(PharmaNewsWire.Com, September 11, 2017 ) The Latin America Animal Parasiticides Market was worth USD 623 million in 2016 and estimated to be growing at a CAGR of 5.5%, to reach USD 814 million by 2021. The market shows decent amount of potential for growth during the forecasting period. It is expected to expand with the development in animal healthcare.
Animal parasiticides are the medicines used to treat animals who are attacked by parasites. These substances are present on the skin of animals and generally stay inert. They are formed by mixing different ingredients with each other. Most of the ingredients which form a parasiticide are of similar structures and thus share many common characteristics in them. They are grouped depending on their chemical structure. The animal parasiticides are have a very important place in animal healthcare sector as they are responsible for protection of animals from parasitic diseases.
The gradual stabilizing of the economy, increase in expenditure for healthcare of animals, increasing popularity of adopting pet animals and growing awareness about quality of animal products are considered to be the factors that fuel the growth of Latin America Animal Parasiticides market. However, the increasing trend for vegetarian and vegan lifestyle combined with strict regulationss on animal parasiticides are some challenges faced by the Latin America animal parasiticides market.
The Latin America 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 are classified into 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 Latin America market is analysed under the regions namely Brazil, Mexico and Argentina. Developing companies like Brazil and Mexico are undergoing developments in the animal healthcare sector and thus are expected to grow in future years..
Some of the major companies dominating the animal parasiticides market to remove the traces of foodborne diseases are Sanofi S.A. (Merial), Ceva Sante Animlae, Virbac SA, Vetoquinol S.A., Eli Lilly and Company, Zoetis Inc., Merck & Co Inc., Bayer AG, Boehringer Ingelheim GmbH and Perrigo Co. plc.
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