The global Swine Fever Vaccine Market is estimated to be valued at US$ 2885.25 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Swine fever vaccine helps in preventing swine fever virus infection in swine. Swine fever causes substantial economic losses to pig farmers and pork processing industry. The vaccine stimulates the immune system to produce antibodies that prevent infection and disease if exposed to swine fever virus. Manufacturers are focusing on development of affordable and effective swine fever vaccines to minimize the economic impact of the disease.
Market key trends:
One of the key trends in the market is increasing prevalence of swine fever worldwide. According to Agriculture Organisation for Animal Health, swine fever outbreaks were reported in various countries including China, Romania and North Korea during 2018-2020, resulting in culling of over 4 million pigs. This is prompting governments and animal health organisations to focus on prevention through vaccination. Another trend is rising adoption of modern farming technologies. Adoption of vaccination programs on large commercial farms is driving the demand for swine fever vaccines. Furthermore, increasing pork consumption globally is augmenting the growth of swine industry and demand for associated vaccines.
Porter’s Analysis:
- Threat of new entrants: The threat of new entrants in the swine fever vaccine market is low as significant capital investment is required for R&D and production. Also, established players have strong brand names and distribution networks.
- Bargaining power of buyers: The bargaining power of buyers is moderate as swine fever vaccine is a necessity. However, buyers can negotiate on price and switching to substitute products.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are a limited number of suppliers for raw materials. However, easy availability of substitutes keeps their bargaining power in check.
- Threat of new substitutes: The threat of new substitutes is low as swine fever vaccine is essential with no close substitute. However, ongoing R&D for new alternatives poses a potential threat.
- Competitive rivalry: The competitive rivalry is high among key players to gain higher market share through product launches, partnerships, and expansion.
Key Takeaways:
The Global Swine Fever Vaccine Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of disease outbreaks. Asia Pacific dominates the market owing to the large pork consumption and high disease incidence in China and Vietnam.
Regional analysis:
Asia Pacific accounts for the largest share in the global swine fever vaccine market due to the increasing pork consumption, presence of key players, and high prevalence of African swine fever outbreaks in countries like China and Vietnam. China is the fastest growing market in the region.
Key players:
Key players operating in the swine fever vaccine market are Merck & Co., Inc. (Merck Animal Health), Ceva, Zoetis Services LLC, Boehringer Ingelheim International GmbH, Indian Immunologicals Ltd., Bioveta, a.s., Komipharm, and EC21 Inc. Merck & Co., Inc. dominates the market with its diver product portfolio and widespread distribution channels.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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