The global Porcine Vaccines Market is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Porcine vaccines are biological therapeutics used to prevent infectious disease in pigs. They induce active immunity and help the body produce antibodies to prevent or fight infection from diseases like Porcine Circovirus, Mycoplasmal Diseases, Porcine Reproductive & Respiratory, Porcine Parvovirus and others. These vaccines are increasingly being used in pork production farms to reduce the risk of outbreaks and ensure meat safety. Growing pork consumption globally has put pressure on commercial pig farms to vaccinate animals against common diseases and increase productivity.
Market key trends:
One of the key trends driving growth in the porcine vaccines market is the rising demand for pork meat worldwide. According to data, global pork consumption increased by nearly 50% between 2000 to 2018, driven by population and economic growth in developing countries like China. This has compelled farmers to adopt improved farm management practices including immunization of pigs. Porcine vaccines help reduce mortality rates and increase productivity. Their use is expected to grow in tandem with the expanding pork industry over the forecast period.
Porter’s Analysis:
- Threat of new entrants: The threat of new entrants in the porcine vaccines market is low due to high manufacturing costs and requirement of strong know-how on animal health and vaccines.
- Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of many global and regional players operating in the market providing buyers with variety of options.
- Bargaining power of suppliers: The bargaining power of suppliers is low as the raw materials used in porcine vaccines are commodity products and suppliers do not have pricing power on buyers.
- Threat of new substitutes: There is low threat from new substitutes as vaccines are the primary choice for prevention of diseases in pigs.
- Competitive rivalry: High as the market is consolidated with few large global players.
Key Takeaways:
The Global Porcine Vaccines Market Size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing prevalence of diseases in pigs demanding prevention through vaccination.
Regional analysis: Asia Pacific dominates the global porcine vaccines market and is expected to continue its dominance over the forecast period. This is attributed to presence of large pig population and rising pig farming practices in countries like China and India.
Key players operating in the porcine vaccines market are Boehringer Ingelheim International GmbH. (Germany), FORMOSA BIOMEDICAL INC. (Taiwan), Zoetis (U.S.), Dechra Pharmaceuticals PLC (U.K.), Hester Biosciences Limited. (India), Merck & Co., Inc. (U.S.), Novartis AG (Switzerland), Elanco (U.S.), Phibro Animal Health Corporation (U.S.), HIPRA, S.A (Spain), Bimeda, Inc (Ireland), Ceva (France), ARKO Laboratories (U.S.). Key players are focused on new product launches and expansion in emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
