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Sheep And Goat Pox Vaccines Market 2024 - Business Opportunities, Industry Growth, Regional Analysis And Forecast To 2033
Sheep And Goat Pox Vaccines Market
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According to The Business Research Company's, The sheep and goat pox vaccine market size has grown steadily in recent years. It will grow from $55.28 billion in 2023 to $57.79 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to increased outbreaks of sheep and goat pox, government vaccination programs, advancements in veterinary medicine, high mortality rates in livestock, increased awareness among farmers, economic losses due to disease, trade restrictions on affected areas, improved diagnostic techniques, the historical prevalence of the disease, and collaboration between veterinary institutions.
The sheep and goat pox vaccine market size is expected to see steady growth in the next few years. It will grow to $69.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to the growing demand for livestock products, expanding livestock farming, government subsidies for vaccines, rising investment in veterinary research, technological advancements in vaccine production, increasing awareness of animal health, international trade agreements, climate change impacting disease patterns, the emergence of new vaccine technologies, economic growth in developing regions. Major trends in the forecast period include the development of multivalent vaccines, increasing use of recombinant vaccines, growing focus on vaccine safety, rise in public-private partnerships, expansion of veterinary vaccine market, digital tracking of vaccination programs, increased funding for animal health research, regional disease eradication initiatives, growing adoption of sustainable farming practices, enhanced regulatory frameworks for vaccines.
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Market Drivers and Trends:
The growing demand for livestock products is expected to propel the growth of the sheep and goat pox vaccines market going forward. Livestock products refer to the various goods and materials derived from domesticated animals raised in agricultural settings. The increasing demand for livestock products is driven by several factors, including income and population growth, urbanization, health concerns, changing consumer preferences, globalization and trade, and economic development. Sheep and goat pox vaccines are essential for safeguarding livestock products by preventing disease outbreaks and ensuring the health and productivity of sheep and goat populations. For instance, in February 2024, according to the Department for Environment, Food, and Rural Affairs, a UK-based government department, red meat production saw an uptick, notably with mutton and lamb production showing the largest increase at 2.9%. Moreover, the total domestic fish production in 2022 amounted to 4,182 million metric tons, slightly higher than the 4,178 million metric tons recorded in 2020. Therefore, the growing demand for livestock products is expected to propel the growth of the sheep and goat pox vaccines market.
Major companies operating in the sheep and goat pox vaccines market are developing innovative products, such as a live attenuated vaccine, to enhance disease prevention and livestock health. A live-attenuated vaccine for goat pox diseases uses a weakened form of the virus to stimulate immunity without causing the disease. For instance, in December 2021, Indian Immunologicals Ltd. (IIL), an India-based vaccine manufacturer, launched Raksha Goat Pox, a live attenuated vaccine (Uttarkashi strain) grown on Vero cell culture, to help control goat pox disease in India, which is economically significant to rural livestock growers. The primary vaccination is administered at 3 months of age, with annual revaccination, each at a dose rate of 1 ml, given subcutaneously.
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Major Key Players of the Market:
Indian Immunologicals Ltd., Kemin Industries, Bimeda Biologicals, Hester Biosciences Limited, Dollvet, MSD Animal Health, MCI Santé Animale, Creative Biolabs, Biovex Inc., Advacare Pharma, Brilliant Bio Pharma Private Limited, Intervac (PVT) Ltd., Agrinnovate India Limited, Bio-Med Pvt Limited, JOVAC, Vetal Animal Health Products, Kenya Veterinary Vaccines Production Institute, Vedall Pharma Private Limited, Farmer's Pharma Private Limited, Institute of Veterinary Biological Products
Sheep And Goat Pox Vaccines Market 2024 Key Insights:
• The sheep and goat pox vaccine market size is expected to see steady growth in the next few years. It will grow to $69.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Growing Demand For Livestock Products Fuels Sheep And Goat Pox Vaccines Market
• Innovation In the Sheep And Goat Pox Vaccines Market
• North America was the largest region in the sheep and goat pox vaccines market in 2023
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