Veterinary vaccines market to reach $16B in 2028
by Katie Pfaff
The global veterinary vaccines market is forecast to grow at a CAGR of 6.0% between the period of 2021 to 2028, according to a report by market analysts, Fortune Business Insights. The market is expected to reach a value of $16.13 billion in 2028, up from a value of $10.24 billion in 2020 and $10.73 billion in 2021.
Growth is anticipated as the number of pet adoptions increased as well as spending on pets, coupled with awareness of animal populations’ potential for impact on global health. The discussion of vaccinations was also brought to the forefront this year, and increased awareness of those available to pets. Additionally, the ease-of-use with vaccines as opposed to ongoing treatments, for flea and ticks, for example, has boosted the industry.
By product, the report evaluates market segments of recombinant, inactivated, and live attenuated vaccines. Inactivate and live attenuated vaccines are expected to lead market share, as the segments have the in past. In 2020, the two held 33.9% of the market.
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