Global Poultry Vaccine Market Is Estimated To Witness High Growth Owing To Increasing Demand For Protein-Rich Food Products And Rising Government Initiatives Towards Livestock Health
The Global Poultry Vaccine Market is estimated to be valued at Us$ 1,766.8 Mn in 2022 and is expected to exhibit a CAGR Of 7.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The poultry vaccine market is witnessing significant growth due to the increasing demand for protein-rich food products. Poultry vaccines play a crucial role in preventing infectious diseases in poultry, ensuring their health and productivity. These vaccines are used to protect poultry from a wide range of diseases, such as avian influenza, Newcastle disease, and infectious bronchitis, among others. Rising awareness regarding the benefits of vaccination, coupled with the growing need to address zoonotic diseases, is expected to drive market growth.
Market Dynamics:
The growing demand for protein-rich food products, coupled with the rising population and increasing urbanization, is driving the demand for poultry vaccines. Additionally, governments across the globe are implementing various initiatives to promote livestock health and prevent disease outbreaks. Furthermore, advancements in technology and the development of innovative vaccines are expected to drive market growth. However, high storage and transportation costs, along with stringent regulations, can hinder market growth to some extent.
SWOT Analysis:
Strength:
- Growing awareness about preventive healthcare in the poultry industry is driving the demand for poultry vaccines.
- Increasing government initiatives to control the spread of poultry diseases.
- Technological advancements in vaccine production and delivery methods are boosting the effectiveness and efficiency of poultry vaccines.
Weakness:
- High cost of poultry vaccines and their administration.
- Limited availability of skilled professionals for vaccination programs.
Opportunity:
- Increasing meat consumption and rising demand for poultry products globally.
- Advancements in biotechnology and genetic engineering are enhancing the development of more efficient and targeted vaccines for poultry.
Threats:
- Outbreaks of new and emerging diseases in poultry, such as avian influenza, which require rapid development and deployment of effective vaccines.
- Stringent regulatory policies for vaccine approval and commercialization, leading to delays in product launches.
Key Takeaways:
The global Poultry Vaccine Market is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period of 2022-2030, due to increasing awareness about preventive healthcare in the poultry industry and government initiatives to control poultry diseases. The market size for 2022 is estimated to be US$ 1,766.8 Mn.
In terms of regional analysis, the Asia Pacific region is expected to be the fastest-growing and dominating region in the poultry vaccine market. This is attributed to the increasing demand for poultry products, growing population, rising disposable income, and government initiatives to improve poultry production and prevent disease outbreaks.
Key players operating in the poultry vaccine market are Zoetis Inc., Merck & Co. Inc., Elanco, Ceva Santé Animale, Boehringer Ingelheim, Biovac, Hester Biosciences Limited, Dechra Pharmaceuticals PLC, Venky’s Limited, and Phibro Animal Health Corporation, among others. These companies are focusing on research and development activities to introduce innovative vaccines and expand their product portfolios to cater to the growing demand in the market.
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