Some of the prominent companies operating in the global flea and tick product market are Merck Animal Health, Virbac, Ceva Sante Animale, Bayer AG, Sergeant’s Pet Care Products, Inc., the Hartz Mountain Corporation, Ecto Development Corporation, Wellmark International, Inc., Merial Animal Health, and Eli Lilly and Company.
A report by Transparency Market Research predicts the revenue in the global flea and tick product market to rise at a 4.8% CAGR during the period between 2017 and 2025 to become worth US$1.34 bn by 2025 from US$0.894 bn in 2016.
High Annual Veterinary Expenditure Drives North America Market Considerably
The global flea and tick market can be segmented based of different parameters. Depending upon the type of product, for example, the market can be divided into spray, oral pill, spot on, shampoo, collar, etc. Of them, the market for the segment of spot on is rising rapidly because of its effectiveness and rapid action.
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Depending upon geography, the global flea and tick product market can be segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Of them, North America accounted for a considerable share in the market in 2016. Going forward too, it is expected to retain its share on the back of substantially high annual veterinary expenditure in households in the region as compared to other regions. This is because most houses, particularly in the U.S., own pets. The U.S. dominated the market in the region in 2016. The market in North America is forecasted to rise at a CAGR of 4.4% from 2017 to 2025.
Rising Crop of Indulgent Pet Owners Push up Demand in Market
Flea and tick products find application in thwarting growth of insects or parasites such as roundworms and tapeworms on pets. “Flea and tick infected pets can pose health hazards to humans living in their close proximity, through tick bites or transmittable diseases. However, increasing number of indulgent pet owners coupled with the rise in the number of pets is likely to drive the growth of flea and tick product market. Further, expansion of distribution channels for flea and tick products via vet stores and pet superstore, among others is expected to propel the demand for flea and tick product market in the forecast period. Additionally, government initiatives and regulation for the welfare of animal healthcare is likely to boost the flea and tick product market in the years to come,” explains the lead analyst of the TMR report.
Lack of knowledge about the various products to stem proliferation of flea and tick in pets, on the other hand, is serving to hinder their market. Low availability of products, too, is posing a roadblock to the market. However, the challenge will be likely overcome with the gaining of traction of service and therapeutic pets in the upcoming years. Besides, surging popularity of companion and service pets too is expected to stoke growth in the market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.