GLOBAL - The global animal vaccines market is in its growth phase and is poised to cross the $8 billion mark by 2018.
The factors responsible for the growth of the market include increasing incidences of zoonotic diseases in humans; growing prevalence of animal diseases; and increasing investments by government bodies, animal welfare associations, and leading players.
Another factor driving the growth in this space is the continuous innovations and introduction of new products in the market.
Since 2012, more than 20 new products have been launched, showing the huge potential for growth in this arena. However, increasing maintenance costs for vaccines and the shift towards vegetarian food by consumers will restrict the growth of the market to some extent.
With the growing awareness of animal health in emerging economies, new entrants as well as established players have huge opportunities by introducing novel vaccines like DNA and recombinant vaccines and by entering into emerging countries.
The global market for animal vaccines is estimated to be worth $5.8 billion by 2013 and is expected to grow at a healthy CAGR of 8.1 per cent to reach $8.6 billion by 2018.
Europe accounts for the largest share of the animal vaccines market , followed by North America. Both markets are reaching the maturity phase of growth and will register mid single-digit growth rates for the next five years. Asia, parts of Africa, and LATAM are poised to grow at double-digit rates owing to the increasing investment opportunities for companies in these immature markets and due to the improving healthcare facilities for animals. Countries like China, India, Australia, and Brazil will be major contributors to the growth of the market.
The market is dominated by tier I players and is fairly consolidated with the top five players contributing close to 70 per cent of the share. New entrants face high barriers in entering this market as it is a capital-intensive industry with strict regulations.
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TheFishSite News Desk