The global animal vaccines market size was US$ 8.5 billion in 2021. The global animal vaccines market is forecast to grow to US$ 13.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Veterinary vaccines play an essential role in keeping both animals and the public safe. Moreover, the growing adoption of pets like dogs and cats and ever-increasing animal population will fuel the growth of the animal vaccine market during the study period.
Rising awareness about the preventive measures to prevent zoonotic diseases will drive market growth. Furthermore, the growing prevalence of diseases such as human rabies, infectious diseases like canine distemper in dogs, foot and mouth disease (FMD), and contagious bovine pleuropneumonia (CBPP) will escalate the demand for animal vaccines in the coming years.
Developments in the medical industry have significantly surged the advancements in recombinant modified live chimeric vaccines, gene-deleted marker vaccines, DNA vaccines, virus-like-particle vaccines, virus vaccines, etc. Thus, it will benefit the global animal vaccines market during the forecast period.
The adverse impact of animal vaccines on the health of humans and animals may limit their demand during the study period.
Regional Analysis
The Asia-Pacific animal vaccine market is forecast to emerge as the largest market in terms of revenue. It is owing to the growing population in the region. In addition to that, the rising production of vaccines to cater to the healthcare needs of pets is expected to boost the demand for animal vaccines during the forecast period. The availability of cost-effective veterinary vaccinations will also benefit the market in the region. Apart from that, raising awareness about the need for the protection of livestock from mass wipe-outs will upsurge the demand for animal vaccines during the study period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic negatively affected the animal vaccines companies. The pandemic has significantly impacted the animal vaccines industry due to the shift in consumer preference. Healthcare bodies started focusing on COVID-19 affected patients, which reduced the production and demand for animal vaccines. In addition to that, lockdowns and changing animal healthcare approach further hampered the growth of the market. The global animal vaccines market also witnessed a tremendous fall due to the unavailability of the workforce and raw materials.
Competitors in the Market
Market Segmentation
The global animal vaccine market segmentation focuses on Product, Animal Type, and Region.
By Product Outlook
By Animal Type Outlook
By Regional Outlook
