Poultry vaccine is an immunobiological veterinary product, which is used to protect and stimulate immunity in domestic poultry animals. The main types of poultry vaccines available in the market are inactivated vaccines, live attenuated vaccines, recombinant vaccines, and others. Poultry vaccines help in preventing various infectious diseases like Newcastle disease, avian influenza, Marek’s disease, infectious bronchitis, and others. The growth in demand for protein-rich animal-based food products and increasing consumption of poultry meat and eggs have augmented the growth of global poultry vaccine market.
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 key trends:
One of the key trends observed in the market is the growing investment by major companies to develop new and innovative vaccines. For instance, Zoetis in 2019 invested US$ 110 million to develop vaccines and develop its existing vaccine pipeline. Another major trend is the rising adoption of thermostable vaccines as they possess advantages like easy storage and transportation compared to conventional vaccines. The increasing consumption of antibiotic-free poultry meat due to consumer preference for natural food is also expected to fuel the demand for advanced vaccinations. In addition, growing livestock population in developing countries like India and Brazil are further likely to augment the adoption of vaccination programs for poultry, driving the market growth over the forecast period.
Threat of new entrants: Low barriers to entry in poultry vaccine market due to less regulations and capital requirements as compared to human vaccines. However, established players have advantage of vaccine formulations, branding, and distribution network.
Bargaining power of buyers: Moderate bargaining power of buyers due to availability of substitutes and vaccines from local manufacturers. However, buyers prefer quality vaccines from major players due to animal health and productivity concerns.
Bargaining power of suppliers: High dependency of manufacturers on few API suppliers increases their bargaining power. However, intellectual property on formulations balance suppliers’ power.
Threat of new substitutes: Low threat of new vaccine formulation substitutes due to stringent testing and efficacy requirements. However, alternatives like farm management practices pose competition.
Competitive rivalry: High competition due to large player base and low switching costs. Players compete on veterinary services, vaccine quality, and brand recognition.
The Global Poultry Vaccine Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing focus on animal health and consumption of chicken and egg by-products.
Regional analysis: North America dominates the market with rise in poultry farming and presence of large players. Asia Pacific exhibits fastest growth led by China and India due to increasing demand for animal proteins. China produces and consumes over half of the world’s chicken meat.
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. Key players focus on new product launches and vaccine formulations to strengthen their positions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it