Veterinary Vaccines Market by Type (Live, Inactive, Recombinant) Animal (Livestock [Ruminant, Poultry, Pig], Companion [Dog, Cat]) Administration Route (Oral, Parenteral, Nasal) Distribution Channel (Hospital & Clinic, Pharmacy) - Global Forecast to 2030

The Veterinary Vaccines Market is expected to record a CAGR of 6.1% from 2024 to 2030, reaching $11.13 billion by 2030. Veterinary vaccines are integral to the veterinary healthcare industry as they help prevent diseases and their spread. They also reduce the risk of transmission of infections from household pets to their owners. Several types of vaccines, such as live attenuated, inactive, recombinant, and other vaccines, are used to immunize livestock and companion animals. The most preferred administration route for animal vaccines is parenteral, as animals are reluctant to take medications, including vaccines.

The growth of this market is driven by the increasing livestock population, growing pet adoption, increasing prevalence of diseases in animals, and growing demand for animal-derived food products. Additionally, increasing awareness regarding animal health and growing expenditure on animal health and pet insurance are expected to create growth opportunities for the stakeholders in this market. However, the high cost of manufacturing and vaccine storage restrain the growth of this market. Low awareness regarding animal health in developing countries is a major challenge to market growth.

Rising Demand for Animal-derived Food Products to Drive the Market

The demand for animal-derived food products, namely meat, milk, and eggs, has increased. The consumption of animal-derived foods is increasing due to decreasing agricultural productivity on account of shrinking resources and reduced availability of cultivable land. Foods derived from animals are a major source of protein, and a protein-rich diet is essential to leading a healthy life.

Consumption of animal proteins is stable (around 44 to 55 g/capita/day) in developed countries, while consumption is increasing in developing countries. For instance, in 2020, the U.S. accounted for approximately 21% of global beef consumption. In 2020, beef and veal consumption in Asia reached 19,656.46 thousand tons, which is expected to increase to 21,467.08 thousand tons by 2026 (Source: OECD FAO). Farmers are expected to increase livestock production to meet the increasing demand for animal-derived foods. Increased livestock production will encourage the adoption of vaccines for animals. The use of vaccines can help ensure the safety and quality of animal-derived food products by preventing the spread of diseases. This is one of the major factors driving the market growth.

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Growing Expenditure on Animal Health and Pet Insurance Provides Opportunities for the Players Operating in the Market

Global veterinary healthcare expenditure has increased over the years. People are willing to spend substantial money on caring for their pets. According to the American Pet Products Association, people in the U.S. spent approximately USD 90.5 billion on their pets in 2018, which increased to USD 136.8 billion in 2022. Veterinary care (including vaccines) and product sales accounted for USD 35.9 billion in 2022, an increase of 4.7% compared to 2021.

Moreover, according to the North American Pet Health Insurance Association (NAPHIA), the pet health insurance sector in the U.S. and Canada registered a combined gross written premium of USD 3.51 billion in 2020, up 23.5% from USD 2.84 billion in 2021. The total number of pets insured reached 5.36 million in 2022, an increase of 21.7% from 4.4 million in 2021.

Furthermore, there was a rise in pet adoption in Australia. According to Animal Medicines Australia, pet ownership in Australia increased to 68.7% of households having pets in 2022 from 61% in 2019. This increase led to a rise in pet-related expenditures & adoption of pet insurance in Australia. For instance, total expenditure on pet health increased to USD 33.2 billion in 2022 from USD 13 billion in 2019 annually. In 2022, veterinary services, including routine vaccinations, increased to USD 4.7 billion in 2022 compared to USD 2.6 billion in 2019.

The growing expenditure on pet health and veterinary services and growing adoption of pet insurance is expected to increase the utilization of routine vaccinations, providing an opportunity for the players operating in the veterinary vaccines market.

Key Findings of the Veterinary Vaccines Market Study:

The Live Attenuated Vaccines Segment to Dominate the Veterinary Vaccines Market in 2024

Live attenuated vaccines use weakened or dormant organisms, which help create a blueprint to fight the infections against the disease by initiating cell-mediated immune responses. Live attenuated vaccines are very effective in dangerous and deadly diseases in animals. Live attenuated vaccines imitate the natural infections they can help prevent, creating a strong and long-lasting immune response. Thus, a higher preference for live attenuated vaccines supports its largest share.

The Livestock Segment to Account for the Largest Market Share in 2024

The factors contributing to the segment’s large share are the large population of poultry and farm animals in developed and developing countries, high awareness regarding animal health amongst farmers in developed countries, and the growing demand for animal-derived food products globally. There has been a growing demand for animal-derived food products globally. To ensure good quality, disease food products, vaccinations play a crucial role in keeping farm animals healthy and disease-free preventing loss to farmers. The demand for animal-derived foods, such as meat, milk products, and eggs, has increased recently. According to the Food and Agriculture Organization of the United Nations (FAO), feeding the world population (7.9 billion) would require raising overall agri-food production by 50–70%, and global poultry meat consumption is expected to increase from 3,818.60 thousand tonnes in 2020 to 5,134.81 thousand tonnes in 2030.

Parenteral Segment to Account for the Largest Market Share in 2024

The segment's large share is attributed to the animals’ especially pets’ reluctance towards oral vaccines and easy and high vaccine absorption through the intramuscular route. Muscle tissues have a generous blood supply; therefore, the vaccines administered are readily absorbed into the bloodstream.

Hospitals & Clinics Segment to Account for the Largest Market Share in 2024

The segment's large share is attributed to animal owners' high preference for hospitals & clinics, easy accessibility, and the growing burden of diseases in animals. To control and prevent the growing incidence of zoonotic diseases and prevent the deterioration of animal health by disease infections, vaccines play a crucial role. Veterinarians in hospitals and clinics are highly skilled, and the vaccines must be administered only by licensed professionals. Veterinary hospitals and clinics provide animal vaccination services, as vaccines should be administered in certain periods.

Asia-Pacific to Be the Fastest-Growing Regional Market

In 2024, North America is expected to dominate the veterinary vaccines market, while Asia-Pacific is expected to record the highest CAGR during the forecast period. The high growth of the Asia-Pacific veterinary vaccines market is attributed to the growing population of pet animals, growing demand and consumption of animal-derived food proteins, presence of large exporters of animal products, government initiatives to improve agricultural and animal husbandry outcomes, and the rising incidence of various zoonotic diseases in the region.

Key Players

The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presence, and key strategic developments adopted by leading market players in this market in the last three to four years. The key players profiled in the veterinary vaccines market are Zoetis Inc. (U.S.), Virbac (France), Ceva Santé Animale (France), Boehringer Ingelheim International GmbH (Germany), Phibro Animal Health Corporation (U.S.), Merck & Co., Inc (U.S.), Elanco Animal Health Inc. (U.S.), Vetoquinol (France), Neogen Corporation (U.S.), and Indian Immunologicals Ltd. (India).

Scope of the Report:

Veterinary Vaccines Market Assessment, by Type

• Live Attenuated Vaccines
• Inactive Vaccines
• Recombinant Vaccines
• Other Vaccines
  (Note: Other vaccines include Gene deleted, virus vector, subunit, DNA Plasmid, and Toxoid)

Veterinary Vaccines Market Assessment, by Animal Type

• Livestock
  • Ruminants
  • Poultry
  • Porcine
  • Other Livestock
    (Note: Other livestock include zoo animals, horses, and camels)
• Companion Animals
  • Canine
  • Feline
  • Other Companion Animals
    (Note: Other Companion animals segment covers rabbits, guinea pigs, fish, and other small animals).

Veterinary Vaccines Market Assessment, by Administration Route

• Parenteral
• Oral
• Intranasal

Veterinary Vaccines Market Assessment, by Distribution Channel

• Veterinary Hospitals & Clinics
• Pharmacies
• Mobile Veterinary Units

Veterinary Vaccines Market Assessment, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Rest of APAC (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America (RoLATAM)
• Middle East & Africa

Key Questions Answered in the Report: