Vet vaccines market to exceed $13B
by Katie Pfaff
The international market for veterinary vaccines is forecast to reach a value of $13.09 billion by 2031, according to a report by market research firm, Growth Plus Market Reports. North America is expected to hold the largest share of the market.
Growth across the marketplace is forecast based on the uptick in both populations of companion animals and for livestock animals as demand has increased for animal-based products. At the same time, efforts to keep livestock safe amid an increased prevalence of zoonotic disease cases.
A significant driver in the market is a spike in the adoption of companion animals that has then spurred an increase in veterinary care utilization, including receiving vaccinations. In 2019 to 2020, the majority of homes in the US (67%) had a pet, according to American Pet Products Association.
Growth across the global veterinary vaccines market could be tempered by the cost of development of vaccines and later in the process of handling and storage of vaccines. This aspect is further affected by government regulations on ingredients and shipment across regions.
Vaccination demand for companion animals is expected to outpace that of livestock. This is thought to be based on the number of companion animals as well as the close proximity of pets to people.
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