What is the global market size of Veterinary Vaccines Market?

Veterinary Vaccines Market size was valued at USD 10.24 billion in 2021 and is poised to grow from USD 10.85 billion in 2022 to USD 17.30 billion by 2030, at a CAGR of 6% during the forecast period (2023-2030).

Who are the key vendors in the Global Veterinary Vaccines Market?

The global veterinary vaccines market is moderately consolidated, with a few major players dominating the market. However, there are also numerous smaller companies and new entrants that are striving to gain a foothold in the market. The market is dominated by a few major players such as Merck Animal Health, Zoetis, Boehringer Ingelheim, and Elanco, who collectively account for a significant share of the market. These companies have a strong presence in multiple regions and offer a wide range of products for both livestock and companion animals. However, there are also several smaller players and new entrants that are striving to expand their presence in the market. These companies are focusing on developing innovative products and solutions to cater to the evolving needs of the market. Many of these companies are also targeting emerging markets, which offer significant growth opportunities. 'Zoetis', 'Merck Animal Health', 'Boehringer Ingelheim', 'Elanco Animal Health', 'Virbac', 'Ceva Sante Animale', 'Hester Biosciences Limited', 'Phibro Animal Health Corporation', 'HIPRA', 'Indian immunologicals limited', 'Vetoquinol', 'Bayer Animal Health', 'Bimeda', 'Tianjin Ringpu Bio-technology Co. Ltd.', 'Biogenesis Bago', 'Neogen Corporation', 'Agrovet Market', 'Nisseiken', 'CZ Veterinaria', 'Harbin Veterinary Research Institute (HVRI)'

What is the key driver of Global Veterinary Vaccines Market?

Growing demand for livestock products is fueling the market growth: Growing demand for livestock products such as meat, dairy, and eggs is one of the major drivers fueling the growth of the global veterinary vaccines market. As the global population continues to grow, so does the demand for animal-based protein, which is driving the demand for livestock and, in turn, for veterinary vaccines. The rising demand for meat, in particular, is a major factor driving the growth of the veterinary vaccines market. Meat consumption is increasing worldwide, particularly in developing countries such as China, India, and Brazil. As per the report published by the Food and Agriculture Organization (FAO) of the United Nations, meat production is projected to increase by 13% between 2019 and 2030. However, livestock farming is also associated with a range of animal diseases that can affect animal health, productivity, and profitability. Vaccination is a key tool in preventing and controlling these diseases, and as the demand for livestock products increases, so does the demand for veterinary vaccines. In addition to meat, the demand for dairy and other animal-based products is also increasing, particularly in developing countries. As per the report by the Organization for Economic Cooperation and Development (OECD), global dairy consumption is expected to increase by 36% by 2030. This growth in demand is driving the need for more livestock, which in turn is driving the demand for veterinary vaccines.

What is the key market trend for Global Veterinary Vaccines Market?

Increasing pet ownership and spending: As more households around the world become pet owners, the demand for veterinary vaccines is expected to rise. In 2022, approximately 90.5 million domesticated animals live in 70% of pet-owning households. This growing pet ownership trend is also being accompanied by an increase in pet spending, with owners willing to invest in preventative measures like vaccines to ensure the long-term health of their pets.

Which region accounted for the largest share in Global Veterinary Vaccines Market?

The North American region dominated the global veterinary vaccines market in 2022, accounting for over 25% of the market revenue. The region is expected to maintain its dominance during the forecast period due to the high prevalence of zoonotic and livestock diseases resulting in significant animal deaths. The presence of well-established pharmaceutical companies in the region, with a focus on expanding their commercialization and geographical reach, is expected to drive market growth. Additionally, the rising incidence of canine disorders and the growing pet population in the United States are also contributing to the expansion of the regional market.

Veterinary Vaccines Companies

Veterinary Vaccines Market Competitive Landscape

Top Player’s Company Profiles in Veterinary Vaccines Market

Zoetis, Inc. (US)
Merck & Co, Inc. (US)
Boehringer Ingelheim International GmbH (Germany)
Elanco Animal Health (US)
Virbac (France)
Ceva Sante Animale (France)
Phibro Animal Health Corporation (US)
Hester Biosciences Limited (India)
Neogen Corporation (US)
HIPRA (Spain)
Biogénesis Bagó (Argentina)
Tianjin Ringpu Bio-Technology Co Ltd. (China)
China Animal Husbandry Group (China)
Jinyu Bio-technology (China)
Vaxxinova International BV (Netherlands)
Endovac Animal Health (US)
Brilliant Bio Pharma (India)
Aptimmune (US)
Indian Immunologicals Ltd. (India)
Torigen Pharmaceuticals, Inc. (US)
VEROVACCiNES GmbH (Germany)
Intas Pharmaceuticals (India)
Ourofino Animal Health (Brazil)
Biovac (Israel)
Laboratoire LCV (France)

Veterinary Vaccines Market

FAQs

Global Veterinary Vaccine Market size was valued at around USD 8.00 billion in 2022 and is Poised to grow from USD 8.50 billion in 2023 and is expected to reach a value of USD 13.75 billion by 2031, at a CAGR of 6.2% over the forecast period (2024–2031).

The global veterinary vaccines market is highly competitive, with several key players operating in the market. Some of the major players in the market are Zoetis Inc., Elanco Animal Health Incorporated, Merck & Co., Inc., Boehringer Ingelheim GmbH and Virbac. These players are focused on developing the new and superior vaccines to cater to the evolving wishes of the marketplace. For example, Zoetis Inc. is one of the main players within the veterinary vaccines marketplace, supplying an extensive variety of vaccines for associate animals and farm animals. The enterprise has a sturdy geographic presence and a diverse product portfolio, which gives it an aggressive aspect inside the market. Zoetis Inc. Invests closely in studies and improvement to develop new vaccines and extend its product services. 'Zoetis, Inc. (US) ', 'Merck & Co, Inc. (US) ', 'Boehringer Ingelheim International GmbH (Germany) ', 'Elanco Animal Health (US) ', 'Virbac (France) ', 'Ceva Sante Animale (France) ', 'Phibro Animal Health Corporation (US) ', 'Hester Biosciences Limited (India) ', 'Neogen Corporation (US) ', 'HIPRA (Spain) ', 'Biogénesis Bagó (Argentina) ', 'Tianjin Ringpu Bio-Technology Co Ltd. (China) ', 'China Animal Husbandry Group (China) ', 'Jinyu Bio-technology (China) ', 'Vaxxinova International BV (Netherlands) ', 'Endovac Animal Health (US) ', 'Brilliant Bio Pharma (India) ', 'Aptimmune (US) ', 'Indian Immunologicals Ltd. (India) ', 'Torigen Pharmaceuticals, Inc. (US) ', 'VEROVACCiNES GmbH (Germany) ', 'Intas Pharmaceuticals (India) ', 'Ourofino Animal Health (Brazil) ', 'Biovac (Israel) ', 'Laboratoire LCV (France) '

Zoonotic diseases are infectious illnesses that may be transmitted from animals to human beings. The emergence and spread of the zoonotic diseases, together with rabies, avian influenza, and swine flu, have increased the demand for veterinary vaccines. Vaccinating animals towards these illnesses can help prevent their transmission to people, reduce the danger of disease outbreaks, and sell public fitness. Global population increase, changing nutritional possibilities, especially in growing countries, have improved the consumption of animal protein. This trend has also brought about constructing call for animals' extra emphasis and has brought about an enormous increase inside the veterinary vaccines market.

One of the most important trends in the veterinary vaccines market is the increasing use of recombinant vaccines. These vaccines evolved the use of superior biotechnological strategies that permit unique concentrated on of precise pathogens, enhance efficacy and protection. Vaccines a rehybrids also gain from breeds which can be much less possibly to misbehave, growing their popularity among veterinarians and pet proprietors.

North America region dominated the global veterinary vaccines market in 2023 and is predicted to keep its dominance for the duration of the forecast duration. This growth is due to the increasing adoption of animals and the developing awareness on animal health and welfare inside the region. The United States is the largest market in North America. The demand for veterinary vaccines within the United States is driven by means of the increasing occurrence of zoonotic sicknesses, the developing demand for animal protein, and the rising quantity of pet owners. 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. The Asia-Pacific region within the market is expected to witness the highest growth in the market. With disposable income increasing across the region, people are more aware of preventative animal health programs. Fellow livestock owners from India, China, Japan and the rest of Asia-Pacific are interested in regular and up-to-date vaccination. Additionally, programs are being offered with governments in the region set to simplify regulatory approvals for veterinary vaccines to meet its growing demand. This will drive market growth across the region.

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Veterinary Vaccines Market Size, Share, Growth Analysis, By Product Type(Inactivated Vaccines, Live Attenuated Vaccines, Toxoid Vaccines, Recombinant Vaccines and Others), By Animal Type(Livestock, Companion Animals), By Technology(In-Vitro, In-Vivo), By Region - Industry Forecast 2024-2031

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Veterinary Vaccines Market Size, Share, Growth Analysis, By Product Type(Inactivated Vaccines, Live Attenuated Vaccines, Toxoid Vaccines, Recombinant Vaccines and Others), By Animal Type(Livestock, Companion Animals), By Technology(In-Vitro, In-Vivo), By Region - Industry Forecast 2024-2031

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What is the global market size of Veterinary Vaccines Market?

Who are the key vendors in the Veterinary Vaccines Market?

What is the key driver of Veterinary Vaccines Market?

What is the key market trend for Veterinary Vaccines Market?

Which region accounted for the largest share in Veterinary Vaccines Market?

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