Poultry vaccines refer to the vaccines administered to birds including chicken, ducks and geese among others to prevent them from various viral and bacterial diseases. Commonly used poultry vaccines include fowl pox vaccine, Newcastle disease vaccine, infectious bursal disease vaccine, avian influenza vaccine and others. These vaccines provide immunity, prevent economic losses due to mortality and increased productivity. The global poultry farming industry has been witnessing substantial growth which is anticipated to propel the demand for poultry vaccines over the forecast period.
The global Poultry Vaccine Market is estimated to be valued at US$ 1900.4 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing prevalence of various diseases among poultry breeds is estimated to offer significant growth opportunities for poultry vaccine market players. Factors such as rapid urbanization, changes in animal farming practices and climate change have increased the risks of avian diseases. According to Food and Agriculture Organization (FAO), there were over 230 avian disease outbreaks reported globally during 2018-2019 which affected over 1.3 billion poultry animals. Thus, rising threat of diseases along with growing poultry production worldwide will drive demand for effective control measures including vaccines, fueling the market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat for new entrants is low as it needs huge investments in R&D and manufacturing facilities to enter the poultry vaccine market. Also, established brands have strong relationships with poultry farmers.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of multiple established brands. However, brands try to retain farmers by providing value-added services.
Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of substitute raw materials and dominance of large buyers.
Threat of new substitutes: Threat of substitutes is low as vaccines are highly effective in preventing diseases compared to other disease prevention methods.
Competitive rivalry: The competition is high among existing players due to their capacity expansion, new product launches, and acquisition strategies.
SWOT Analysis
Strengths: High demand for poultry products and availability of advanced vaccines.
Weaknesses: High R&D costs and stringent regulations for new product approvals. Lack of awareness in developing nations.
Opportunities: Growth in emerging countries due to rising incomes. New product innovations for multiple disease protection.
Threats: Threat from alternative disease prevention methods. Political and economic instability in some regions.
Key Takeaways
The global Poultry Vaccine Market Trends is expected to witness high growth during the forecast period due to growing demand for chicken and egg consumption globally. The market size is projected to reach US$ 3000 Mn by 2030 at a CAGR of 4.2%.
North America dominates the global poultry vaccines market with over 30% revenue share. This is attributed to high poultry meat consumption and availability of advanced veterinary healthcare facilities. However, Asia Pacific is projected to grow at the fastest pace during the forecast period due to increasing poultry farming in China and India.
Key players in the poultry vaccine market are GlaxoSmithKline plc, AbbVie Inc., Merck & Co., Inc., Dr. Reddy's Laboratories Ltd., F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Cipla Inc., Aurobindo Pharma, and Gilead Sciences. These players focus on new product launches, acquisitions and geographical expansion strategies to gain market share. For instance, Merck & Co launched its new vaccine, Innovax-ND-IBD, for protection against necrotic enteritis in broiler and layer chickens in 2020.
For more insights, read- https://www.newsanalyticspro.com/poultry-vaccine-market-trends-size-and-share-analysis/
