June 17, 2024
Global Flea, Tick, and Heartworm Products Market

Global Flea, Tick, and Heartworm Products Market are Expected to Witness High Growth Owing to Increasing Pet Ownership

The global flea, tick, and heartworm products market is primarily driven by rising pet adoption across the globe. These products provide protection to pets from external parasites, which makes them an essential part of pet healthcare requirements. Flea, tick, and heartworm products include spot-on, powders/collars, shampoos, and oral medication that help control flea infestation, ticks, and prevent heartworm disease. These products boost pets’ immunity, keep their coat and skin healthy. Rapid urbanization, growing awareness regarding pet wellness, and rising disposable incomes have been contributing to the increasing demand for these products globally.

The Global flea, tick, and heartworm products market is estimated to be valued at US$ 3.14 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global flea, tick, and heartworm products market are Zoetis, Promika, LLC, Sergeant’s Pet Care Products, Inc., Adams, Merck and Co., Inc., Boehringer Ingelheim International GmbH, Virbac, Inc., Elanco, Ceva, and The Hartz Mountain Corporation. These players are focusing on new product launches and acquisitions to expand their market share.

The Global Flea, Tick, and Heartworm Products Market Demand rising pet adoption in emerging countries like India, Brazil, and China is expected to offer significant growth opportunities for players in the market. According to the India Pet Care Market Report by Ipsos Business Consulting, the Indian pet care market is projected to reach Rs. 9,000 crores by 2025 from Rs. 5,000 crores in 2020, growing at a CAGR of 13%.

Global players are expanding to other regions through joint ventures, acquisitions, and partnerships with regional players. For instance, in June 2020, Ceva partnered with Thai manufacturer Biowet to market flea and tick products for dogs and cats in Thailand. This partnership strengthened Ceva’s market presence in Southeast Asia.

Market Drivers

The increasing pet ownership globally is one of the key drivers for the flea, tick, and heartworm products market. Pet ownership has tripled in last three decades with around 70 million American households owning a pet. The growing humanization of pets and rising spending on pet care are further anticipated to drive the demand for these preventive healthcare products.

PEST Analysis

Political: Regulations pertaining to animal welfare and pet ownership influence the market. Laws specify permitted types of medications and safety standards.

Economic: Changes in disposable income affect spending on pet care products. Recessions may cause owners to cut back. Veterinary treatment costs rising incentivizes preventive flea and tick medications.

Social: People view pets as companions rather than property. Pet owners prioritize pet health and are willing to spend more. Educating owners on preventing parasites boosts product use.

Technological: Advanced formulations deliver medications more effectively with fewer applications. New active ingredients target insecticide-resistant pests. Digital tools help schedule or monitor treatment plans.

Geographical Regions with High Market Value

North America holds the largest value share currently due to higher pet ownership rates and spending power in countries like the U.S. and Canada. Veterinary care is widely accessible encouraging preventive treatments. Strict regulations maintain product safety/effectiveness.

Fastest Growing Region

Asia Pacific is expected to grow the fastest with rising incomes in major countries. Pet adoption is increasing as more young professionals own pets. Greater awareness of parasite risks and available treatments are driving product adoption. Regional manufacturers also make medications more affordable.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it