The global market for veterinary vaccines, valued at U.S. $8.93 billion, or about Rs75,900 crore at the then exchange rate, in 2023, will grow at a compounded annual growth rate of 6.1% to reach an impressive U.S. $13.33 billion, or about Rs1.15 lakh crore at the current exchange rate, by 2029, according to a new marketing research report.
According to MarketsandMarkets, a research firm and management consultancy headquartered in Delray Beach, Florida, USA, the veterinary vaccines market is seeing this growth because of a rise in the companion animal population with growing pet ownership, rising incidence of zoonotic diseases, and initiatives by government agencies to improve animal health. However, it said the high cost of vaccines is likely to restrain the growth of this market to an extent.
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Based on type, the veterinary vaccines market is segmented into porcine vaccines, poultry vaccines, livestock vaccines, aquaculture vaccines, companion animal vaccines, and other animal vaccines. In 2023, the livestock vaccines segment accounted for the largest share. Livestock animals are those that are owned to produce food, such as meat and dairy products. With global demand for animal-derived food rising and livestock farming growing to meet the nutritional needs of an expanding human population, there is greater emphasis on maintaining animal health, preventing disease outbreaks, and improving overall productivity, the agency said in a press release.
Based on technology, the veterinary vaccines market is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vaccines, and other vaccines, including subunit vaccines, RNA particle technology, and immune complex vaccines. In 2023, the live attenuated vaccines segment accounted for the largest share. The ease of administration and long-term immunity offered by these vaccines are driving the growth of this segment, the agency said.
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Based on region, the global veterinary vaccines market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2023, the Asia Pacific was the fastest growing regional market for veterinary vaccines, due to a rapidly expanding livestock industry, increasing animal disease outbreaks, growing demand for animal-based products, and rising awareness about animal health.
Some of the prominent players in the market are Zoetis (USA), Merck & Company, Inc (USA), Boehringer Ingelheim International GmbH (Germany), Elanco Animal Health (USA), Virbac (France), Ceva (France), Phibro Animal Health Corporation (USA), Hester Biosciences Limited (India), Neogen Corporation (USA), HIPRA (Spain), Biogénesis Bagó (Argentina), Tianjin Ringpu Biotechnology Company, Ltd (China), China Animal Husbandry Industry Company Ltd (China), Jinyu Bio-technology Company Ltd (China), and Vaxxinova International BV (Netherlands).
SOURCE: PR Newswire
