Worldwide animal vaccine market to reach nearly $14B by 2028
by Katie Pfaff
Market research firm, Allied Market Research, forecasts the global animal vaccines market to reach $13.78 billion by 2028. The market was valued at $9.09 billion in 2020. The increase marks a 5.3% CAGR between 2021 and 2028.
North America led the increase with the largest market share (more than 1/3) in 2020. Future growth is anticipated based on current increase in animal diseases, increased number of pets, and interest in pet insurance. At the same time, an uptick in the price of milk and meat and impact on the health of animal vaccines may temper the market growth.
Attenuated vaccines captured the largest market (more than 1/3) share in 2020 and is expected to continue, while DNA vaccines are expected to grow at a CAGR of 8.2% from 2021 to 2028. In the global vaccine market, livestock animals held the largest share at about 2/3 in 2020, and is expected to continue to lead in the next period. However, the companion animal segment is forecast to grow at a CAGR of 5.6%.
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