Poultry Vaccine Market Is Estimated To Witness High Growth Owing To Increasing Demand For Protein Rich Food

Market Overview:
Poultry vaccines products are used to immunize poultry including chicken, turkey, duck and others against various viral and bacterial diseases. The major diseases targeted by poultry vaccines are New Castle disease, Marek's disease, Infectious Bronchitis and Salmonella. Poultry vaccines help maintain the health of poultry and increase productivity by reducing production losses associated with diseases.

The Poultry Vaccine market is estimated to be valued at US$ 1,900.4 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing demand for protein rich animal food especially meat is a major driver fueling growth of global poultry vaccine market. According to data by Organization for Economic Co-operation and Development (OECD), annual per capita meat consumption from poultry in African countries increased from 3.7 kg in 2000 to 6.4 kg in 2019. The increasing meat consumption has led to growth in poultry production which in turn supports demand for poultry vaccines to prevent spread of diseases and increase productivity. Moreover, advancements in vaccine formulations to provide improved efficacy and onset of immunity with a single dose administration also supports market growth. However, high costs associated with vaccine research and development as well as stringent regulatory framework for approval of new poultry vaccines restrains market growth.

SWOT Analysis
Strength: The poultry vaccine market has strong research and development capacities, which allow manufacturers to develop advanced vaccines. Several companies are also engaged in strategic collaborations to develop and commercialize new products. Furthermore, increased awareness about zoonotic diseases has boosted the demand for poultry vaccines.

Weakness: High capital investment requirements for setting up manufacturing facilities pose challenges for new entrants. Vaccine failures and lack of standardization also limit the growth of the market.

Opportunity: Untapped growth potential in developing nations presents lucrative opportunities for players. Growing consumption of poultry meat and eggs also drives the need for preventive healthcare of poultry.

Threats: Rising competition from alternative animal health products and stringent regulations for new vaccine approvals are major threats. Trade restrictions also affect the availability of vaccines.

Key Takeaways:
The Global Poultry Vaccine Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing consumption of poultry meat and eggs. Rising awareness about food safety has compelled poultry farmers to adopt preventive healthcare measures.

Regional analysis
North America dominated the global poultry vaccine market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to increasing poultry production, robust research funding, and frequent disease outbreaks in the region. However, Asia Pacific is projected to witness the highest growth during the analysis period owing to growing meat consumption, rising living standards, and efforts by governments to modernize poultry farming.

Key players operating in the poultry vaccine market are Zoetis Inc., Merck & Co. Inc., Elanco, Ceva Sant Animale, Boehringer Ingelheim, Biovac, Hester Biosciences Limited, Dechra Pharmaceuticals PLC, Venkys Limited, and Phibro Animal Health Corporation, among others. They are focusing on new product launches and expansion strategies to consolidate their market position.