Veterinary Medicine Vaccines Market

The article discusses the growth trends in the global market for veterinary medicine vaccines, projecting an increase in consumption and production volumes by 2030. Key insights include the dominance of the United States, China, and Turkey in both consumption and production, as well as fluctuations in import and export volumes and prices. The data shows a steady increase in market value and volume over the last decade, with noticeable growth in certain countries like the Netherlands and Turkey. Overall, the article provides a comprehensive overview of the veterinary medicine vaccines market and its key players.

Market Forecast

Driven by increasing demand for vaccines for veterinary medicine worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market volume to 305K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.8% for the period from 2022 to 2030, which is projected to bring the market value to $27B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Vaccines For Veterinary Medicine

In 2022, the amount of vaccines for veterinary medicine consumed worldwide shrank to 226K tons, with a decrease of -6.1% against the year before. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.9% against 2020 indices. As a result, consumption attained the peak volume of 267K tons. From 2019 to 2022, the growth of the global consumption failed to regain momentum.

The global veterinary medicine vaccines market value contracted slightly to $17.2B in 2022, waning by -4.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.3% against 2020 indices. Over the period under review, the global market attained the maximum level at $20.9B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The United States (82K tons) constituted the country with the largest volume of veterinary medicine vaccines consumption, comprising approx. 36% of total volume. Moreover, veterinary medicine vaccines consumption in the United States exceeded the figures recorded by the second-largest consumer, China (37K tons), twofold. Turkey (28K tons) ranked third in terms of total consumption with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States totaled +3.4%. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+1.4% per year) and Turkey (+19.1% per year).

In value terms, the United States ($7.6B) led the market, alone. The second position in the ranking was taken by Turkey ($1.9B). It was followed by China.

In the United States, the veterinary medicine vaccines market expanded at an average annual rate of +6.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Turkey (+16.2% per year) and China (+1.8% per year).

The countries with the highest levels of veterinary medicine vaccines per capita consumption in 2022 were Turkey (322 kg per 1000 persons), the United States (245 kg per 1000 persons) and the UK (51 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +17.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Vaccines For Veterinary Medicine

In 2022, global veterinary medicine vaccines production contracted slightly to 229K tons, which is down by -2.1% against the previous year. The total output volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the production volume increased by 19%. As a result, production attained the peak volume of 260K tons. From 2019 to 2022, global production growth remained at a lower figure.

In value terms, veterinary medicine vaccines production fell to $17.5B in 2022 estimated in export price. Overall, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.8% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 24% against the previous year. Global production peaked at $21.2B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of veterinary medicine vaccines production was the United States (89K tons), accounting for 39% of total volume. Moreover, veterinary medicine vaccines production in the United States exceeded the figures recorded by the second-largest producer, China (36K tons), twofold. Turkey (27K tons) ranked third in terms of total production with a 12% share.

From 2012 to 2022, the average annual growth rate of volume in the United States totaled +2.5%. In the other countries, the average annual rates were as follows: China (+1.3% per year) and Turkey (+19.6% per year).

Imports

World Imports of Vaccines For Veterinary Medicine

In 2022, approx. 35K tons of vaccines for veterinary medicine were imported worldwide; shrinking by -12.8% against 2021. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 11% against the previous year. Global imports peaked at 40K tons in 2021, and then fell in the following year.

In value terms, veterinary medicine vaccines imports dropped to $4.5B in 2022. The total import value increased at an average annual rate of +3.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when imports increased by 15% against the previous year. Over the period under review, global imports attained the maximum at $5.1B in 2021, and then shrank in the following year.

Imports By Country

In 2022, Spain (2.1K tons), China (1.6K tons), France (1.5K tons), South Africa (1.2K tons), Vietnam (1.1K tons), Saudi Arabia (1.1K tons), Russia (1.1K tons), Austria (1K tons), Turkey (1K tons), Malaysia (0.9K tons), Thailand (0.9K tons) and the Netherlands (0.8K tons) was the main importer of vaccines for veterinary medicine in the world, comprising 40% of total import. Cambodia (773 tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Netherlands (with a CAGR of +31.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest veterinary medicine vaccines importing markets worldwide were China ($324M), Russia ($199M) and the Netherlands ($171M), with a combined 15% share of global imports.

The Netherlands, with a CAGR of +32.6%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average veterinary medicine vaccines import price stood at $129,460 per ton in 2022, with an increase of 2.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2017 when the average import price increased by 7.3% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($221,510 per ton), while Cambodia ($23,581 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Vaccines For Veterinary Medicine

In 2022, overseas shipments of vaccines for veterinary medicine increased by 14% to 38K tons, rising for the seventh year in a row after two years of decline. In general, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 17% against the previous year. As a result, the exports reached the peak of 42K tons. From 2014 to 2022, the growth of the global exports failed to regain momentum.

In value terms, veterinary medicine vaccines exports declined to $3.9B in 2022. Overall, total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +47.8% against 2015 indices. The most prominent rate of growth was recorded in 2013 with an increase of 37%. The global exports peaked at $4.2B in 2021, and then shrank in the following year.

Exports By Country

In 2022, the Netherlands (7.7K tons) and the United States (7K tons) represented the major exporters of vaccines for veterinary medicinearound the world, together committing 39% of total exports. Spain (3.9K tons) held a 10% share (based on physical terms) of total exports, which put it in second place, followed by France (7.2%) and Hungary (4.8%). The following exporters - Belgium (1.5K tons), India (1.5K tons), Italy (1.4K tons), the Czech Republic (1K tons), Russia (1K tons), South Africa (0.9K tons), Jordan (0.7K tons) and Germany (0.7K tons) - together made up 23% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Netherlands (with a CAGR of +48.9%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest veterinary medicine vaccines supplying countries worldwide were the Netherlands ($870M), the United States ($529M) and France ($521M), with a combined 49% share of global exports.

In terms of the main exporting countries, the Netherlands, with a CAGR of +41.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average veterinary medicine vaccines export price stood at $103,522 per ton in 2022, reducing by -17.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2020 when the average export price increased by 29% against the previous year. Over the period under review, the average export prices reached the peak figure at $125,624 per ton in 2021, and then declined markedly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($287,751 per ton), while Jordan ($26,721 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+4.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform