April 20, 2024
Foot and Mouth Disease Vaccine Market

Foot and Mouth Disease Vaccine Market is Estimated to Witness High Growth Owing to Rising Prevalence of Foot and Mouth Diseases

The foot and mouth disease vaccine market has been gaining significant prominence over the years primarily driven by the increasing prevalence of foot and mouth diseases among livestock. Foot and mouth disease is highly contagious and affects cloven-hoofed animals including cattle, pigs, sheep, goats, deer, and buffalo. The rising demand for animal-sourced products like meat and milk has been propelling the growth of livestock farming, thus augmenting the risk of foot and mouth disease outbreaks. Moreover, foot and mouth disease can cause enormous production losses due to mortality and decrease in milk and meat yield. As a result, regular vaccination of livestock has emerged as an effective preventive measure to curb the spread of the disease.

The Global Foot And Mouth Disease Vaccine Market Share is estimated to be valued at US$ 3020.03 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period from 2024 to 2030.

Key Takeaways

Key players in Foot and Mouth Disease Vaccine Market:
Key players operating in the foot and mouth disease vaccine market are Graebel Companies, SIRVA, Relocation Management Company (RMC), Crown Worldwide, Santa Fe Group, FIDI Global Alliance, MSI Global Talent Solutions, Cartus, Atlas Van Lines, Allied Van Lines, NorthAmerican Van Lines, Arpin Van Lines, Wheaton World Wide Moving, United Van Lines, Mayflower Transit, Bekins, Beltmann Relocation Group, Corrigan Moving Systems, Clark & Reid, Eclipse Relocation.

Key opportunities in Foot and Mouth Disease Vaccine Market:
Rising livestock farming in developing economies and increasing government focus on vaccination programs are expected to create significant opportunities for players in the foot and mouth disease vaccines market over the forecast period.

Global expansion of Foot and Mouth Disease Vaccine Market:
Manufacturers are focusing on expanding their geographical footprint in high growth emerging markets of Asia Pacific, Africa, and Latin America. Moreover, companies are investing heavily in R&D to develop more effective vaccines that can protect animals from multiple serotypes of the virus.

Market drivers:
The primary driver augmenting the demand for foot and mouth disease vaccines is rising prevalence of the disease among livestock. According to sources, Asia accounts for more than 60% of all reported foot-and-mouth disease outbreaks worldwide attributing to increased growth opportunities in Asian markets. Additionally, growing awareness about economic losses due to the disease and strengthening government support for vaccination programs are further fueling market growth.

PEST Analysis
Political: Governments promote vaccine production and usage through subsidisation and awareness programs to control the spread of FMD among livestock. Various trade organisations coordinate efforts between countries.
Economic: Rising incomes and growing demand for dairy and meat products drive investment in the livestock industry and need for disease control. Vaccine manufacturers benefit from larger market size.
Social: Concerns around food safety and animal welfare increase vaccination adoption. awareness campaigns educate farmers and livestock owners on FMD prevention.
Technological: Advances in vaccine development aid mass production. Digital tools help efficient distribution and monitoring of vaccination programs.

The geographical regions with high market concentration in terms of value are North America and Western Europe. Countries like the United States, Canada, Germany, France and the United Kingdom have well-established livestock industries and vaccination programs.

The fastest growing region for the FMD vaccine market is Asia Pacific. Countries like China, India and Indonesia possess huge livestock populations and are prioritising disease control. Rising meat consumption in the region strengthens support and investment for vaccine production and usage. However, awareness and cold chain infrastructure need further development compared to developed markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it