IInsect development is inhibited, and Milbemycin kills crop-damaging insects. This aids in the improvement of crop quality and quantity. Insecticides have long been a necessary component of the agricultural industry. Milbemycin is most predominantly used as an antiparasitic in the field of veterinary medicines. Milbemycin has been found to be very effective against fleas, worms, and ticks. The Milbemycin industry is expected to generate a cumulative revenue of over USD 5,975 million from 2021 to 2027. The global revenue for the Milbemycin industry totaled USD 613.89 million in 2020 and is expected to post a CAGR of over 8% during the analytical span.
Growing Demand for Antiparasitic Medicines in Veterinary Fields
Milbemycin is growing in popularity among Applications to control heartworm diseases and treat internal parasites. Milbemycin is very efficient against hookworms and roundworms in dogs and cats. Apart from standalone veterinary medicines, it can be used with other ingredients such as Spinosad and Lufenuron. Increasing internal parasites in dogs and cats are driving the demand for Milbemycin worldwide. Across the world, around 16.5% of dogs and 7.5% of cats suffer from internal parasites. Hookworm and roundworms are most commonly found parasites in dogs and cats. With the rising prevalence of internal parasites among cats and dogs, the demand for Milbemycin is likely to spurred over the forecast period.
Highly Effective Against Wide-Ranging Nematodes
When combined with other parasitic drugs, Milbemycin is a highly efficient medicine against a broad range of nematodes. This, in turn, resulted in the increasing adoption of Milbemycin as an effective solution against nematodes. This is likely to drive the demand for Milbemycin through the forecast period.
Rigorous Regulations and Certain Side Effects of Milbemycin to Hold Back the Industry Growth
FDA and REACH are some of the most important regulatory bodies in the world controlling approval, production, handling, transportation, and applications-related regulation for Milbemycin in the U.S. and Europe, respectively. Moreover, there are a large number of governmental organizations that regulates the production as well as sales of Milbemycin in different countries. U.S., European Union, U.K., Japan, and Australia, are some of the most heavily regulated economies in the world, with rigorous regulations regarding active ingredients. These regulations are expected to be a major concern for industry participants. Moreover, certain side effects are associated with consuming Milbemycin, such as vomiting, glassy eyes, etc.
Global Milbemycin Market is led by the Emulsifiable Concentrate (E.C.)
Emulsifiable Concentrate (E.C.), Water Dispersible Granules (W.G.), Water Soluble Granules (S.G.), Liquid, and Others are some of the most important types of Milbemycin. In 2020, water-soluble granules accounted for the largest share of the Milbemycin market. However, Emulsifiable Concentrate is anticipated to grow at the fastest CAGR during the forecast period.
Interesting Facts Around Milbemycin Industry
The Asia Pacific is the leading consumer of Milbemycin.
The increasing prevalence of internal parasites in dogs and cats is fueling the demand for Milbemycin.
The availability of a large number of other antiparasitic drugs is a major challenge for the growth of the Milbemycin industry.
Huge growth potential in the Asia Pacific as the market is highly unexplored.
Challenges in raw material procurement and declining margins are likely major factors hindering the growth.
Increasing penetration in agricultural applications is also expected to be the most influential factor in the future growth of the Milbemycin market.
Target-oriented marketing policies to further infiltrate the Milbemycin market are expected to win leading players' market share.
Impact of COVID 19
High-yield seed varieties, modern irrigation methods, and agricultural chemicals like insecticides are all used to improve agricultural productivity. Most countries' production and productivity have improved significantly; for example, wheat yields in the U.K. and corn yields in the U.S. Insecticides have played an essential role in this Application by reducing disease and insect losses, which result in a reduction in the amount of harvestable produce. The FAO estimates there will be a significant economic loss worldwide without insecticides. Insect infestation, particularly early in the crop's life cycle, leads to a reduction in yield. Insecticides are beneficial because they have economic and labor benefits, resulting in less crop loss.
Pesticides will continue to govern the global milbemycin market in terms of Application.
Antiparasitic Medicines, Pesticides, Chemical Additives, and Others are various types of applications of Milbemycin. The antiparasitic medicines segment accounted for the largest share of the Milbemycin application market in 2020.
Asia-Pacific to Dominate the global Milbemycin market
The Asia Pacific has remained one of the major markets for the consumption of Milbemycin, which can be attributed to a large population of dogs and cats with a strong prevalence rate of internal parasites. Moreover, the increasing pet care facilities and growing awareness among pet owners regarding the health of their pets are also fueling the demand for Milbemycin in the region. On the other hand, Europe and North America has been remained significant consuming regions for Milbemycin over the past few years and are likely to maintain their prominence over the forecast period. As a result, Asia-Pacific dominated with over 33.3% in 2020, followed by Europe and North America.
Frequently asked questions about global Milbemycin industry
The market is impacted slightly from the current pandemic
Emulsifiable Concentrate, Water Dispersible Granules, Water Soluble Granules, Liquid and Others are various types of Milbemycin
Jiamusi Xingyu(China), Syngenta(Switzerland), SinoHarvest(USA), Weifang Runfeng(China) and Sino-Agri United(USA) are the key players operating in this market
Pesticides application offers tremendous opportunities to players
Asia-Pacific has the largest share owing to various developments happening in this space
