April 20, 2024
Foot and Mouth Disease Vaccine Market

Foot and Mouth Disease Vaccine Market Set for Rapid Growth by 2030 owing to growing demand for animal protein and dairy products

Foot and mouth disease (FMD) is a highly contagious viral disease affecting cloven-hoofed animals including cattle, swine, sheep, goats, deer and other domestic and wild animal species. FMD vaccine helps in the control and eventual eradication of the disease by raising the animal’s immunity against the FMD virus. Currently inactivated and live-attenuated FMD vaccines are available. FMD vaccines are generally administered once a year and the immunity lasts till 6-12 months.

The Global Foot and Mouth Disease Vaccine Market 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 operating in the Foot And Mouth Disease Vaccine Market Share are Graebel Companies, SIRVA, Relocation Management Company (RMC), Crown Worldwide, Santa Fe Group, FIDI Global Alliance, MSI Global Talent Solutions. Key players are focused on developing more effective vaccines and expanding their production facilities to cater to the growing demand.

The growing demand for animal protein and dairy products is fueling the adoption of FMD vaccines globally. Various awareness campaigns by governments and international organizations regarding the impact of FMD on livestock are also boosting market growth.

Major players are undertaking strategic collaborations and acquisitions to strengthen their presence across global markets. For instance, in 2022, Boehringer Ingelheim announced plans to expand its FMD vaccine production facility in India to meet the growing needs in Asia.

Market Key Trends
One of the key trends gaining traction in the foot and mouth disease vaccine market is the development of thermostable and multi-species vaccines. Thermostable vaccines do not require refrigeration during transportation or storage and have a longer shelf life. This makes them suitable for use in tropical countries. Similarly, multi-species vaccines provide protection against multiple strains of the virus in one shot, improving convenience and compliance. Ongoing R&D is focused on launching more efficient and affordable next-gen vaccines to control FMD on a global scale.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in this market is low due to high capital investment and established distribution networks required.

Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are few substitutes for these vaccines.

Bargaining power of suppliers: Suppliers have high bargaining power due to their patent protection and need for specialized resources to manufacture these vaccines.

Threat of new substitutes: The threat of new substitutes is moderate as new vaccines may offer better protection but will require lengthy clinical trials and approvals.

Competitive rivalry: The competitive rivalry in this market is high due to presence of large multinational players.

Geographical Regions

North America holds largest share of the foot and mouth disease vaccines market in terms value due to presence of major players and high demand for livestock protection. The United States contributes significantly to foot and mouth disease vaccines demand in the region.

Asia Pacific region is expected to exhibit fastest growth over the forecast period. Countries like India, China and others are witnessing rising demand for foot and mouth disease vaccines due to growing livestock industry. Supportive government initiatives for disease control in livestock will further boost market revenues in Asia Pacific.

Geographical Regions

South America accounts for a considerable value share of global foot and mouth disease vaccines market led by Brazil and Argentina. Growing meat consumption and rising dairy products trade are augmenting demand for effective foot and mouth disease protection in cattle rearing South American countries. Africa and Middle East regions also present lucrative opportunities for market players due to widespread livestock farming practices.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it