Animal Vaccines Market Set to Surge at 9.55% CAGR, to Reach USD 34.36 Billion by 2033
The global animal vaccines market size was exhibited at USD 13.80 billion in 2023 and is projected to hit around USD 34.36 billion by 2033, growing at a CAGR of 9.55% during the forecast period 2024 to 2033.
The increasing outbreaks of cattle disease and the ever-expanding livestock population are the prime factors for the wide acceptance of ruminants especially cattle vaccines globally. Animals serve as a vital source of meat, protein, food, milk, and other commercial products such as wool and leather. Most used animal vaccines comprise rabies vaccines, equine influenza virus vaccines, and foot and mouth diseases vaccines, which prevent the transmission of infectious agents by mimicking naturally acquired immunity.
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The market saw moderate growth in 2020. The COVID-19 pandemic has impacted all industries, including animal vaccines. During the initial time of the pandemic, OIE confirmed that no animals can spread this virus. However, human-to-animal transmission has been reported in a few countries. IDEXX Laboratories and other companies have tested many dogs and cats for the virus, with test results being negative. In the initial months of the pandemic, there was speculation that it may spread through birds, which negatively impacted the livestock industry. In the U.S., several pig and poultry processing plants shut down after the major outbreak. The poultry sector of India has already lost around USD 1 billion due to fears and concerns about the novel coronavirus.
Top Companies in Global Animal Vaccines Market
Introduction
In the realm of animal healthcare, vaccines stand as stalwarts of preventive medicine, safeguarding the well-being of our cherished companions. As guardians of animal welfare, it's imperative to delve into the burgeoning domain of #animalvaccines, a sector pulsating with innovation, research, and immense potential.
Key Takeaways:
𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐀𝐧𝐢𝐦𝐚𝐥 𝐕𝐚𝐜𝐜𝐢𝐧𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global animal vaccines market.
Product
Animal Type
Route of Administration
Animal Vaccines Market By Regional Insights
North America dominated the market and accounted for a revenue share of over 26.0% in 2023. The region is expected to remain dominant throughout the forecast period. This large share can be attributed to the high prevalence of livestock and zoonotic diseases leading to large-scale animal deaths. In addition, the large presence of well-established pharmaceutical firms that are consistently striving for wide commercialization of their vaccines and augmenting their geographical reach is expected to boost the market growth. In addition, the rising incidence of canine disorders, which is increasing the adoption of vaccination for the same, and the rising pet population in the U.S. are some of the key factors contributing to the expansion of the regional market..
In Asia Pacific, the market is expected to register the fastest growth rate during the forecast period. The anticipated rise in the livestock population and government initiatives, especially in developing economies, are some of the prime factors expected to boost market growth in the region. According to the National Dairy Development Board, India’s cattle population was 192.5 million in 2019, as compared to 190.9 million in 2012. Hence, such a large cattle population in the country calls for vaccine demand. The market is driven by high R&D expenditure by many major players, combined with rising attempts for the commercialization of veterinary vaccines and inoculations at tolerably low prices.
Key Questions Answered in Animal Vaccines Market Report
What geographic regions does your market research cover for the Animal Vaccines Market?
👉 We have a global reach, with expertise spanning across continents, including North America, Europe, Asia-Pacific, Latin America, and the Middle East. We leverage a combination of primary and secondary research methodologies to offer country-level analysis.
How does your firm conduct cross-sectional analysis for the Animal Vaccines Market?
👉 We conduct cross-sectional analysis by examining data from different individuals at a single point in time to identify patterns and trends across diverse segments of the market.
Can your firm customize market research solutions to meet specific client needs?
👉 Our experienced team works closely with clients to gain a thorough understanding of their business goals and target markets. We have the expertise and flexibility to develop bespoke research solutions.
Do you offer ongoing support or consultation to clients after the completion of a market research project?
👉 Our team of experienced analysts is available to address any questions, concerns and needs that may arise following the delivery of the report.
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👉 Through a combination of quantitative and qualitative research methodologies, we meticulously assess the strengths, weaknesses, strategies, and market positioning of your competitors.
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