by The Foot and Mouth Disease Vaccine market is estimated to be valued at US$ 2621.55 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Foot and mouth disease is highly contagious viral disease that affects cattle, swine, sheep, goats and other cloven-hooved animals. The disease causes acute fever and formation of blisters inside the mouth and on the feet. Foot-and-mouth disease virus (FMDV) belongs to the genus Aphthovirus, family Picornaviridae. The virus has seven serotypes namely O, A, C, SAT 1, SAT 2, SAT 3, and Asia 1 and can mutate frequently. To control the disease outbreak, vaccination is one of the effective ways which provides lifelong immunity against the specific serotype of FMDV.
Market Dynamics:
The foot and mouth disease vaccine market is driven by rising prevalence of foot-and-mouth disease in cattle population across the globe. As per World Organization for Animal Health (OIE), foot-and-mouth disease is endemic in parts of Africa, Asia, Middle East and South America. According to Food and Agriculture Organization (FAO), the global annual costs of foot-and-mouth disease are estimated between US$ 6.5 billion to US$ 21 billion including direct production losses and costs of vaccine and control programs. Moreover, increasing demand for animal protein and growing meat consumption across the world is subsequently leading to rise in cattle farming. The growing cattle population is also fueling the spread of foot-and-mouth disease, thereby increasing demand for effective vaccines. However, lack of standardized regulations for vaccine production across various countries may hinder the market growth.
SWOT Analysis:
Strengths:
1. Foot and mouth disease vaccine are very effective in preventing the virus if administered correctly.
2. Most of the vaccines provide lifelong immunity for the animals against the disease.
3. Vaccination helps to reduce economic losses in livestock farming.
Weaknesses:
1. Foot and mouth disease vaccine requires multiple doses for effective protection which increases the operational cost.
2. FMD vaccine loses its potency under adverse storage conditions especially in developing countries with hot climates.
Opportunities:
1. Rising demand for animal protein increases the need for large-scale meat production necessitating preventive vaccination programs against FMD.
2. Growing livestock industry in Asia Pacific and Africa regions offers significant market expansion opportunities.
Threats:
1. Outbreaks of new variants of FMD virus pose a challenge to develop matching vaccines.
2. Trade restrictions imposed by countries to import livestock and products from endemic regions hampers business growth.
Key Takeaways
The Global Foot And Mouth Disease Vaccine Market Size is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing demand for animal protein especially in developing countries.
Regional analysis:
Asia Pacific dominates the global FMD vaccine market and is expected to continue its dominance over the forecast period, growing at a CAGR of 10.2%. This is attributed to rising meat consumption in major markets like India and China coupled with government initiatives to curb the disease outbreaks. Europe is second fastest growing region driven by strict regulations regarding animal health in the European Union.
Key players analysis:
Key players operating in the Foot and Mouth Disease Vaccine market are Agrovet, Indian Immunologicals Ltd., MSD Animal Health, Vallee SA, Bayer HealthCare, Brilliant Bio Pharma Ltd., Intervet, Biovet, Merial, China Animal Husbandry Co., Ltd., Vetal Animal Health Products S.A.VETAL Animal Health Products, and Vecol S.A. These players are focusing on expanding their production facilities and product portfolio through mergers and acquisitions to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
