The global Poultry Vaccine Market is estimated to be valued at US$ 1,766.8 Mn in 2022 and is expected to exhibit a CAGR of 7.92% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Poultry vaccines are essential for maintaining the health and productivity of poultry farms. They help in preventing and controlling infectious diseases that can have a significant impact on the poultry industry. These vaccines provide immunity against various viral, bacterial, and parasitic diseases, ensuring the well-being of poultry birds and reducing economic losses. The increasing demand for poultry products and the rising prevalence of infectious diseases among poultry are driving the growth of the global Poultry Vaccine Market.
B) Market Key Trends:
One key trend in the Poultry Vaccine Market is the shift towards preventive healthcare practices in the poultry industry. With the increasing awareness about the benefits of vaccination, poultry farmers are adopting proactive measures to protect their flocks from diseases. This trend is driven by the potential economic losses associated with disease outbreaks and the need for sustainable poultry production. For example, in recent years, there has been a significant increase in vaccination coverage against Avian Influenza and Newcastle Disease, two major viral diseases affecting poultry.
C) PEST Analysis:
– Political: Governments play a crucial role in regulating the production and distribution of vaccines. Policies related to animal health and welfare, trade agreements, and disease control programs can impact the poultry vaccine market.
– Economic: The poultry industry contributes significantly to the global economy. Economic factors such as GDP growth, disposable income, and consumer preferences for protein-based diets influence the demand for poultry products and subsequently drive the market for poultry vaccines.
– Social: Rising population, urbanization, and changing dietary patterns have led to increased poultry consumption globally. Poultry vaccines play a vital role in ensuring food safety and security by preventing the spread of diseases from animals to humans.
– Technological: Advancements in vaccine production technology, such as the use of recombinant DNA technology and innovative delivery systems, are improving the efficacy and safety of poultry vaccines. These technological developments are expected to drive market growth.
D) Key Takeaways:
– The global Poultry Vaccine Market is expected to witness high growth, exhibiting a CAGR of 7.92% over the forecast period, due to increasing demand for poultry products and the need for disease prevention.
– Asia Pacific is anticipated to be the fastest-growing and dominating region in the Poultry Vaccine Market. The region has a large poultry population and rising per capita poultry consumption, leading to increased vaccine demand.
– Key players operating in the global Poultry Vaccine Market include Zoetis Inc., Merck & Co. Inc., Elanco, Ceva Santé Animale, Boehringer Ingelheim, Biovac, Hester Biosciences Limited, Dechra Pharmaceuticals PLC, Venky’s Limited, and Phibro Animal Health Corporation. These companies focus on research and development activities to introduce innovative vaccines and expand their market presence.
In conclusion, the global Poultry Vaccine Market is poised for significant growth in the coming years. Increasing demand for poultry products, the shift towards preventive healthcare practices, and technological advancements in vaccine production are driving market growth. Furthermore, Asia Pacific is expected to be the fastest-growing region in the market. Key players in the market are actively engaged in research and development activities to meet the growing demand for poultry vaccines and gain a competitive edge.