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Veterinary Vaccines Market size was valued at USD 10.85 billion in 2022 and is Poised to grow from USD 11.50 billion in 2023 and to USD 18.33 billion by 2031, at a CAGR of 6% during the forecast period (2024–2031).

The veterinary vaccines market is moderately consolidated, with a few major players dominating the market. However, there are also numerous smaller companies and new entrants that are striving to gain a foothold in the market. The market is dominated by a few major players such as Merck Animal Health, Zoetis, Boehringer Ingelheim, and Elanco, who collectively account for a significant share of the market. These companies have a strong presence in multiple regions and offer a wide range of products for both livestock and companion animals. However, there are also several smaller players and new entrants that are striving to expand their presence in the market. These companies are focusing on developing innovative products and solutions to cater to the evolving needs of the market. Many of these companies are also targeting emerging markets, which offer significant growth opportunities. 'Zoetis', 'Merck Animal Health', 'Boehringer Ingelheim', 'Elanco Animal Health', 'Virbac', 'Ceva Sante Animale', 'Hester Biosciences Limited', 'Phibro Animal Health Corporation', 'HIPRA', 'Indian immunologicals limited', 'Vetoquinol', 'Bayer Animal Health', 'Bimeda', 'Tianjin Ringpu Bio-technology Co. Ltd.', 'Biogenesis Bago', 'Neogen Corporation', 'Agrovet Market', 'Nisseiken', 'CZ Veterinaria', 'Harbin Veterinary Research Institute (HVRI)'

Growing demand for livestock products is fueling the market growth: Growing demand for livestock products such as meat, dairy, and eggs is one of the major drivers fueling the growth of the veterinary vaccines market. As the population continues to grow, so does the demand for animal-based protein, which is driving the demand for livestock and, in turn, for veterinary vaccines. The rising demand for meat, in particular, is a major factor driving the growth of the veterinary vaccines market. Meat consumption is increasing worldwide, particularly in developing countries such as China, India, and Brazil. As per the report published by the Food and Agriculture Organization (FAO) of the United Nations, meat production is projected to increase by 13% between 2019 and 2030. However, livestock farming is also associated with a range of animal diseases that can affect animal health, productivity, and profitability. Vaccination is a key tool in preventing and controlling these diseases, and as the demand for livestock products increases, so does the demand for veterinary vaccines. In addition to meat, the demand for dairy and other animal-based products is also increasing, particularly in developing countries. As per the report by the Organization for Economic Cooperation and Development (OECD), dairy consumption is expected to increase by 36% by 2030. This growth in demand is driving the need for more livestock, which in turn is driving the demand for veterinary vaccines.

Increasing pet ownership and spending: As more households around the world become pet owners, the demand for veterinary vaccines is expected to rise. In 2022, approximately 90.5 million domesticated animals live in 70% of pet-owning households. This growing pet ownership trend is also being accompanied by an increase in pet spending, with owners willing to invest in preventative measures like vaccines to ensure the long-term health of their pets.

The North American region dominated the veterinary vaccines market in 2022, accounting for over 25% of the market revenue. The region is expected to maintain its dominance during the forecast period due to the high prevalence of zoonotic and livestock diseases resulting in significant animal deaths. The presence of well-established pharmaceutical companies in the region, with a focus on expanding their commercialization and geographical reach, is expected to drive market growth. Additionally, the rising incidence of canine disorders and the growing pet population in the United States are also contributing to the expansion of the regional market.

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Global Veterinary Vaccines Market

Product ID: SQMIG35I2239

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