The Global Foot and Mouth Disease Vaccine Market (Conventional Vaccine [Aluminum Hydroxide based vaccine, Oil based vaccines] and Emergency Vaccines) and by Animal Type (Cattle, Swine, Goat and Sheep, and Others) by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 1.5 billion in 2017, and is projected to exhibit a CAGR of 9.4% over the forecast period (2018 – 2026).
Foot and mouth disease is trans boundary disease that affects cattle, swine in large number and to sheep, goats and other animals in relatively smaller number. Vaccination is important, as it affects food industry economically. Infected animals cannot be slaughtered for meat, skin, and dairy products, owing to stringent regulations for food and dairy products.
FMD also affects milking quantity from infected cattle up to 80%, which shortens domestic milk supply and deters income opportunity for farmers especially in economies such as India where livestock sector contributed around 4.5% in 2015-16 through dairy and other products (As per National Dairy Development Board data) to national GDP. FMD outbreak prevention and related strategies are major factors driving growth of the FMD vaccine market.
Increasing number of livestock in different regions is increasing vulnerability for FMD outbreak. For instance, Chinese provenience of Guizhou faced FMD incidence in January 2018, which majorly affected Swine producers in region. China has high number of swine headcount and it is major consumer for pork. India has total bovine headcount of 200.3 million as per National Dairy Development Board update in June 2017, therefore it is also highly susceptible to FMD. According to statistics by Food and Agricultural Organization, in 2012, India reports economic losses of US$ 85 billion annually due to FMD outbreak, which is propelling demand for vaccination considering food security related aspect of livestock worldwide.
Government initiative to curb the FMD would be another important impetus for growth of the FMD vaccine market. United Nations (UN) announced food security as sustainable development goal number 2 in 2015 which to be achieved by 2030, majority of which could be achieved only with healthy livestock population. Indian Government launched program in 2015, to end the FMD presence in country by 2020, which involves extensive vigilance and vaccination in most vulnerable 53 districts in India and free diagnostic kit availability. South-East Asia and China FMD campaign (SEACFMD) established in 1997, are helping member economies to eradicate FMD. SEACFMDC consist of 11 members and 30% of world population with animal production that is FMD-susceptible
Key players in foot and mouth disease vaccine market are focused on expanding FMD vaccine production in order to meet the increasing demand for FMD vaccine. For instance, India Immunological Ltd started new vaccine production facility in India in 2014, especially for FMD vaccine production, which is expected to produce 360 million doses annually.
Browse 35 Market Data Tables and 30 Figures spread through 200 Pages and in-depth TOC on “Foot and Mouth Disease Vaccine Market (Conventional Vaccine [Aluminum Hydroxide based vaccine, Oil based vaccines] and Emergency Vaccines) and by Animal Type (Cattle, Swine, Goat and Sheep and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global forecast to 2026”
To know the latest trends and insights prevalent in the Foot and Mouth Disease Vaccine Market, click the link below:
Key Takeaways of the Foot and Mouth Disease Vaccine Market:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.