Foot and Mouth Disease Vaccine Market Set to Exhibit a CAGR of 7.0% Driven by Increasing Outbreak Incidents
The foot and mouth disease vaccine market has witnessed significant growth globally, owing to rising incidences of FMD outbreaks in livestock. Foot and mouth disease (FMD) is a highly contagious viral disease affecting cloven-hoofed animals. Vaccines help prevent the spread of the virus between animals and farms. Vaccines available in the market include conventional vaccines and viral peptides vaccines. Conventional vaccines are manufactured using chemically inactivated whole virus particles and provide cross-serotype protection for up to 12 months. Whereas, viral peptide vaccines are produced using synthetic peptides and provide protection for 6 months. The growing animal husbandry industry and rising demand for animal proteins have increased the risk of FMD outbreaks. Furthermore, initiatives by governments and international organizations to eradicate FMD are fueling the demand for effective vaccines.
The Global Foot And Mouth Disease Vaccine Market Share is estimated to be valued at US$ 3020.03 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the foot and mouth disease vaccine market are Graebel Companies, SIRVA, Relocation Management Company (RMC), Crown Worldwide, Santa Fe Group, FIDI Global Alliance, MSI Global Talent Solutions, Cartus, Atlas Van Lines, Allied Van Lines, NorthAmerican Van Lines, Arpin Van Lines, Wheaton World Wide Moving, United Van Lines, Mayflower Transit, Bekins, Beltmann Relocation Group, Corrigan Moving Systems, Clark & Reid, Eclipse Relocation.
The growing demand for animal proteins from the rising global population has increased the risks of FMD outbreaks. This, along with growing livestock agriculture practices in developing nations, is fueling the demand for effective vaccines.
Major vaccine manufacturers are focusing on expanding their production facilities globally, especially in populous developing nations, to cater to the growing demand. For instance, in 2022, FMD vaccine manufacturer MercuryGate expanded its vaccine production facility in India.
Market Drivers
The key driver for the foot and mouth disease vaccine market is the increasing incidences of FMD outbreaks globally. According to reports, developing countries in Asia, Africa, and South America witness recurring outbreaks annually due to weak disease control practices. In 2021, China and Indonesia reported major outbreaks affecting millions of livestock. Furthermore, changing climate conditions and transportation of infected animals are facilitating the spread of the disease across borders, increasing risks. This has intensified the need for effective vaccination programs to curb the economic losses arising from the pandemic.
The current geopolitical situation globally is impacting the growth of the foot and mouth disease vaccine market. The ongoing Russia-Ukraine war has disrupted supply chains and increased raw material costs. Many European countries that faced supply disruptions due to the conflict are now focusing on bolstering local vaccine production through public-private partnerships.
Countries in SE Asia and Africa continue to grapple with periodic outbreaks of the disease. The restricted trade of livestock and livestock products during outbreaks negatively impacts farmers' livelihoods. Several nations have initiated mass vaccination programs and import bans to control transboundary spread of the virus within their territories. However, limited resources remain a key constraint. International organizations are collaborating to enhance disease surveillance and provide affordable vaccines to at-risk regions.
Geographically, the foot and mouth disease vaccine market in South Asia and East Asia is concentrated in terms of value currently due to the large cattle and pork industries in countries like India, China, and Vietnam. These nations routinely vaccinate susceptible populations and have established domestic vaccine manufacturing capacities. However, the market is witnessing fastest growth in the African region. This is attributed to prevention initiatives by organizations like the FAO to curb FMD's impact on smallholders and pasture-based production systems across Africa.
The Middle East market is also expanding at a significant pace, driven by the livestock sector's expansion in Gulf countries and their aim to maintain FMD-free status. Additionally, vaccine imports are increasing in disease hotspots like Nigeria and Congo to expedite control efforts. Going forward, companies must continue engaging multi-stakeholder mechanisms for coordinated response training, thermostable vaccine R&D, and effective public awareness programs tailored to each context.
For more details on the report, Read- https://www.trendingwebwire.com/foot-and-mouth-disease-vaccine-market-size-and-share-analysis/
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