Market Trends of Veterinary Vaccine Adjuvants Industry
This section covers the major market trends shaping the Veterinary Vaccine Adjuvants Market according to our research experts:
Companion Animal Segment is Expected to Witness Considerable Growth During the Forecast Period
Globally, dog and cat ownership is gaining popularity, especially after the pandemic. Owning a pet reduces blood pressure, serum triglycerides, and cholesterol levels, which consequently reduces the negative physiological impact of stress on the cardiovascular system. Deep interactions with pets have a positive impact on the release of oxytocin, one of the body's 'feel-good" neurotransmitters, which is ideally very important for social bonding. Such an increase in the rate of pet ownership across the world is expected to boost the market's growth.
The increasing animal health expenditure by owners to ensure better diagnosis and treatment and increasing pet ownership are expected to positively impact the veterinary vaccine adjuvants market. For instance, as per the report published by the European Pet Food Industry (FEDIAF) in 2021, in the European Union, around 140.0 million pets were reported (including Switzerland and Norway), of which around 64.0 million were dogs and 76.0 million were cats. It also reported that France and Germany constitute the highest pet population, i.e., around 22,600,000 and 26,400,000, respectively. The report also indicated that cats are the leading pets in the European Union. Lithuania and Estonia comprise an equal balance of dog and cat populations. Spain shows more preference toward dogs, and their pet population surpasses the cat population by 3.0 million. According to the survey conducted by the Dibevoand the Dutch Food Industry Companion Animals (NVG) in 2021, around 25.0% of households owned a cat and around 20.0% owned a dog. Aquarium fish secured the third-highest position in terms of preferred pets, with more than 7.0%. Almost half of all Dutch households own one or more pets. The total number of pets in the Netherlands is estimated to be almost 27.0 million.
Vaccination is one of the essential requirements for companion animals. Thus, the increasing number of companion animals is expected to propel the demand for vaccines, thereby boosting the veterinary vaccine adjuvants market over the forecast period.
North America is Expected to Witness Significant Share During the Forecast Period
North America is expected to witness considerable growth over the forecast period, owing to the rising adoption of companion animals, increasing pet healthcare insurance, and improved veterinary healthcare infrastructure. With the rising trends of diseases in North America, the associated use of veterinary vaccines is also increasing. For instance, as per the report published by the Government of Canada in April 2022, Bovine Spongiform Encephalopathy (BSE) is a progressive, fatal disease of the nervous system of cattle. Health Canada and the Canadian Food Inspection Agency (CFIA) responded to such challenges by developing a comprehensive set of internationally recognized, science-based measures that effectively minimize the likelihood of exposure, amplification, and spread of BSE within the cattle population and protect consumers from associated risks to human health. According to the NCBI research study published in September 2021, chronic wasting disease (CWD) is a highly prevalent prion disease affecting both wild and farmed animals and stands out for being highly contagious, widespread, and persistent in the environment and facilitating the transmission of the disease. Thus, such a high incidence of diseases is expected to propel the market's growth in North America.
Key product launches, high concentration of market players or manufacturers, acquisitions and partnerships among major players, and increasing pet ownership in the United States are some of the factors driving the growth of the veterinary vaccine adjuvants market in the country. According to the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), around 70.0% of US households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69.0 million dogs. The rising adoption of pets may drive the growth of the veterinary vaccine adjuvants market in the longer term.
