Veterinary vaccines are used for the vaccination of animal diseases including infectious diseases affecting livestock, pets, and other animals. Various veterinary vaccines are available for protecting animals against viral diseases such as foot-and-mouth disease, rabies, and distemper. They provide protection for livestock including cattle, swine, poultry, and also domestic animals such as dogs and cats.

The global veterinary vaccines market is estimated to be valued at US$ 8,482.6 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the major drivers fueling growth of the veterinary vaccines market is the growing pet population globally. According to the American Pet Products Association (APPA), the US pet industry generated over $99 billion in total pet industry expenditure in 2020. Furthermore, increasing expenditure on animal health and growing awareness about zoonotic diseases among pet owners are some of the other factors propelling growth of the market. For instance, zoonotic diseases can be transmitted from animals to humans, and vaccines help prevent such transmissions. Rabies is one of the major zoonotic diseases which can be prevented by vaccinating domestic animals. Thus, growing knowledge about zoonotic diseases among pet owners and livestock breeders drives demand for veterinary vaccines.

The global veterinary vaccines market is driven by growing pet population. Pet adoption has increased significantly during the pandemic. According to APPA, around 12.6 million US households got a new pet during COVID-19 pandemic. This rise in pet adoption and growing awareness about zoonotic diseases are fueling demand for veterinary vaccines.

SWOT Analysis

Strength: Veterinary vaccines market has exhibited stable growth over the past decade. The increase in adoption of pets has fueled the demand for veterinary healthcare including vaccines. Manufacturers are investing heavily in R&D to develop novel vaccines with improved efficacies. Furthermore, stringent regulations ensure high quality of vaccines.

Weakness: Development of new vaccines is a complex and capital intensive process. It requires extensive clinical trials to ensure safety and efficacy. Some regions have inadequate availability and accessibility of veterinary healthcare infrastructures and professionals.

Opportunity: Emerging markets like Asia Pacific and Latin America are expected to witness fastest growth in the demand for veterinary vaccines. Rising awareness about preventive healthcare for livestock and companion animals will drive the market penetration. Furthermore, increasing incidence of zoonotic diseases has highlighted the need for effective vaccination programs.

Threats: High costs associated with vaccine development and stringent regulations for approval prolong the time to market. This threatens the margins and deter new market entrants. Additionally, outbreaks of new pathogens present challenges for timely development of matching vaccines.

Key Takeaways

The global veterinary vaccines market is expected to witness high growth over the forecast period of 2023 to 2030. Growing adoption of pets globally, rising meat consumption, and evolving pathogens have driven the demand for veterinary vaccinations. The global veterinary vaccines market is estimated to be valued at US$ 8,482.6 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.

Regional analysis: North America currently dominates the global veterinary vaccines market share due to high animal welfare awareness and expenditure on animal healthcare. However, Asia Pacific region is poised to register the fastest growth owing to robust economic development and a huge livestock population. Countries like India, Indonesia, and Thailand are prolific producers of livestock and offer immense opportunities for veterinary vaccine manufacturers.

Key players: Key players operating in the veterinary vaccines market include Zoetis, Inc., Eli Lilly and Company, Merck & Co., Inc., and Boehringer Ingelheim GmbH. Zoetis has the largest market share due to its diversified portfolio and wide geographic presence globally. Merck too has a significant share from its poultry and livestock vaccines business. Emerging players like Aratana Therapeutics, Inc., Regeneus Ltd., and Morphogenesis, Inc. are actively developing novel vaccines for companion animals.