The global Animal Vaccines Market size is expected to reach USD 16.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2021 to 2028. Rising concern about food security and increasing animal husbandry are boosting the demand for vaccines for the livestock population. Moreover, the growing demand for animal products, such as milk, chicken, eggs, and meat, is encouraging farmers to adopt vaccinations for their livestock to gain higher profitability.
The increasing outbreaks of cattle disease and the ever-expanding livestock population are the prime factors for the wide acceptance of the ruminants especially cattle vaccines globally. Moreover, rising pet ownership and increasing awareness regarding the health of companion animals are further propelling the growth. Moreover, the increasing number of R&D investments initiated by the companies is one of the key potential growth factors.
In June 2020, Boehringer Ingelheim received a new veterinary drug registration certificate from the Ministry of Agriculture & Rural Affairs of China for its classical swine fever vaccine. In July 2020, Biogénesis Bagó partnered with the U.S. Department of Agriculture (USDA) as one of USDA’s suppliers for antigens and vaccines for foot-and-mouth disease in livestock.
Related Press Release@ Animal Vaccines Market Report
Animal Vaccines Market Report Highlights
- Attenuated vaccines emerged as the largest segment in 2020 as a result of the benefits such as improved effectiveness and enhanced long-term prevention
- The ruminants segment accounted for the largest revenue share in 2020 owing to the rise in the demand for safe livestock products
- The poultry segment dominated the market in 2020 owing to the increase in demand for meat, worldwide
- North America dominated the market and accounted for the largest revenue share in 2020. Constantly rising awareness regarding livestock health and increasing commercialization of livestock products are factors expected to drive the market in the region during the forecast period
- In Asia Pacific, the market is projected to witness swift growth during the forecast period owing to the speedy adoption of animal vaccines for quality food products and better animal health