Market Trends of Veterinary Parasiticides Industry
This section covers the major market trends shaping the Veterinary Paraciticides Market according to our research experts:
Companion Animals is Expected to show High Growth During the Forecast Period
The companion animal segment is expected to develop at a high CAGR due to the increasing number of pet owners and their extra pet care decisions. According to National Pet Owners Survey 2021-2022 by the American Pet Products Association (APPA) in June 2021, 51% of pet owners are willing to pay more for ethically sourced and environmentally friendly pet items. Furthermore, 35% of pet owners reported spending more on pet supplies, wellness products, and other pet care items during the COVID-19 pandemic than in previous years. Such instances may positively impact the market's growth over the forecast period.
Additionally, the adoption of companion animals is rising globally as a result of the affection between humans and animals, which is widely acknowledged as an effective way to reduce stress during a period of uncertainty and assist in easing depression and anxiety due to social isolation, which is likely to propel the segment's growth over the forecast period. In March 2021, the Industrial Association of Pet Care Producers (IVH) and the German Pet Trade and Industry Association (ZZF) announced a survey result; as per the survey, almost 35 million dogs, cats, small mammals, and pet birds lived in German households in 2020. Overall, 47% of all German households owned at least one pet in 2020. The trend is further expected to grow during the forecast period.
Furthermore, new product launches by market players for companion animals play a significant role in market growth. For instance, in June 2021, Elanco Animal Health completed developing its comprehensive parasiticide portfolio with the recent marketing authorization of the new CredelioPlus in the United Kingdom for all-around parasite protection for dogs.
Thus, all the above factors are expected to boost the market's growth over the forecast period.
North America is Expected to Hold a Largest Share in the Market and Expected to do Same in the Forecast Period
North America currently dominates the veterinary parasiticides market and is anticipated to do so in the coming years. The United States is likely to maintain its substantial market share among the other nations, owing to expanding animal adoption and rising per capita animal healthcare expenditure. The rising trend of pet adoption in North America is also expected to drive the market's growth. For instance, according to the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), around 70% of United States households have a pet, equating to 90.5 million houses, with 45.3 million cats and 69 million dogs. Furthermore, pet ownership recently increased in other nations in the region, including Canada and Mexico. According to Pet Keen, published in May 2022, a projected 38% of Canadian homes own a cat, and 35% own a dog. As a result, pet adoption and ownership in the region are projected to increase the prevalence of parasite infection as these animals are more susceptible to becoming infected with parasites. Furthermore, the source above indicated that pet owners in Canada are spending more money on their pets than ever before, with 17% prepared to spend more than USD 500 per year on pet healthcare. As a result, pets are more prone to become infected with parasites, and higher expenditure on animals may increase spending on parasite treatment, boosting the market's growth.
The major players are actively making strategic planning and new developments such as product launches, mergers, acquisitions, and partnerships to contribute to the market's growth. For instance, in June 2022, Zoetis Inc. reported the agreement to acquire Basepaws, a privately held petcare genetics company. The acquisition will advance Zoetis' portfolio in the precision animal health space and inform and shape its future pipeline of petcare innovations in dermatology and parasiticides. Therefore, the factors above are attributed to the market for veterinary parasiticides in North America and are anticipated to witness growth over the forecast period.
