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Animal Vaccines Market to Hit $15B by 2030 as People Spend More on Pets

That’s compared with just over $9 billion in 2020.

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The global animal vaccines industry is likely to generate annual revenue of $15.2 billion by 2030, according to a new research report.

That’s compared with just over $9 billion in 2020, suggesting a compound annual growth rate of 5.2 percent, according to Allied Market Research, which produced the report.

Factors driving growth in the market include rising popularity of pet insurance, a rise in the prevalence of animal diseases, a surge in expenditures for animal health, and an increase in ownership of companion animals, according to the firm.

The livestock animal segment accounted for nearly two-thirds of the global animal vaccines market in 2020, and is projected to maintain its leadership status based on revenue by 2030.

However, the companion animal segment is expected to have a higher compound annual growth rate — around 5.5 percent — from 2020 to 2030.

“The increase in awareness regarding medical illnesses and ailments of companion animals and growth in animal healthcare expenditure worldwide drive the growth of the segment,” according to Allied Market Research.

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The report is called Animal Vaccines Market by Type (Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, Conjugate Vaccines, Recombinant Vaccines, and DNA Vaccines) and Animal Type (Companion Animal, Livestock Animal, and Aquaculture): Global Opportunity Analysis and Industry Forecast, 2021–2030.

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