The global veterinary vaccine market is expected to reach approximately $20.6 billion by 2021, representing a yearly compound annual growth rate of around 9.6 percent between 2016 and 2021. Zion Research’s press release that was published in GlobeNewswire said that the vaccine market consists primarily of livestock vaccines and companion vaccines. The biggest contributor would be the livestock vaccine, which accounts for 62 percent of the total market share at present. This trend is also expected to continue.
Increasing demand for milk, eggs, meat and animal protein, together with government investments are seen as the main catalysts for growth in the global veterinary vaccine market moving forward. Currently, companion vaccines account for only 38 percent share of the market.
Companion vaccines are segmented into equine, canine and feline. The canine segment is considered as the fastest growing with a six percent growth rate. Livestock, on the other hand, is classified into porcine, poultry, and aquaculture, with porcine being the largest sub-segment, accounting for 30 percent of the total global livestock vaccine market. This segment is also expected to continue to be the dominant sub-segment during the forecast period.
There are numerous factors contributing to the growth of the global veterinary vaccine market. These major key factors include increasing pet ownership, increasing awareness for food and security and an increase in investments from various government agencies.
Aside from these major factors, the increase in veterinary research institutions and colleges are also significant contributors. However, there are also factors hindering the growth of the vaccine market including rising maintenance cost of vaccine storage and the prevalence of chronic diseases in animals.
Keeping an eye on these negative factors is important to ensure that the global veterinary vaccine market will continue to grow. North America and Europe are considered as the dominant market in terms of veterinary vaccines, as the two regions combined to account for 68 percent of the total market share.
The U.S. represents the largest single market for these vaccines, accounting for almost a 38 percent share in North America. The reason for their dominance is due to an increase in animal welfare and emerging technology for vaccine production.
But the America’s dominance isn’t expected to last long, as Canada is forecast to surpass the U.S. between now and 2021. The main driver for this is due to the increasing research activities on animal diseases.
The Asia-Pacific region is also expected to increase their market share during the forecast period. India is considered as the dominant market for vaccines, followed by China. The emerging technologies for protein biochemistry, molecular biology, and immunology are seen as the main contributors to India’s growth.
Brazil is dominating the Latin America market thanks to their rising focus on animals and food production as well as the increasing consumption of meat. Meat is also considered as a significant contributor to Brazil’s GDP.
The increase in the global veterinary vaccine market shows the global market’s focus on prevention, as vaccines are used to to prevent chronic bacterial, viral and protozoal diseases. These vaccines, which are eco-friendly, are used to increase the welfare of the animal and prevent death, which would otherwise result in monetary loss to the owners.
By using vaccines, everyone can avoid the problem of antibiotic and drug resistance by the microorganism.