Companion Animal Vaccines Market will Increase at a CAGR of 6.8% during 2016-2026
The global companion animal vaccines market was valued at more than US$ 2,100 Mn in 2015 and is projected to register a CAGR of 6.8% during the forecast period. The market is expected to be valued at nearly US$ 4,500 Mn by the end of 2026.
Global Companion Animal Vaccines Market Forecast, By Species Type, 2016–2026
The Canine species segment is anticipated to register a 6.9% CAGR over the forecast period and be valued at nearly US$ 2,500 Mn by 2026 end. The Canine species segment was estimated to account for 50.9% share of the global companion animal vaccines market by 2016 end. Whereas the Avian species segment was estimated to account for 14.1% value share of the global companion animal vaccines market by 2016 end.
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Global Companion Animal Vaccines Market Attractiveness Analysis, By Species Type, 2016–2026
The Canine segment dominated the global companion animal vaccines market in revenue terms in 2016 and is projected to continue to do so throughout the forecast period. The Canine segment is the most attractive segment, recording an attractiveness index of 1.5 over the forecast period. The segment is projected to account for 51.0% value share by 2026 end. The Feline segment is expected to be the second most lucrative segment in the global companion animal vaccines market, with an attractiveness index of 1.1 during the forecast period.
Market consolidation in developed regions could ease product availability
Mergers and acquisitions are gaining a wider footprint within the global companion animal vaccines market in developed regions, which is expected to widen product availability and ease market access. For example, global veterinary product manufacturer Elanco has agreed to buy Boehringer Ingelheim Vetmedica Inc.’s U.S. companion animal vaccines business apart from Fort Dodge manufacturing facility as of October 2016. Besides strengthening Elanco’s market position in the global animal health business, the company also plans to boost vaccine research and testing in collaboration with veterinarians.
“Rising adoption of pets is fuelling the global companion animal vaccines market
Increasing humanisation of pets and adoption in developed markets such as the U.S. is driving the demand for animal vaccines. Furthermore, growing trend of using pets as a status symbol in many countries is also expected to fuel the market’s revenue growth. Pets are known to provide relief from psychological stress emanating from solitary nuclear family structures, prevalent across most developed and rapidly emerging markets. To exemplify, data from the American Pet Products Association noted that as of 2016, 70 million to 80 million dogs (approximately 37% to 47% of all households) and 74 million to 96 million cats (30% to 37% of all households) are owned in the U.S.”
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