Poultry Vaccine Market

Poultry Vaccine Market: Growing Demand for Animal Health and Welfare Drives the Market

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The global poultry vaccine market is estimated to be valued at US$1,766.8 million in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights 

Market Overview:

Poultry vaccines are biological preparations that provide active acquired immunity against poultry diseases. These vaccines offer several advantages such as prevention of disease spread, reduction in mortality rates, and improvement in overall flock health. The need for poultry vaccines arises due to the increasing demand for animal health and welfare, especially in the poultry industry. With the rising population and urbanization, the consumption of poultry products has significantly increased, leading to a surge in poultry production. This has resulted in a higher risk of disease outbreaks in poultry flocks, thereby driving the demand for poultry vaccines.

Market Key Trends:

One key trend in the poultry vaccine market is the growing adoption of live attenuated vaccines. Live attenuated vaccines are produced by reducing the virulence of pathogenic microorganisms, making them harmless or less harmful. These vaccines provide long-lasting immunity with a single dose, minimizing the need for frequent vaccinations. They also help in the reduction of antibiotic use and the development of antibiotic-resistant bacteria. The increasing awareness about the advantages of live attenuated vaccines, coupled with their cost-effectiveness, is driving their adoption in the poultry industry. This trend is expected to positively impact the growth of the poultry vaccine market over the forecast period.

Porter’s Analysis

Threat of New Entrants: The threat of new entrants in the poultry vaccine market is relatively low. This can be attributed to the high entry barriers such as stringent regulatory requirements and the need for significant investments in research and development. Furthermore, established companies in the market benefit from economies of scale, making it difficult for new players to compete effectively.

Bargaining Power of Buyers: The bargaining power of buyers in the poultry vaccine market is moderate. While buyers have the ability to switch between suppliers, the limited number of key players in the market reduces their negotiating power. Additionally, the critical nature of poultry vaccines makes buyers less price-sensitive, giving suppliers an advantage.

Bargaining Power of Suppliers: The bargaining power of suppliers in the poultry vaccine market is high. This is primarily due to the limited number of key players who dominate the market. Suppliers can exert their power by controlling the availability and pricing of vaccines. Moreover, the specialized knowledge and expertise required in vaccine development further strengthens the suppliers’ position.

Threat of New Substitutes: The threat of new substitutes in the poultry vaccine market is relatively low. Vaccines are the most effective preventive measure against infectious diseases in poultry, and there are limited alternatives available. While biosecurity measures can help reduce the spread of diseases, they cannot replace the need for vaccines.

Competitive Rivalry: The competitive rivalry in the poultry vaccine market is high. The market is characterized by intense competition among the key players, who constantly strive to gain a larger market share. Companies compete based on factors such as product efficacy, safety, cost-effectiveness, and innovative vaccine formulations.

Key Takeaways

The Global Poultry Vaccine Market Demand is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period (2023-2030). This growth can be attributed to increasing poultry production, rising concerns about zoonotic diseases, and government initiatives for the vaccination of poultry.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the poultry vaccine market. This can be attributed to the increasing demand for poultry products, rising awareness about food safety, and government initiatives to control the outbreak of avian diseases.

Key players operating in the poultry vaccine market include Zoetis Inc., Merck & Co. Inc., Elanco, Ceva Santé Animale, Boehringer Ingelheim, Biovac, Hester Biosciences Limited, Dechra Pharmaceuticals PLC, Venky’s Limited, and Phibro Animal Health Corporation, among others. These companies focus on product development, strategic partnerships, and mergers and acquisitions to strengthen their market presence and expand their product offerings.

In conclusion, the global poultry vaccine market is poised for significant growth in the coming years. Factors such as increasing poultry production, rising awareness about the importance of vaccination, and government initiatives are expected to drive the market. However, the market is highly competitive, with key players vying for a larger market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it