Market Size of Veterinary Vaccines Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 18.18 Billion |
| Market Size (2029) | USD 26.87 Billion |
| CAGR (2024 - 2029) | 8.13 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Veterinary Vaccines Market Analysis
The Veterinary Vaccines Market size is estimated at USD 18.18 billion in 2024, and is expected to reach USD 26.87 billion by 2029, growing at a CAGR of 8.13% during the forecast period (2024-2029).
COVID-19 has impacted the veterinary vaccines market owing to the increased need for the development of COVID-19 vaccines for animals during the pandemic. Various market players and healthcare organizations developed vaccines for animals. For instance, in June 2022, the Union Minister of Agriculture & Farmers' Welfare of India launched Animal Vaccine developed by the ICAR-National Research Centre on Equines, Hisar, Haryana. The Ancovax Equines Vaccine is an inactivated SARS-CoV-2 Delta (COVID-19) Animal Vaccine. Ancovax-induced immunity neutralizes both the Delta and Omicron variants of SARS-CoV-2. Therefore, the market was significantly impacted by COVID-19. Moreover, with the emergence of new variants of COVID-19 strains, various market players are continuing their research and development for the development of innovative veterinary vaccines which is expected to propel the market growth during the forecast period.
Furthermore, an increase in pet adoption during recent years worldwide is boosting companion animal vaccine growth during the forecast period. For instance, according to the People's Dispensary for Sick Animals (PDSA), animal wellbeing June 2021 report, 2 million people in the United Kingdom adopted a pet in 2021. Out of these pets, 10% were dogs, 8% were cats and 13% were rabbits. Such a high rate of pet adoption in the country has increased the focus on the healthcare of animals, thus increasing the demand for appropriate pet vaccines, thereby boosting the market.
Additionally, the rising burden of zoonotic diseases is expected to propel the demand for vaccines for animals, thereby boosting market growth during the forecast period. For instance, the increasing number of cases of rabies across the globe is one of the major factors driving the market's growth over the forecast period. Dogs are the leading cause of human rabies mortality and account for up to 99.0% of all human rabies transmissions as of May 2021, according to the World Health Organization (WHO).
The strategic initiatives by the government worldwide for the vaccination of animals are expected to propel market growth. For instance, in June 2022, Indonesia launched a nationwide livestock vaccination program as the number of cattle infected with foot and mouth disease surged to more than 151 thousand. These initiatives create opportunities for market players for developing innovative and effective veterinary vaccines, thereby propelling market growth.
Therefore, owing to the factors such as the high burden of zoonotic diseases, rising pet adoption and vaccination programs, and launches by market players, the studied market is anticipated to witness growth over the analysis period. However, the high storage costs for vaccines and the shortage of veterinarians and skilled farm workers are estimated to restrain the market growth.
