The global market for livestock vaccines is expected to skyrocket. Its projected valuation of USD 6.1 billion by 2024 will surge to USD 11.2 billion by 2034, indicating a CAGR of 6.2%.
Growth factors, like the rising demand for protein-rich diets, especially meat and dairy products, are accelerating the market. Maintaining healthy livestock populations through vaccination against prevalent diseases is necessary to meet this demand. The increase in disease prevalence among livestock results in significant economic losses, underscoring the critical role of vaccination as a preventive measure to manage and control diseases effectively. Government initiatives aimed at eradicating livestock diseases to enhance food security and public health further fuel the demand for vaccination.
Biotechnology and genetic engineering innovations are enhancing vaccine efficacy and convenience, encouraging their adoption among livestock producers worldwide. The globalization of trade in livestock and livestock products highlights the importance of vaccination in ensuring the health and biosecurity of livestock populations, particularly in the face of stringent biosecurity regulations and disease-related trade bans.
Despite the promising growth prospects, the livestock vaccine market faces several challenges. Strict regulatory requirements for vaccine approval and limited awareness among livestock producers regarding the benefits of vaccination hamper market expansion. Inadequate infrastructure and access to cold chain facilities in remote areas pose distribution challenges. High upfront costs associated with vaccination programs also deter adoption, especially among small-scale farmers. Countries like South Korea, Japan, and the United Kingdom are roaring in the expansion of the veterinary vaccine market.
“Recent advancements in biotechnology and genetic engineering have paved the way for the development of innovative vaccine formulations, customized to address specific livestock diseases and production systems,” says an analyst at FMI.
Key Takeaways from the Market Study:
- Inactivate vaccines are mirrored to soar the global livestock vaccine market with a 6.0 % CAGR through 2034.
- Bovine vaccines are expected to heighten the livestock vaccine market by 5.8% CAGR from 2024 to 2034.
- The livestock vaccine market in South Korea has the potential to increase by 8.0 % CAGR through 2034.
- The livestock vaccine market in Japan is projected to inflate at a CAGR of 7.9% through 2034.
- The livestock vaccine market in the United Kingdom is predicted to rise at a 7.4% CAGR through 2034.
- The livestock vaccine market in China is anticipated to develop at a CAGR of 6.8% through 2034.
- The livestock vaccine market in the United States is estimated to rise at a 6.4% CAGR through 2034.
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Competitive Landscape:
Leading companies in the global livestock vaccine market, such as Zoetis and Merck Animal Health, are introducing innovative formulations and comprehensive vaccination programs to target prevalent diseases. Ceva Santé Animale is also expanding by establishing strategic partnerships and acquisitions to meet growing demand and strengthen its vaccine portfolio.
Recent Developments:
- Indian Immunologicals (IIL) began construction of a vaccine manufacturing plant in Hyderabad in December 2023.
- Bangladesh announced its intention to produce foot and mouth disease (FMD) vaccine locally in February 2024.
- Zhengye Biotechnology (ZYBT) filed for a USD 20M US IPO in January 2024.
- Yobe State Government procured 1.5 million doses of anthrax vaccine for livestock in July 2023.
Key Companies in the Market:
- Boehringer Ingelheim International GmbH
- Virbac
- Merck Animal Health
- Ceva, Elanco
Market Segmentation:
By Type:
- Inactivated
- Live Attenuated
- Recombinant
- Others
By Animal Type:
- Bovine
- Swine/ Porcine
- Poultry
- Others
By Route of Administration:
- Oral
- Parenteral
- Others
By Distribution Channel:
- Veterinary Hospitals
- Veterinary Clinics
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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