Rising Purchasing Power in Developing Economies

Posted 2023-11-29 13:46:37

The swine fever vaccine market is estimated to be valued at US$ 2885.25 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

· Strength: The swine fever vaccine market has strong growth potential due to growing pork consumption globally. Vaccines aid in preventing losses due to swine fever outbreaks. Advances in vaccine technologies allow for higher efficacy and new product formulations.

· Weakness: Vaccine development and production have high costs which limits product accessibility. Some regions lack strict biosecurity norms which fuel disease spread. Vaccine resistance due to virus mutation is a concern.

· Opportunity: Rising pork demand in Asia Pacific creates scope for preventive healthcare. Public–private partnerships can boost vaccines availability. Digitalization of distribution aids last-mile reach.

· Threats: Pork trade restrictions amid outbreaks impact market revenues. Alternative meat adoption may decrease pork consumption marginally.

Key Takeaways:

The Global Swine Fever Vaccine Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing pork consumption worldwide. Rising population and disposable incomes in developing nations drive the consumption of pork as an affordable meat.

Regional analysis

The Asia Pacific region is projected to dominate the market, accounting for over 35% share by 2030. China is the largest producer and consumer of pork globally, hence swine fever epidemics significantly impact the region's market. Stringent regulations and cooperation between public-private stakeholders aid epidemic control in the region.

Key players:

Key players operating in the swine fever vaccine market are Merck & Co., Inc. (Merck Animal Health), Ceva, Zoetis Services LLC, Boehringer Ingelheim International GmbH, Indian Immunologicals Ltd., Bioveta, a.s., Komipharm, and EC21 Inc. Leading companies focus on vaccine R&D and production capacity expansion to complement the market growth.