The Porcine Vaccines Market is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Porcine vaccines help protect pigs against various viral and bacterial infectious diseases such as foot-and-mouth disease, swine influenza, porcine epidemic diarrhea, classical swine fever, etc. Wide availability and adoption of porcine vaccines is crucial for the food supply chain to reduce economic losses due to outbreaks of diseases in pig farms.
Market key trends:
One of the key trends driving growth of the porcine vaccines market is the increased focus on food safety. Porcine diseases can potentially spread to humans through the food supply chain. Strict regulations are in place globally to monitor and control outbreaks of infectious diseases in livestock. Regular vaccination of pigs helps maintain high standards of public health. This growing demand for ensuring safety of pork meat is estimated to boost adoption of effective porcine vaccines over the forecast period.
Porter’s Analysis
· Threat of new entrants: The porcine vaccines market poses moderate threat of new entrants due to high research and development cost for developing new vaccines.
· Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of alternative companies providing vaccines in the market.
· Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many players providing raw materials and other supplies required for vaccine production.
· Threat of new substitutes: The threat from new substitutes is low as there are limited substitutes for vaccines available.
· Competitive rivalry: High due to presence of many established players.
SWOT Analysis:
· Strength: Large product portfolio and strong brand image of major players. Technological advancements has improved effectiveness of vaccines.
· Weakness: High R&D and clinical trials cost. Risk of side effects and vaccine failure.
· Opportunity: Increasing meat consumption leading to rising demand for healthy pig population. Growth opportunities in emerging markets.
· Threats: Stringent regulatory environment. Threat from alternatives like antibiotics and growth promoters.
Key Takeaways:
The Global Porcine Vaccines Market Size is expected to witness high growth of 5.2% CAGR over the forecast period, due to increasing pork consumption globally. Asia Pacific region dominates the market owing to largest pork production in countries like China.
Regional analysis: Asia Pacific accounts for the largest share in the global porcine vaccines market due to presence of major pork producing countries like China, Vietnam, etc. in the region. China is the leading market followed by Vietnam, accounting for over 50% of the Asia Pacific market share. North America and Europe are other major markets driven by rising pork exports.
Key players operating in the porcine vaccines market are Boehringer Ingelheim International GmbH. (Germany), FORMOSA BIOMEDICAL INC. (Taiwan), Zoetis (U.S.), Dechra Pharmaceuticals PLC (U.K.), Hester Biosciences Limited. (India), Merck & Co., Inc. (U.S.), Novartis AG (Switzerland), Elanco (U.S.), Phibro Animal Health Corporation (U.S.), HIPRA, S.A (Spain), Bimeda, Inc (Ireland), Ceva (France), ARKO Laboratories (U.S.).
Read More - https://www.newsstatix.com/porcine-vaccines-market-size-and-trends-analysis/
Comments
0 comment