Animal Vaccines Market to Generate $15.20 Billion, By 2030 at 5.2% CAGR: Allied Market Research
Jan 21st, 2022 3:30 EST
PORTLAND, Ore., Jan. 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Animal Vaccines Market by Type (Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, Conjugate Vaccines, Recombinant Vaccines, and DNA Vaccines) and Animal Type (Companion Animal, Livestock Animal, and Aquaculture): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global animal vaccines industry garnered $9.09 billion in 2020, and is estimated to generate $15.20 billion by 2030, witnessing a CAGR of 5.2% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Increase in demand for pet insurance, surge in prevalence of animal diseases, rise in expenditure for animal health, and increase in ownership of companion animals propel the global animal vaccines market growth. However, highly competitive meat and milk prices and fatal effects of veterinary vaccines on human and animal health restrain the market growth. Contrarily, advancements in vaccine products and increase in demand for hybrid animal present new opportunities in coming years.
- The Covid-19 pandemic impacted the animal vaccine market negatively. The veterinary organizations recommended restraints on animal patient care and postponed the surgery of animals with mild illnesses. However, surgeries and vaccination procedures of acutely ill animals were carried out.
- The lockdown measures led to postponement of annual checkups and elective vaccination processes. However, the supply of animal vaccines led to disruptions due to challenges in supply chain.
The attenuated vaccines segment to continue its lead position during the forecast period
Based on product, the attenuated vaccines segment accounted for the largest market share in 2020, contributing to nearly two-fifths of the global animal vaccines market, and is estimated to maintain its lead position by 2030. This is due to presence of advanced technologies for specific mutations/deletions in the virus genes. However, the DNA vaccines segment is expected to register the fastest CAGR of 8.1% during the forecast period, owing to surge in prevalence of animal diseases and ease in manipulation in comparison to traditional vaccines.
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The livestock segment to continue its leadership status in terms of revenue by 2030
Based on animal type, the livestock animal segment held nearly than two-thirds of the global animal vaccines market in 2020, and is expected to maintain its leadership status based in terms of revenue by 2030. This is attributed to increase in the prevalence of infectious diseases among livestock animals and rise in awareness about immunization. However, the companion animal segment is projected to portray the largest CAGR of 5.5% during the forecast period, owing to rise in awareness regarding medical illnesses & ailments of companion animals and surge in animal healthcare expenditure worldwide.
North America to maintain its highest contribution throughout the forecast period
Based on region, North America contributed to the highest market share in 2020, accounting for nearly two-fifths of the total market share of the global animal vaccines market, and is estimated maintain its dominance throughout the forecast period. This is attributed to already-established veterinary organizational structures and concerns regarding animal health among people. However, Asia-Pacific is projected to witness the highest CAGR of 5.9% during the forecast period, owing to rise in need of livestock protection from mass wipeouts with the outbreak of epidemics.
Leading Market Players
- Merck & Co., Inc.
- Zoetis Inc.
- Ceva Santé Animale
- Sanofi S.A.
- Boehringer Ingelheim GmbH
- Anicon Labor GmbH
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SOURCE Allied Market Research