NEWARK, Del, March 29, 2024 (GLOBE NEWSWIRE) -- The global market for live stock vaccines is expected to skyrocket. Its projected valuation of US$ 6.1 billion by 2024 will surge to US$ 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.
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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 Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Live Stock Vaccine 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 from the Live Stock Vaccine Market
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 in the Live Stock Vaccine Market
- 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 US$ 20M US IPO in January 2024.
- Yobe State Government procured 1.5 million doses of anthrax vaccine for livestock in July 2023.
The Top Key Companies in the Live Stock Vaccine Market
- Boehringer Ingelheim International GmbH
- Virbac
- Merck Animal Health
- Ceva, Elanco
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Live Stock Vaccine 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
Have a Look at the Latest Report from the Live Stock Vaccine Market:
The net worth of the market share of veterinary vaccines is predicted to grow from US$ 11.3 Billion in 2023 to over US$ 20.82 billion by 2033.
The injectable drug delivery market is expected to expand its roots with a steady CAGR of 8.9% during the forecast period. The market holds a share of US$ 45.3 Billion in 2023 while expecting revenue of US$ 106.4 Billion by 2033.
The vaccines market is likely to strengthen its boundaries at an average CAGR of 6.6% during the forecast period. The market is expected to hold a value of US$ 42.7 billion in 2023 while it is anticipated to cross a value of US$ 80.8 billion by 2033.
The global meningococcal vaccines market is set to expand at an 8.6% CAGR over the forecast period, reaching US$ 3.4 Billion in 2022. As per Future Market Insights (FMI), in terms of revenue, the conjugate vaccines segment dominated the market with a 62.6% revenue share in 2021.
The global anti-infective vaccines market was valued at around US$ 51.0 Billion at the end of 2021. The market is projected to register a 12.3% CAGR and top a valuation of US$ 168.7 Billion by 2032.
global companion animal vaccines market is expected to register a CAGR of 6.8% from 2023 to 2033. The market is expected to cross an estimated US$ 6.7 billion by 2033. As of 2023, the market is estimated at US$ 3.4 billion.
global veterinary wound debridement market was valued at US$ 663.7 Million in 2022 and is expected to reach US$ 1.5 Billion by 2033. The Mechanical debridement with around 35.2% in terms of value share, has topped the global Market within the product category in 2022
According to Future Market Insights research, during the projected period, the global veterinary wound cleansers market is expected to grow at a CAGR of 10.2%. The market value is projected to increase from US$ 185.2 Million in 2023 to US$ 488.2 Million by 2033.
The global veterinary biologics market size is estimated to reach a valuation of US$ 13,140.6 million in 2024. The market is projected to surpass US$ 24,224.3 million by 2034, registering a promising CAGR of 6.3%.
The market for Veterinary Pain Management Drugs was worth US$ 1.37 billion in 2022 and is predicted to be worth US$ 2.79 billion by 2032, growing at a 7.2% CAGR from 2022 to 2032.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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