The Foot And Mouth Disease Vaccine Market is estimated to be valued at US$ 2621.55 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Foot and mouth disease vaccine is used for controlling and preventing foot and mouth disease in livestock animals. Foot and mouth disease is a highly contagious viral disease that affects cattle, sheep, goats, pigs, and other cloven-hoofed animals. The vaccine protects animals from developing the clinical signs of the disease and reduces virus shedding from vaccinated animals. It helps boost animal production and reduces economic losses for livestock farmers.
Market key trends:
Increasing livestock farming activities globally is driving the foot and mouth disease vaccine market. Growing meat consumption along with rising per capita income is fueling the demand for livestock-based food products worldwide. According to the Food and Agriculture Organization, the livestock population is growing annually by around 1.7%. Additionally, recurring outbreaks of foot-and-mouth disease in livestock populations globally is necessitating the adoption of vaccination programs by various governments, which is positively impacting the market growth. Moreover, ongoing R&D activities for developing new vaccines with improved efficacy, cross-protection, and cost-effectiveness are estimated to offer lucrative opportunities over the forecast period.
Threat of new entrants: The threat of new entrants is low due to the high costs associated with research and development required to enter the Foot and Mouth Disease Vaccine Market. Significant capital is also required to build manufacturing facilities.
Bargaining power of buyers: The bargaining power of buyers is moderate since a few large pharmaceutical companies dominate the supply of Foot and Mouth Disease Vaccines in the market. However, buyers can choose from a variety of vaccines from different manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials and technologies required for vaccine production are available from multiple suppliers globally. However, suppliers specializing in specific raw materials may have some negotiating power.
Threat of new substitutes: There is a low threat of substitutes due to lack of alternatives for controlling and preventing Foot and Mouth Disease in cattle.
Competitive rivalry: Competition is high between major market players.
Strength: Large customer base and increasing adoption rates of Foot and Mouth Disease Vaccines by farmers and livestock owners across affected regions. Established supply chains and distribution networks of major players.
Weakness: High R&D costs and stringent regulatory norms associated with development and approval of new vaccines. Dependence on government contracts for supplies in developing nations.
Opportunity: Expanding market in developing Asian and African countries due to growing populations and increasing meat consumption. Development of thermostable vaccines reducing cold chain requirements.
Threats: Threat from new diseases emerging due to climate change and globalization of trade. Price controls and budgetary constraints in some markets.
Market size: The Global Foot And Mouth Disease Vaccine Market Size is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing meat consumption globally and outbreak control initiatives by governments.
Regional analysis: Asia Pacific dominates the global market owing to large cattle populations and regular outbreaks in countries like India, China, and Indonesia. China accounts for over 30% of the Asia Pacific Foot and Mouth Disease Vaccine Market value.
Key players: Key players operating in the Foot and Mouth Disease Vaccine market include Agrovet, Indian Immunologicals Ltd., MSD Animal Health, Vallee SA, Bayer HealthCare, Brilliant Bio Pharma Ltd., Intervet, Biovet, Merial, China Animal Husbandry Co., Ltd., Vetal Animal Health Products S.A.VETAL Animal Health Products, and Vecol S.A. Majority of supply is concentrated among top four players.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it