AMR: Animal vaccines to exceed $15B
The global market for animal vaccines is forecast to grow at a CAGR of 5.2% during the forecast period of 2021 to 2030, according to a recent report by Allied Market Research, a market analysis company. The uptick is anticipated to lead the market, valued in 2020 at $9.09 billion, to reach an estimate of $15.20 billion by 2030, according to AMR.
The forecasted growth is pinned on the expectation that the increased spending in animal health, rates of pet ownership, rates of purchase of companion animal health insurance, and increased rates of animal disease will continue. Adding to that, investment in vaccines and hybrid animals are predicted to continue to boost the market. On the other hand, prices in milk and meat and adverse effects of vaccines may slow growth.
After breaking down the market report by segment, attenuated vaccines are expected to retain a lead in the market into 2030 after garnering 2/5 of the market in 2020. Despite its stronghold, DNA-based vaccines are forecast to grow at the fastest rate, with a CAGR of 8.1%.
By type of animal, livestock will maintain its lead in the market out of 2020 and into 2030, according to the report based on better knowledge about the importance of vaccinating livestock and the increased rate of disease. In contrast, the segment for companion animals is expected to grow at a CAGR of 5.5% based on higher rates of disease and higher rates of spending.
When looking at the market by geographic region, North America held the largest share in 2020 (2/5) and is expected to keep its lead as the infrastructure is established in the region.
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