Animal parasiticides market worth $14 billion
The animal parasiticides industry is expected to witness significant growth in the near future. In terms of revenue, the market was estimated to be worth $10.6 billion in 2022 and is poised to reach more than $14 billion by 2027, growing at a CAGR of 5.8% according to a new report by Markets and Markets.
This growth can be attributed to increasing awareness of pet health, increasing pet ownership, and the rising demand for pet health products. Increasing disposable incomes, the rising trend of pet humanization, and an increasing number of pet owners are some of the major factors driving the growth of the pet parasiticides market.
Growing awareness of pet health and increasing awareness of parasitic diseases in pets is also expected to drive the growth of the pet parasiticides market. Additionally, technological advancements in pet parasiticide products, such as spot-on sprays and shampoos, are expected to fuel market growth over the near future.
Factors such as the rising demand for animal-derived food products, increasing investments by private players, growing concerns about zoonotic diseases, regulations for preventing the spread of animal diseases, growing companion animal ownership rates, and rising animal health expenditure are driving the growth of animal parasiticides market.
However, a shift toward vegetarianism and restrictions on the use of parasiticides in food-producing animals are expected to restrain the growth of this market during the forecast period.
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