The tremendous growth of global market for flea and tick products finds its roots into the increasing interest of people in owning pets, coupled with the high proliferation rate of parasites and insects, such as tapeworms and roundworms, in pets. The substantial rise in animal husbandry practices across the world is also boosting this market remarkably. With the escalating number of pet owners and the increase in farming of animals for milk, meat, eggs, fiber, and/or other products, the demand for flea and tick products is projected to fuel in the years to come, influencing the market’s future growth.
According to Transparency Market Research (TMR), the global flea and tick product market will expand at a CAGR of 4.80% during the period from 2017 to 2025, increasing from US$0.89 bn in 2016 to US$1.34 bn by the end of 2025.
In this blog post, some of the important queries about the worldwide market for flea and tick products have been answered by TMR researchers:
What are the main influencing factors behind the performance of the global flea and tick product market?
The increasing instances of sickness in humans due to tick-bites and the rising prevalence of various transmittable diseases and infections among them from flea infected animals are the key factor behind the tremendous growth of the global market for flea and tick products. The augmenting awareness level among people, together with an upsurge in the number of indulgent and well off pet owners, with the means to afford the expenses incurred for the welfare of their pets, ensuring theirs too, is also supporting the steady progress of this market.
On the other hand, the dearth of knowledge among consumers in emerging economies regarding a number of products to stem proliferation of tick and flea in pets may hamper the market’s growth in the years to come. Nevertheless, the increasing campaigns to educate people about pet healthcare is anticipated to strengthen the market significantly over the next few years.
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Which of the regional markets for flea and tick products is expected to report most promising opportunities in the near future?
Although Europe has acquired the dominant position in the worldwide market for flea and tick products, it is Asia Pacific, which is likely to offer the most promising opportunities for growth to market players in the years to come. The increasing awareness among pet owners regarding the benefits of flea and tick products is expected to boost this regional market over the next few years. The proliferation of animal husbandry in China and India are also projected to propel the Asia Pacific market for flea and tick products in the near future.
What are the prominent strategies taken up by key players in this market?
The leading vendors of flea and tick products across the world, such as Merck Animal Health, Bayer AG, and Eli Lilly and Co., are mostly relying upon advancements in current offerings. They are expected to also focus toward introducing new products over the forthcoming years to strengthen their position in this market.