Global Livestock Vaccines Market Size

Livestock Vaccines Market Analysis

The Global Livestock Vaccines Market size is estimated at USD 5.88 billion in 2024, and is expected to reach USD 7.23 billion by 2029, growing at a CAGR of 4.21% during the forecast period (2024-2029).

The COVID-19 pandemic has impacted all industries, including livestock vaccines. Supply disruption and shortages of veterinary medicines have been observed in several countries, primarily due to the temporary lockdowns of manufacturing sites, export bans, and increased demand for COVID-19 medicines. Governments are taking measures to mitigate the supply of medicines. Certain specific and precautionary guidelines were given to veterinary professionals to treat companion animals during the COVID-19 pandemic by the Centers for Disease Control and Prevention in July 2020. Additionally, many government authorities, such as the Centers for Disease Control and Prevention, recommended veterinary hospitals and clinics prioritize urgent and emergency visits and procedures. This initiative by such national bodies may reduce the dependence on and usage of diagnostic equipment in veterinary healthcare management. Hence, a slight short-term negative impact is witnessed on the companion livestock vaccine market, primarily due to the reduced veterinary visits during the COVID-19 outbreak.

Globally, the livestock sector is witnessing an increased demand for livestock products such as meat and dairy products. Though this trend has traditionally been evident in developed countries across North America and Europe, demand for livestock products has increased significantly in emerging Asia Pacific and Latin American countries over the past decade.

This can primarily be attributed to the growing population in these regions, coupled with the rapid urbanization and economic growth. The repeated outbreaks of certain diseases in livestock animals are expected to support growth of the veterinary vaccines market by increasing the focus on animal health and preventive animal healthcare approaches among stakeholders in the livestock sector.

The coronavirus spreads from animal to animal with contact or aerosol transmission, thus infecting other animals. Incidents such as COVID-19 infected farmed minks were reported in numerous nations such as the U.S. and Denmark during late 2020. Thereby, such incidents have triggered the need for the COVID-19 animal vaccine. As a result, the market players are getting involved to manufacture veterinary vaccines against COVID-19. For instance, Zoetis is in process of donating over 11,000 doses of its experimental COVID-19 vaccine to help protect the health and well-being of Zoo animals. On the other hand, in April 2021, Russia has registered the world's first Covid-19 vaccine called Carnivac-Cov for animals. Thus, the growing cases of COVID-19 infections in domestic and wild animals will promote the acceptance of animal vaccines for safeguarding preventive animal health, thus soaring the industry growth.

In June 2021, the Government of the United Kingdom announced the establishment of a United Kingdom. Animal Vaccine Manufacturing and Innovation Centre in Surrey, intending to accelerate the vaccine development for livestock and to control the spread of viral diseases including coronavirus. The United Kingdom government will contribute USD 24.79 million while the Bill & Melinda Gates Foundation will contribute USD 19.43 million to establish this center. Thereby, the research initiatives adopted by the market players, growing COVID-19 infection cases in animals, and government support will enable the significant expansion of the livestock vaccines industry.

In addition, in an attempt to retain share and diversify the product portfolio, major players are frequently opting for various strategies such as mergers and acquisitions, partnerships, and new product launches. For instance, in February 2021, Ceva partnered with the French National Research Institute for Agriculture, Food, and Environment (INRAE) for R&D in the prevention of infectious diseases from animal origin and improvement of animal health. Similarly, in January 2021, Zoetis launched the Poulvac Procerta HVT-IBD vaccine for the protection of poultry against Infectious Bursal Disease (IBD).

However, high storage cost of vaccines and lack of veterinarians and skilled farm workers to administer vaccines is expected to restrain the Livestock Vaccines market growth.