On the back of Increasing Diseases Prevalence in Livestock
Rising incidences of zoonotic diseases along with increasing reports of livestock diseases across the globe is anticipated to propel the veterinary vaccines market considerably over the forecast period. The global Food and Agriculture Organization reported an increase in the total number of livestock animal heads from 5.90 million heads in 2010 to 6.33 million heads in 2016 on the back of growing pressure on food chain with increasing global population. This increase in number of livestock is expected to result in increased demand for livestock vaccines, leading in positively impacting the veterinary vaccines market during the forecast period. Additionally, increasing incidences of livestock diseases such as, Q fever, anthrax, foot and mouth disease and others are expected to drive the veterinary vaccines market considerably across the globe.
Increasing Expenditure on Pet Healthcare
On account of increasing adoption of pets around the world as well as growing number of veterinary diseases is attributed to exhibit a positive growth of veterinary vaccines market during the forecast period. On the back of increasing incidences of avian influenza transmissible from animal to human, the veterinary vaccines market is anticipated to perceive a substantial growth across the globe. The World Health Organization reports that avian influenza subtypes A (H5N1), A (H7N9), and A (H9N2) exist around the globe that can be acquired by humans through direct contact with infected animals. Additionally, increasing adoption of swine as pet animals and frequent outbreaks of swine flu is expected to drive the veterinary vaccines market further during the forecast period.
Moreover, rising number of rotavirus and rift valley fever along with increasing animal vaccination programs is projected to aid the veterinary vaccines market rapidly over the forecast period.
Rising number of Cold Storage Chains
However, developing chains of cold storage systems across under-developed and developing nations along with pertaining side effects of vaccination restrain the sturdy growth of veterinary vaccines during the forecast period. Furthermore, consolidation among the distributors is bulldozing the veterinary vaccines market with already crunched margins which is estimated to serve further as a limit to the growth of veterinary vaccines market during the forecast period.
Veterinary Vaccines Market is anticipated to record a significant CAGR of 5.7% over the forecast period. Growing government initiatives to limit the spread of zoonotic diseases across the under-developed as well as developing regions around the globe on the back of increasing number of human infections due to animal diseases such as, rabies, foot & mouth diseases, and equine influenza are expected to propel the veterinary vaccines market over the forecast period. Significant rise in the rate of pet ownerships around the globe has considerably aided in the steady growth of veterinary vaccines market further. Increasing R&D investments by regional as well as global organizations in order to cease poultry disease spread by discovery on newer vaccines is expected to display a stable growth of veterinary vaccines market over the forecast period.
On the basis of regional platform, global Veterinary Vaccines market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is panned to observe substantial veterinary vaccines market growth on the back of growing number of pet ownerships across the region along with rising number of pet health concerned owners. North America is anticipated to be followed by Asia Pacific in terms of consumption due to increasing outbreaks of animal infected or zoonotic diseases across the region over the past and is estimated to rise further during the forecast period.
Europe is expected to drive demand and positively impact veterinary vaccines market growth over the forecast period owing to being a dairy and poultry dependent food region. Increasing initiatives by regulatory bodies and growing concerns regarding food safety among the population, is attributed to propel the veterinary vaccines market substantially across the region.
Our-in depth analysis of the global Veterinary Vaccines market includes the following segments:
By Vaccine Type
By Route of Administration
Get more information on this report: Download Sample PDF
Global Veterinary Vaccines Market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani