India, Bangladesh, Sri Lanka, Nepal Pet Parasiticides Market Expected to reach $23.94 Million by 2030

According to a new report published by Allied Market Research, titled, “India, Bangladesh, Sri Lanka, Nepal Pet Parasiticides Market by Product, Animal Type, End User, and Country: Opportunity Analysis and Industry Forecast, 2021–2030,"

The India, Bangladesh, Sri Lanka, Nepal pet parasiticides market size was valued at $14,772.23 thousand in 2020, and is projected to reach $23,944.89 thousand by 2030, registering a CAGR of 4.9% from 2021 to 2030. Parasites survive by attacking animals for nourishment. They live in or on the body, benefiting from food and protection, while the unfortunate host animal suffers. Common parasites such as ticks, mosquitos and fleas, can live on an animal’s skin or stay hidden in their fur. These types of parasites can only harm the animal; they can quickly spread a disease outbreak. Pets may also experience parasites such as common fleas or especially dangerous ones like heartworms.

Owners must pay close attention and watch for signs of parasites, while veterinarians can help provide the right medicines and treatments. Heartworm disease is a serious disease that results in severe lung disease, heart failure, other organ damage, and death in pets mainly in dogs and cats. The best treatment for it includes the drugs that are given monthly, either as a topical liquid applied on the skin or as an oral tablet.  Both chewable and non-chewable oral tablets forms are available. The drug form is also available as injectables, which are injected under the skin every 6 or 12 months, and only a veterinarian is allowed to give the injection.

Significant increase in dogs and cats population, developments of new parasiticides, and rise in focus toward preventing the growth of worms in the body drive the market growth. In addition, government initiatives in the policies, increase in prevalence of parasite diseases, and rise in awareness about the treatment of parasite diseases further boost the India, Bangladesh, Sri Lanka, Nepal pet parasiticides market growth.

However, strict consent process for pet parasiticides and regulations restricting the use of parasiticides are anticipated to restrain the market growth. On the contrary, rise in awareness related to parasitic diseases in dogs and cats are predicted to create lucrative opportunities in the near future.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The parasiticides manufacture was disturbed in the 2020 due to the slowdown of distribution chain of raw material. Moreover, the manpower needed for the manufacturing plants were made to home quarantine or lockdown which made to shut down of the manufacturing plants of the pet parasiticides. Overall impact of the COVID-19 pandemic on the India, Bangladesh, Sri Lanka, Nepal pet parasiticides market was recorded to be negative owing to the factors like disturbance in the distribution chain, financial problems, scarcity of labors at manufacturing plants and increase in the demand and supply gap of the parasiticides. However, this situation is expected to change post COVID-19 pandemic in the coming years.

The India, Bangladesh, Sri Lanka, Nepal Pet Parasiticides market is segmented on the basis of product, animal type, end user, and country. On the basis of product, the market is categorized into ectoparasiticide, endoparasiticide and endectocide. Ectoparasiticide is further segmented into pour-on and spot-on, oral tablet, sprays, dips, ear tags, collars, other ectoparasiticides such as shampoo and powders. Endoparasiticides are further segmented as oral liquids, oral solids, injectables and feed additives. By animal type, it is classified into dogs and cats. By end user, it is classified into veterinary hospital and clinics, animal farms and home care setting. Country wise, the market is analyzed across India, Bangladesh, Sri Lanka, and Nepal.

By type, the ectoparasiticides segment dominated the market in 2020, and is anticipated to continue this trend during the forecast period. Key factors such as increase in dogs and cats population, developments of new parasiticides, and rise in focus toward preventing the growth of worms are expected to drive the growth of the segment.

By type of base, it is classified into dogs and cats. The dogs segment accounted for maximum revenue in 2020, and is anticipated to maintain its dominance during the forecast period. This is attributed to increase in the population of dogs and decrease in the cost of the pet parasiticides. Moreover, increase in number of veterinary hospitals, presence of skilled veterinarians, and increase in usage of pet parasiticides are anticipated to drive the growth of the segment.

By end user, it is classified into veterinary hospital and clinics, animal farms and home care setting. The veterinary hospitals and clinics segment accounted for maximum revenue in 2020, and is anticipated to maintain its dominance during the forecast period. This is attributed to increase in number of veterinary hospitals and clinics and increase in number of government initiatives for the treatment cost of the pets.

Moreover, availability of number of advanced hospitals, presence of skilled professionals, large number of surgical procedures performed in hospitals, and wide usage of parasiticides are anticipated to drive the growth of the segment.

In 2020, India accounted for the largest share of the India, Bangladesh, Sri Lanka, Nepal Pet Parasiticides market in 2020, and is expected to remain dominant throughout the forecast period, owing to higher demand for pet parasiticides, rise in number of veterinary hospitals & clinics, and increase in prevalence of parasitic infections in pets in India.

Key Findings of the Study

• On the basis of product, the ectoparasiticides segment held the largest India, Bangladesh, Sri Lanka, Nepal pet parasiticides market share in 2020, and is expected to remain dominant throughout the forecast period.
• On the basis of animal type, the dogs segment exhibits largest market share, and is expected to remain dominant throughout the forecast period.
• On the basis of end user, the home care settings segment exhibits fastest growth, and is expected to grow at a CAGR of 6.0% from 2021 to 2030.
• On the basis of country, India is expected to held largest market share in 2020, and is expected to remain dominant throughout the forecast period.