by Plant-based vaccines or plant-made vaccines are vaccines produced in plants, like tobacco and algae, instead of traditional methods like eggs or mammalian cell cultures. These plant-based vaccines help to overcome limitations like scalability, cost of production and cold chain requirements of traditional methods. The growing vegan and vegetarian population has increased the demand for plant-based alternatives to animal-derived vaccines, driving the growth of the plant-based vaccines market.
The global Plant-based Vaccines Market is estimated to be valued at US$ 98.19 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for vegan vaccine alternatives is one of the major trends propelling the growth of the plant-based vaccines market. Companies are focusing on developing plant-based vaccines to cater to the burgeoning vegetarian and vegan demographic. For instance, Medicago Inc. is developing a COVID-19 vaccine candidate using virus-like particles grown in Nicotiana benthamiana, a relative of the tobacco plant. This plant-made vaccine is being developed as a non-animal and vegan alternative to cater to the needs of the growing vegan population worldwide.
SWOT Analysis
Strength: Plant-based vaccines benefit from lower costs of production, stabilization and delivery compared to traditional vaccines. They can help address vaccine shortages and expand access to vaccines globally.
Weakness: Challenges in developing viable plant expression systems and extraction methods to derive vaccines of sufficient purity, quantity and immunogenicity. Regulatory acceptance of new plant-made vaccine candidates may take significant time and resources to obtain.
Opportunity: Expanding into new disease areas where vaccine development can help address unmet medical needs. Increasing R&D collaborations with drug developers and governments to accelerate development and uptake of new plant-based vaccines.
Threats: Slow regulatory approvals and acceptance of new technologies may limit rapid commercialization potential. Established traditional vaccine manufacturing infrastructure remains dominant which plants-based vaccines need to compete with.
Key Takeaways
The Global Plant-Based Vaccines Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Plant-based Vaccines Market is estimated to be valued at US$ 98.19 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030.
North America currently dominates the market due to presence of major players and increasing research activity in the region. However, Asia Pacific is expected to witness fastest growth due to rising biopharmaceutical industry, low manufacturing costs and growing patient population.
Key players operating in the plant-based vaccines market are Medicago, Inc., IBIO, Inc., Icon Genetics GmbH, Lumen Bioscience, Inc., British American Tobacco Plc., Creative Biolabs, Inc., Leaf Expression Systems Ltd., ZYUS Life Sciences Inc., PlantForm Corporation, and Infectious Disease Research Institute (IDRI). These players are focusing on expanding their product portfolios and global presence through collaborations and partnerships in different geographies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
