by The global Swine Fever Vaccine Market is estimated to be valued at US$ 2885.25 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Swine fever vaccine is given to pigs to protect them from hog cholera disease. It provides immunization and prevents mortality and financial losses for pig farmers.
Market key trends:
One of the major trend in the market is growing consumption of pork meat. According to data, global pork consumption has increased from 118 million metric tons in 2018 to 121 million metric tons in 2020. Rising pork meat demand is raising need for healthy pig population which is fueling adoption of swine fever vaccine in livestock industry. Increase in meat consumption in countries like China and Vietnam is anticipated to continue driving the market during forecast period.
SWOT Analysis:
- Strengths: Effective vaccination programs help prevent significant economic losses. Developing DIVA vaccines allow differentiation between infected and vaccinated animals.
- Weaknesses: High costs associated with vaccine R&D and testing. Variations in swine fever virus strains pose challenges to vaccine design.
- Opportunities: Rising prevalence of the disease worldwide creates demand. Several developing nations can be targeted for market expansion.
- Threats: Strict regulations for new vaccine approvals. Competition from alternative disease management strategies.
Key Takeaways:
The Global Swine Fever Vaccine Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of African swine fever infections worldwide. Nearly 1.5 million pigs have been culled in China since the outbreak in August 2018.
Regionally, Asia Pacific dominates the global market and is expected to continue its dominance over the forecast period. This is mainly attributed to the increasing incidence of African swine fever in various provinces of China, Vietnam and other Asian countries. Rapid industrialization of pig farming to meet the rising demand for pork in Asia is another factor fueling market growth.
Key players operating in the swine fever vaccine market are Merck & Co., Inc. (Merck Animal Health), Ceva, Zoetis Services LLC, Boehringer Ingelheim International GmbH, Indian Immunologicals Ltd., Bioveta, a.s., Komipharm, and EC21 Inc. Merck Animal Health offers vaccines such as Fostera Pork and Suvaxyn CSF Marker that offer protection against Classical Swine Fever Virus and African Swine Fever Virus.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
