The Latin America Veterinary/Animal Vaccines Market is poised to reach USD 0.90 Billion by 2027 from USD 0.67 Billion in 2022, at a CAGR of 6.2% during the forecast period. 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 the poultry segment. Therefore, the market has witnessed a considerable boost, especially in Latin America, where zoonotic epidemics are prevalent.
The Veterinary/Animal vaccine market has received a significant boost in the past decade, accredited to increasing husbandry practices and better management of farms. Agriculture is a substantial practice in Latin America, accounting for 11% of world food production. Therefore, the cattle and other animals are duly vaccinated, which is the prime reason for market growth in this region. Also, the Latin America Veterinary/Animal vaccines market has shown considerable progress during the past few years with the growing pet healthcare conditions. Now, most countries provide insurance for pet vaccinations, which resulted in a growth in the canine and feline vaccinations segment.
Growing prevalence of animal diseases, rising incidences of zoonotic diseases in humans are common in this region since the majority of this lies in the tropical region of the Amazon basin. Increasing investments by leading players, like Merck Animal Health acquiring Vallée, prominent in Brazil, Paraguay, and Venezuela, opens doors for their products into untapped regions. However, rising maintenance costs for the storage of vaccines and increasing adoption of a vegetarian diet in major economies due to the increased risk of obesity and other chronic diseases are key restraints of this market.
This research report on the Latin American veterinary vaccines market has been segmented and sub-segmented into the following categories:
Geographically, the Latin American animal vaccines market is projected to account for a promising share in the global market during the forecast period. The market growth in the region is expected to be fuelled by the Constant development of vaccines centers across the region and increasing pet ownership. Also, the growing number of cattle & poultry in emerging countries such as Brazil and Mexico contributes to the Latin America regional market growth. Moreover, the growing demand for animal vaccines across Latin America has led to the emergence of multiple new vaccines in the recent period.
The Brazilian veterinary vaccines market is anticipated to register a significant share with a growing CAGR during the forecast period—increasing vaccination mandates to prevent animal disease outbreaks and growing demand for livestock-related food fuels market growth. The Brazilian livestock production is projected to increase 5% due to the covid-19 pandemic. In addition, the poultry segment is anticipated to showcase a considerable share due to the country's growing production of boiler meat.
On the other hand, the Mexican animal vaccines market is expected to witness a moderate share in the coming years. Favorable reimbursement policies, increasing investment in animal healthcare, and increasing awareness about animal treatment augment the market growth. In addition, the increasing companion animal population, growing trend of animal-assisted therapies, and surge in animal healthcare expenditure are further expected to boost the market growth.
KEY MARKET PLAYERS:
Companies playing a significant role in the Latin American Veterinary Vaccines market profiled in this report 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 Health Inc., Merck & Co Inc., and Protein Sciences.
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