Ivermectin Market Dynamics: A Comprehensive Analysis of Global and Chinese Trends

Ivermectin, a macrolide antibiotic with broad antiparasitic activity, is classified as a Category II new drug in China. The global and Chinese markets have been dominated by its extensive demand in the livestock industry. In recent years, the introduction of new technologies such as genetic engineering, biosynthesis, and continuous production methods has significantly impacted the product's production costs, market supply, and pricing levels. After a significant price surge before 2021, the Ivermectin market is now entering a phase of consolidation at a lower price level.

Market Analysis

As of September 2025, the veterinary raw material Ivermectin market is stabilizing, with mainstream transaction prices hovering around 800 RMB per kilogram. This marks the lowest price point in nearly five years and signals that the market, after three years of continuous downturns, has entered a stage of bottom-side consolidation.

Looking back at the price trajectory from 2020 to 2024, the market has undergone cyclical fluctuations. In 2020, driven by the recovery of the livestock industry post-pandemic, the average price remained relatively high at 1,356 RMB per kilogram. In 2021, due to a supply-demand mismatch, prices rose to 1,420 RMB, reaching a peak. This increase was driven by global supply chain disruptions and the concentrated release of deworming demand from large-scale farms, which pushed prices beyond previous levels.

In 2022, with Chinese supply capacity rapidly increasing, prices adjusted back to 1,290 RMB, reflecting a YoY decrease of 9.8%, and the market showed characteristics of "increased volume, decreased price." By 2023, the overcapacity in the industry became more evident, compounded by the introduction of alternative products, leading to a sharp decline in prices to the 1,000 RMB level, marking a 22.5% annual decrease. In 2024, the downward trend continued, though at a slower rate of 19.2%, with the year-end average price stabilizing at 808 RMB, suggesting the market was entering a buffer phase after the price drop.

Since the beginning of 2025, price fluctuations have continued to narrow, with the average price between January and August staying within the range of 810–825 RMB per kilogram. The maximum monthly fluctuation has been less than 2%, significantly lower than the 23% monthly fluctuations seen in 2021. This indicates a more cautious market sentiment on both the supply and demand sides, with buyers making purchases based on immediate needs and sellers showing a willingness to maintain prices, though lacking substantial support to do so. This pricing trend is influenced by the decrease in upstream fermentation raw material costs, as well as the lackluster demand from downstream livestock sectors and the extended inventory digestion cycle, creating a dual downward pressure of "weakened cost support + insufficient demand."

Global Market Overview

In recent years, the global Ivermectin market has shown steady growth. According to statistics, the global market size for Ivermectin was approximately $1.65 billion in 2020, increasing to $1.82 billion in 2023, and further growing to $2.115 billion in 2024, with a compound annual growth rate (CAGR) of 16.2%. The global Ivermectin market remains unbalanced, with North America and Europe accounting for the largest consumption markets due to their highly developed livestock industries, widespread pet ownership, and strong awareness of animal healthcare. In 2024, the combined market share of these two regions was about 55% of the global market. The United States, with its numerous large-scale farms, vast pet population, and strict animal health management systems, continues to dominate the global Ivermectin market.

The Asia-Pacific region has seen significant market share growth in recent years, reaching about 30% in 2024. This growth can be attributed to the rapid development of the livestock industry and the growing pet market in populous countries such as China and India. Although Africa and South America currently have smaller market shares, there is huge potential for growth as local economies develop and agricultural modernization progresses.

Chinese Market Overview

China's Ivermectin market has been growing rapidly in recent years. In 2024, the veterinary Ivermectin market in China reached 1.231 billion RMB, while the human Ivermectin market was much smaller, at 728 million RMB. Quarterly data shows a seasonal fluctuation in demand, with Q3-Q4 typically seeing a 15-20% increase in market demand due to the high prevalence of parasites during the autumn and winter months.

Breaking down the market by sub-segments: Ivermectin for livestock farming accounted for 62%, for pets 23%, for poultry farming 12%, and for other special breeding uses 3%.

Competition Landscape in China

In recent years, China's veterinary raw material drug industry has faced increased external pressures and internal challenges. However, the industry as a whole has shown steady progress, and the Ivermectin market in China has grown rapidly in terms of both production and sales volume. The market competition is diverse, with several key players. China has nine companies approved to produce veterinary raw materials, including Ningxia Taiyixin, Hebei Weiyuan Pharmaceutical, Shandong Qifa Pharmaceutical, Hebei Huabei Pharmaceutical Group, Zhejiang Hai Zheng Pharmaceutical, and others. In 2024, Hebei Weiyuan Pharmaceutical, Zhejiang Hai Zheng Pharmaceutical, and Shandong Qifa Pharmaceutical each captured over 10% of the market share, while the remaining six companies collectively held around 45%. Foreign companies, such as Merck, also hold a certain market share in China, accounting for approximately 10%.

Import and Export Analysis

Global trade in Ivermectin raw materials is marked by regional differentiation, with China serving as the core producer and exporter, and North America and Europe as the major consumer and import regions. According to industry statistics, the total global trade volume of Ivermectin raw materials in 2024 was approximately 1,200 tons, with a total trade value of $180 million. This represents an 18% increase in volume and a 12% increase in trade value compared to 2019, with a steady CAGR of 3.5%-4%.

Looking at trade flows, the characteristic pattern is "developing countries produce, developed countries consume." Asia accounts for 75% of the global Ivermectin raw material exports, with China contributing 58%. North America and Europe together account for 80% of global imports, mainly for high-end veterinary formulations and pet medical markets. China's Ivermectin exports are highly concentrated, with the top five destinations accounting for 68% of the total export volume: the United States (23%), Brazil (15%), Germany (12%), India (10%), and Australia (8%).

China's Ivermectin imports are relatively small, focusing on high-end products for specific uses. In 2024, imports were 18 tons, valued at 32 million RMB, with an average price of approximately 17,800 RMB per ton, 2.6 times higher than the export average. Imports are highly concentrated, with Merck (Germany) accounting for 58%, Eli Lilly (USA) for 22%, and Takeda (Japan) for 12%.

Conclusion

The Ivermectin market is currently at a phase of bottom-side consolidation, after experiencing significant volatility in recent years. While the global market continues to grow, the Chinese market is facing challenges due to both supply and demand factors. The market's future will depend on the recovery of livestock demand, the adoption of new production technologies, and the strategic shifts in trade patterns. With a more balanced supply-demand dynamic, the market is expected to stabilize in the medium term, but potential volatility remains.