According to a new report published by Allied Market Research, titled, “India, Bangladesh, Sri Lanka, Nepal Animal Vaccine Market by Type, Animal Type, and Valence: Global Opportunity Analysis and Industry Forecast, 2021–2030.
The India, Bangladesh, Sri Lanka, Nepal Animal Vaccine market was valued at $127,107.12 thousand in 2020, and is estimated to reach $229,987.00 thousand by 2030, growing at a CAGR of 6.1% from 2021 to 2030.
The animal vaccine is defined as an animal healthcare product, used to immunize domestic livestock, poultry and wild animal. It is a component of a larger field of medicine called veterinary biologics (VB). Animal vaccines are essential to enhance the welfare of the animal and reduce the monetary loss of the pet owners. Animal vaccine products help in prevention of animal diseases, increase food productivity, and avoid transmission of zoonotic and foodborne infections to humans. It aims to develop immunity in animals by stimulating the immune system with the help of either natural immunogenic components or non-pathogenic organisms. Thus, the vaccines help protect animal health by immunizing against any particular disease such as contagious, and infectious disease.
The factors that drive the growth of the India, Bangladesh, Sri Lanka, Nepal animal vaccine market include rise in the prevalence of infectious and contagious diseases in animals (mostly poultry, dogs and cats), advancements in R&D activities regarding vaccine development, and increase in number of animal population. In addition, rise in concern regarding pet health notably contributes toward the growth of the animal vaccine market. According to the Vikaspedic, a portal developed by national level initiative-India development gateway, it was observed that Foot and Mouth Disease (FMD) is the most widespread animal disease in India and assumes a position of importance in livestock sector. FMD is a highly communicable disease affecting cloven footed animals. According to the National Encyclopedia of Bangladesh, in June 2021, it was reported that around 118.9 million chicken, and 34.1 million ducks were found in Bangladesh. Furthermore, market players are focused on the development of advanced vaccine product, for animals. For instance, in May 2021, the Boehringer Ingelheim, one of the pharmaceutical company, announced the launch of Vaxxitek HVT+IBD, in India, which is a poultry vaccine used against Marek’s disease, and Infectious Bursal Disease (IBD). Furthermore, increase in incidence of pet adoption enhanced the focus on animal safety and health, thereby driving the market growth. For instance, in March 2021, the Central Zoo in Kathmandu, Nepal, announced the launch of “Adopt an Animal” campaign.
Moreover, rise in pet insurance policy and improvement in healthcare safety standard for animals are anticipated to drive the growth of the India, Bangladesh, Sri Lanka, Nepal animal vaccine market. In addition, increase in demand for animal-based foods such as meat, egg, and milk, thereby propelling the growth of the market.
Moreover, initiatives taken by governments to vaccinate dogs and increase in number of veterinary centers for vaccination are the key factors that boost the growth of the market. Furthermore, development of the animal healthcare sector and surge in awareness about the animal vaccination schedule propel the growth of the market. In addition, increase in adoption of pet animal and presence of various animal foundations fuel the market growth.
The India, Bangladesh, Sri Lanka, Nepal Animal Vaccine market is segmented on the basis of type, animal type, valence, and country. On the basis of type, the market is divided into attenuated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, recombinant vaccines, and DNA Vaccines. The attenuated vaccines segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to advancement in R&D activities in animal healthcare sector, and increase in prevalence of infectious disease in animal.
Depending on animal type, the market is classified into companion vaccine, and poultry. The poultry segment exhibited the highest growth in 2020, and this trend is expected to continue during the forecast period, owing to increase in incidence of poultry population, surge in need for milk, meat and egg, and increase in demand for animal healthcare. By valence, the market is classified into monovalent, and multivalent. The multivalent segment acquired the top position in the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in demand for polyvalent vaccine, and rise in prevalence of disease in animal.
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the India, Bangladesh, Sri Lanka, Nepal animal vaccine market. The pandemic has greatly affected veterinary revenue of hospitals and clinics, owing to decline in number of visits amid nationwide lockdowns along with changing animal healthcare approach for providing care to emergency cases and critically ill animals. A huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity for the patient diagnosed with COVID-19. Various veterinary organizations have recommended limiting patient care for acutely ill animals and emergencies, rescheduling annual exams, and elective procedures such as vaccinations. Therefore, this factor is estimated to drag the animal vaccines market growth rate over next couple of months. In addition, the pandemic has lowered the purchasing power of farm and pet owners. Moreover, several manufacturers are facing drawbacks as the market growth rate decreased from the onset of pandemic and are currently facing interruptions in supply chain activities.
Key Findings Of The Study
- By type, the attenuated vaccines segment was the highest contributor to the market in 2020.
- On the basis of animal type, the companion animals segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
- Depending on valence, the multivalent segment was the highest contributor to the market in 2020.
- Country wise, India garnered the largest revenue share in 2020, and is anticipated to grow at the highest CAGR during the forecast period.
India accounted for a majority of the India, Bangladesh, Sri Lanka, Nepal animal vaccine market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in the prevalence of infectious disease in animals such as Newcastle disease, and Marck’s disease, the presence of key players for manufacturing and developing animal vaccine, increase in number of animal population, and initiatives taken by government to vaccinate animals in the country. Bangladesh is anticipated to witness lucrative growth, owing to increase in awareness about animal vaccination, rise in the demand for pet adoption, and presence of various veterinary foundation