by Market Overview
The global Poultry Vaccine Market is estimated to be valued at US$1,766.8 million in 2022 and is expected to exhibit a CAGR of 7.92% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights. Poultry vaccines are specialized products that offer protection against infectious diseases commonly found in poultry. These vaccines play a crucial role in maintaining the health and productivity of poultry, which in turn ensures a consistent supply of poultry products. The need for these vaccines arises from the high prevalence of poultry diseases, such as Newcastle disease and avian influenza, which can lead to significant economic losses in the poultry industry.
Market Key Trends
One key trend in the poultry vaccine market is the increasing adoption of advanced vaccine technologies. Traditional vaccines, such as inactivated and live attenuated vaccines, have been widely used in the poultry industry. However, advancements in biotechnology have led to the development of newer and more efficient vaccine technologies, such as DNA vaccines and recombinant vector vaccines. These technologies offer advantages such as improved safety, higher efficacy, and the ability to incorporate multiple antigens into a single vaccine. For example, Zoetis Inc. recently launched VAXXITEK HVT+IBD, a recombinant vector vaccine that provides protection against both Marek’s disease and infectious bursal disease in chickens.
Porter’s Analysis
Threat of new entrants: The poultry vaccine market has high entry barriers due to the requirement of significant investments in research and development, regulatory compliance, and manufacturing infrastructure. This limits the threat of new entrants.
Bargaining power of buyers: Buyers in the poultry industry have relatively low bargaining power as vaccines are essential for maintaining the health and productivity of their poultry farms. Moreover, established players in the market offer a wide range of product options, making it difficult for buyers to negotiate prices.
Bargaining power of suppliers: Suppliers of raw materials and manufacturing equipment to vaccine manufacturers have moderate bargaining power. Vaccine manufacturers often work with multiple suppliers to ensure a reliable supply chain and minimize the risk of disruptions.
Threat of new substitutes: There is a limited threat of new substitutes in the poultry vaccine market due to the specialized nature of these products. Vaccines provide targeted and effective protection against specific diseases, which cannot be easily replaced by other preventive methods.
Competitive rivalry: The Poultry Vaccine Market is highly competitive, with key players constantly innovating and launching new products to gain a competitive edge. The market is characterized by mergers, acquisitions, and partnerships to expand geographical reach and product portfolios.
Key Takeaways
– The global poultry vaccine market is expected to witness high growth, exhibiting a CAGR of 7.92% over the forecast period. This growth is driven by increasing awareness about poultry health, the need to prevent disease outbreaks, and the rising demand for poultry products.
– Asia-Pacific is expected to be the fastest-growing and dominating region in the poultry vaccine market. The region has a large poultry population and increasing poultry consumption, leading to a higher demand for vaccines.
– Key players operating in the global 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. These players invest in research and development activities to develop innovative vaccines and expand their market presence.
In conclusion, the growing demand for poultry products and the need to prevent disease outbreaks in the poultry industry are driving the growth of the global poultry vaccine market. The adoption of advanced vaccine technologies is a key trend in the market, offering improved efficacy and safety. With Asia-Pacific emerging as the fastest-growing region, key players are actively competing and innovating to meet the market demand.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
