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(MoneyNewsWire.Net, August 29, 2017 ) The Global Animal Parasiticides Market was worth USD 7.79 billion in 2016 and estimated to be growing at a CAGR of 5.75%, to reach USD 10.31 billion by 2021. The market has significant potential during the forecasting period. It will continue to expand with the recent increase in awareness about animal health.
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Animal parasiticides are the animal medicines that remove all the parasites apart from fungi and bacteria present on animals. They are usually non-reactive ingredients mixed altogether and may contain many different ingredients. Most parasiticidal ingredients are of the same chemical structures and share some characteristics. Many a times, they are classified into chemical categories or families. The animal parasiticides are regarded important for protection and cure of the parasitic diseases.
The ever increasing number of livestock animals for production of food in developing economies is resulting in the demand for animal healthcare products thus fuelling the growth of the global animal parasiticides market. Escalating expenditure on animal healthcare and growing domestication of companion animals are the factors responsible for growth of this market. However, increasing popularity for vegetarian or vegan diet along with strict regulations on the approval for animal parasiticides are the constraints that hamper the growth of global animal parasiticides market.
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The global Animal Parasiticides Market is segmented on the basis of Product into Ectoparasiticides and Endoparasiticides. The ectoparasiticides cover Pour-ons, Sprays, Dips, Ear Tags, Collars and Tablets whereas the endoparasiticides cover Edible Liquids, Edible Solids, Injectable and Feed Additives. Further on the basis of Animal type the animal parasiticides are segmented into Food-producing Animals and Companion Animals. The food-producing animals cover Cattle, Sheep and Goats, Pigs, Poultry and others. The Companion animals are segmented as Dogs, Cats, Horses and others.
On the basis of geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. As of 2016, Europe held the largest share of the animal parasiticides market. However, Asia-Pacific estimated to grow at the highest rate during the forecast period owing to the growing companion animal population and rise in the demand for animal food products.
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Some of the major companies that are coming up with innovative products in the animal parasiticides market to remove the traces of foodborne diseases are Sanofi (France), Ceva Sante Animale (France), Virbac (France), Vetoquinol S.A. (France), Eli Lilly and Company (U.S.), Zoetis, Inc. (U.S.), Merck and Co., Inc. (U.S.), Bayer AG (Germany), Boehringer Ingelheim (Germany), and Perrigo Company plc (Ireland).
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