Animal Vaccines Market By Type (Companion Animal, Livestock Animal, Aquaculture and Others): By Product (Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, Conjugate Vaccines, Recombinant Vaccines, and DNA Vaccines): Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
[ 176 + Pages Research Report ]Animal Vaccines Market to surpass USD 14.06 billion by 2031 from USD 8.5 billion in 2021 at a CAGR of 5.14% within the coming years, i.e., 2021-31.
Animal vaccines are medicinal products applied to prevent infectious diseases caused by many causing agents and encourage immunity against infectious disease among the livestock. Animal vaccines control the spread of diseases, hence providing safety to animal and human health, which is vital considering the public dependance on animals. Animals serve as a significant source of food, meat, milk, protein, and other commercial goods such as leather and wool. Most frequently used veterinary vaccines include rabies vaccines, foot & mouth diseases vaccines, and equine influenza virus vaccines, which avert the spread of infectious agents by imitating the naturally acquired immunity.
Animal Vaccines Market is predicted to project a notable CAGR of 5.14% in 2031.
Animal Vaccines Market to surpass USD 14.06 billion by 2031 from USD 8.5 billion in 2021 at a CAGR of 5.14% within the coming years, i.e., 2021-31. The animal vaccines market is projected to experience firm growth owing to rise in pet ownership in developed economies and increase in number of cattle & poultry in developing countries. Additionally, surge in investment for R&D of vaccines, which hinder the growth of antibiotic-resistant organisms drive the growth of the animal vaccines market growth.
Animal Vaccines Market: Segments
Attenuated vaccines segment to grow with the highest CAGR during 2021-2031
Animal Vaccines Market is segmented by Product into Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, Conjugate Vaccines, Recombinant Vaccines, and DNA Vaccines. Attenuated vaccines segment reported for the major share. Attenuated vaccines can offer stronger protection as compared to other vaccines by activating a wide variety of immune response. Furthermore, it aids lessen the need for booster vaccines that can be managed through oral route, and makes long-lasting and rapid onset of immunity, which definitely contributes toward the growth of the animal vaccines market.
Companion animal segment to grow with the highest CSGR during 2021-2031
On the basis of Type, Animal Vaccines Market is segmented into Companion Animal, Livestock Animal, Aquaculture and Others. Livestock segment contributed the largest revenue in 2020 for the growth of the animal vaccines market. Companion animal segment is projected to be the fastest growing segment as a large number of these animals are frequently in contact with humans and the infections such as rabies and others can affect humans too. Furthermore, increase in number of adoptions of these companion animals and increase in awareness about the importance of vaccines for dogs and cats help to fuel the market growth.
Animal Vaccines Market: Market Dynamics
Favorable government initiatives
Given the growing cases of animal fatalities owing to chronic diseases, many governments have been applying constructive initiatives that highlight on promoting animal adoption and animal health awareness. Confirming to the aforementioned fact, the UK government had in 2020 declared investing about USD 2 billion for redeveloping specialty research and laboratory facilities for animal health science. Apparently, the investment is known to have boosted the research capabilities to improve overall animal health nationwide.
Growing popularity of toxoid vaccines
Speaking of the technology front, toxoid vaccines are expected to gain massive traction in the overall animal healthcare segment. This can be attributed to the product’s impeccable advantages, like long-lasting immunity and high stability, immune response to original toxin, and less vulnerability to changes in humidity and temperature. In fact, it was recently exposed that toxoid vaccines are being mainly used against bacterial diseases such as diphtheria and tetanus to enhance the immune response.
Maintenance prices for storage of vaccines
The components such as amplified maintenance costs for storage of vaccines, increasing implementation of vegetarian food in many countries due to the intensifying risk of obesity, and other several chronic conditions are projected to slow growth during the forecast years. Further, constant economic slowdown and insufficient surveillance and reporting systems are the potential restraints hindering the overall growth of the global market.
Effects of COVID19 in the Animal Vaccines Market
The COVID-19 pandemic situation has negatively affected the market for Animal Vaccines. Countries worldwide adopted lockdowns as a measure to limit the spread. This led to disturbance, limitation, challenges, and changes in each segment of every industry. Similarly, animal vaccines industry was also obstructed by the pandemic. For instance, veterinary administrations across the world have suggested limiting animal patient care to acutely ill animals and emergencies. The global impact of COVID-19 on the animal vaccines market remains fairly negative, due to drop in demand as veterinary visits are limited, and animal healthcare approach is altered to providing care to emergency cases and critically ill animals.
Animal Vaccines Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Merck Animal Health (US)
Boehringer Ingelheim (Germany)
Phibro Animal Health (US)
Hester Biosciences (India)
Biogenesis Bago (Argentina)
Other prominent players
Animal Vaccines Market: Regions
Animal Vaccines Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Asia Pacific is expected to grow at the maximum rate in the veterinary vaccines market. The major components driving the growth of this market comprise the increasing pet adoption, growth of key vaccine market players, growing product availability, and investments in manufacturing services in various Asia Pacific countries, especially in India, China, and Thailand. North America witnessed to be the second-largest market in the global Animal Vaccines market.
Animal Vaccines Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil and Rest of Latin America
Europe market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Animal Vaccines Market report also contains analysis on:
Animal Vaccines Market Segments:
Subunit VaccinesToxoid Vaccines
Animal Vaccines Market Dynamics
Animal Vaccines Market Size
Supply & DemandCurrent Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Animal Vaccines Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 8.5 billion
Revenue forecast in 2031 USD 14.06 billion
Growth Rate CAGR of 5.14% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD billion and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, Product, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Zoetis (US), Merck Animal Health (US), Boehringer Ingelheim (Germany), Elanco (US), Ceva (US), Virbac (France), Vetoquinol (France), Phibro Animal Health (US), Hester Biosciences (India), HIPRA (Spain), Biogenesis Bago (Argentina)