Global animal vaccination market to crest 5% growth
by Katie Pfaff
The worldwide market for animal vaccines is expected to reach $15.20 billion by 2030, according to a report by Allied Market Research, a market analysis firm. The area’s boom is forecast to reach a CAGR of 5.2% after a 2020 value of $9.09 billion in the market.
The market as a whole has been mixed, with increased numbers of pet owners willing to pay for various treatments and more pet owners purchasing insurance, while at the same time, the pandemic led to delayed veterinary appointments and delayed vaccination schedules.
Segments within the global animal vaccination market included vaccines for livestock, which took the largest share with 2/3 in 2020. The segment is expected to remain at the forefront through 2030. Fast on its heels; the companion animal segment is forecast to reach the highest segment growth rate at 5.50% CAGR between 2020 and 2030.
By geography, North America was expected to maintain its 2020 standing as the largest share of the market at two-fifths of the worldwide market. The market analysis includes varied vaccine formats: attenuated, conjugate, DNA, inactivated, recombinant, subunit, and toxoid.
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