The Latin America animal vaccines market is poised to reach $726.87 Million by 2020 from $538.06 Million in 2015, at a CAGR of 6.2%. The veterinary vaccines market has seen significant growth over the past few years, due to fear of imminent epidemics that have led to substantial losses particularly in poultry segment. Especially in Latin America, where the zoonotic epidemics are prevalent the market has been witnessing a substantial boost.
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Veterinary vaccine market has received a significant boost in the past decade which can be accredited to increasing husbandry practices and better management of farms. Agriculture is a major practice in Latin America accounting for 11% of world food production. The cattle and other animals related with this are duly vaccinated which is the prime reason for market growth in this region. Also the Latin America veterinary vaccines market has shown considerable progress during the past few years with the growing pet healthcare conditions. Now, majority of countries provide insurance for pet vaccinations which resulted in a growth in canine and feline vaccinations segment.
Growing prevalence of animal diseases, rising incidences of zoonotic diseases in humans are common in this region since majority if this lies in the tropical region of Amazon basin. Increasing investments by leading players, like Merck Animal Health acquiring Vallée which is prominent in Brazil, Paraguay, Venezuela opens doors for their products into untapped regions. However, rising maintenance costs for the storage of vaccines, increasing adoption of vegetarian diet in major economies owing to increasing risk of obesity and other chronic diseases are key restraints of this market.
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The Latin America veterinary vaccines market has been categorized as livestock animals and companion animals’ vaccines. The livestock vaccines segment has been further segmented into five categories namely, bovine, porcine, ovine, poultry and equine. The bovine vaccines sub-segment accounted for the largest share (in terms of revenue), followed by porcine. The companion animal vaccines segment has also been further categorized into feline and canine vaccines. Similarly, the canine vaccines segment accounted for a slightly larger share (in terms of revenue) than the feline vaccines segment, due to higher average cost allied with canine vaccination. In addition, based on production technologies the market is segmented as live attenuated vaccines, inactivated vaccines, recombinant vaccines, toxoid vaccines, subunit vaccines, DNA vaccines and conjugate vaccines. Furthermore, based on geography the Latin America market is analysed under various regions namely, Brazil, Argentina and Mexico.
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Some of the key players influencing the market are Bayer HealthCare AG, Bioniche Animal Health Canada, Sanofi Animal Health, Inc., Biogenesis Bago SA, Heska Corporation, Indian Immunologicals Ltd., Boehringer Ingelheim GmbH, Zoetis, Novartis Animal Heath, Inc., Merck & Co. Inc, and Protein Sciences.
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