livestock purposes in the food production sector, particularly in developing countries, is resulting in a higher demand for associated healthcare commodities. Growing expenditure in animal welfare for livestock and pets is also fueling market growth,” says the FACT.MR analyst.
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Animal Parasiticides Market- Key Takeaways
Animal Parasiticides Market- Driving Factors
Animal Parasiticides Market- Major Restraints
COVID-19 Impact on Animal Parasiticides Market
The animal parasiticides market is largely unaffected by the coronavirus pandemic. Barring minor disruptions to raw material supplies, the industry is witnessing steady growth. Animal parasiticides have been designated as essential products, which aids in sustained demand. Manufacturers are primarily invested in telework capabilities and optimizing distribution channels to keep up with deliveries even during quarantines and lockdowns.
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Boehringer Ingelheim GmbH, Merck Animal Health, Elanco Animal Health, Ceva Sante Animale, and Zoetis Inc. are some of the leading animal parasiticide manufacturers in the global market.
Animal parasiticides market players have been displaying increased interest in strategic industry acquisitions in recent times to expand product portfolio and geographical presence.
For instance, Merck Animal Health announced the acquisition of rights for VECOXAN animal parasiticides for ruminants. Vetoquinol has announced the acquisition of UK rights to Drontal and Profender products from Elanco Animal Health. Further, Elanco Animal Health has revealed the approval of acquisition for Bayer AG’s animal health division by the European Commission.
About the Report
This study offers readers a comprehensive market forecast of the animal parasiticides market. Global, regional and country-level analysis of the top industry trends impacting the animal parasiticides market is covered in this study. The report offers insights on the animal parasiticides market on the basis of product (ectoparasiticides, endoparasiticides, and endectocides), and species (food producing animals, companion animals, and others), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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