Animal Vaccines Market Growth & Trends
The global animal vaccines market size is expected to reach USD 13.37 billion by 2026, according to a new report by Grand View Research, Inc. expanding at a CAGR of 6.3% over the forecast period. Rise in the outbreak of livestock diseases, expanding livestock population and increasing zoonotic diseases are driving the market growth. Increasing awareness regarding commercially available vaccines is pushing the adoption globally.
This market has emerged to be one of the profitable investment options seeking attention and investments from both government and non-government players. Rise in the number of pet owners and their shifting focus towards healthy animal practices are other key factors propelling the growth of the market. Government intervention in distribution channel on the other hand, is affecting the profitability of the veterinary vaccine manufacturers. The bulk purchase and supply of livestock vaccines by countries such as India and Alaska that have large livestock population are reducing the profit margins of the vaccine manufacturers’ through bulk pricing.
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Animal Vaccines Market Report Highlights
- Attenuated vaccines emerged as the largest segment as a result of the benefits such as improved effectivity and enhanced long-term prevention
- Cattle vaccines accounted for the largest share in the animal type segment of veterinary vaccines market owing to the rise in the demand for safe animal products
- Companion animal vaccines segment is the fastest growing segment owing to the increase in number of pet owners worldwide
- North America dominated the market with the largest share in 2018. Constantly rising awareness regarding animal health and increasing commercialization of animal products are facilitating dominance of the region during the forecast period.
- Asia Pacific is projected to witness swift growth during the forecast period owing to the speedy adoption of veterinary vaccines for quality food products and better animal health
- Key players including Zoetis, Virbac Inc. Indian Immunological Limited, Heska Corp., Boehringer Inghlem, Bayer Pharma Ag, Merck Animal Health and Biogenesis Bago dominated the global animal vaccines market.