Korea’s Swine Vaccine Market is expected to expand at a CAGR of around 6.0% to 7.0% CAGR between 2022 and 2032, as per Future Market Insights’ latest industry analysis. With the global swine vaccine industry anticipated to reach a massive value of US$ 2.8 billion by 2032, Korea will hold a significant share of the global industry.
Swine is essential for agricultural countries and has a significant impact on domestic and international trade. Infectious diseases not only affect the health of pigs around the world, but also the stability and production of the pig industry. Hence, increasing prevalence of swine diseases is projected to boost Korea’s swine market during the forecast period.
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Rising production and consumption of pork is another factor expected to positively influence swine vaccine sales across Korea. In recent years, Korea has become a key Asian market for pork. The country imports large quantities of swine meat from various regions of the world.
According to the Agriculture and Horticulture Development Board (AHDB), total imports of pig meat registered a year-on-year increase of 41% and reached 152,000 tonnes in Q1 2022. To reduce this dependency, the country is putting various efforts into increasing pig production. This will eventually create lucrative opportunities for swine vaccine manufacturers.
Similarly, rising focus of swineherds in enhancing immunity of their pigs and increasing efforts of pharmaceutical companies and medical institutes across Korea in developing novel swine vaccines will bode well for the market during the projection period.
Demand in the country remains high for inactivated vaccines compared to other vaccines. Inactivated vaccines provide better protection against disease than live-tempered vaccines and are inexpensive in nature. However, the recombinant vaccines segment is anticipated to expand at a robust CAGR during the forecast period.
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Key Takeaways from the Korea Swine Vaccine Market
- The worldwide swine vaccine market is set to surpass a valuation of US$ 2.8 billion by 2032.
- Korea’s swine vaccine market is anticipated to accelerate at around 6% to 7% CAGR during the forecast period.
- Korea is expected to hold a significant share of the global swine vaccine market during the projection period.
- Rising production and consumption and increasing focus on improving immunity of pigs will boost swine vaccine market across Korea.
“Rapid growth in pig farming across Korea to meet growing demand for pork will generate high demand for swine vaccines during the forecast period. Besides this, growing focus of producers in increasing immunity of their pigs to reduce the risk of disease development or acquisition will bode well for the market,” says a Future Market Insights analyst.
Competition Landscape in the Swine Vaccine Market
New product launches and approvals, strengthening distribution networks, increasing research and development activities, mergers, partnerships, and acquisitions are a few of the strategies adopted by manufacturers to increase their market share and solidify their position in the global market.
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ChoongAng Vaccine Laboratories Co., Ltd. and Zoetis are among leading swine vaccine companies in Korea.
Recent Developments
In 2021, PlatForm Corporation and POSCOI International signed a commercial agreement to bring the world’s first plant-based vaccine (HERBAVAC) for Classical Swine Fever to the global market.
Key Companies Profiled
- Merck Animal Health
- Ceva
- Zoetis
- Boehringer Ingelheim GmbH
- Elanco
- Indian Immunologicals Ltd.
- BiogénesisBagó
- Phibro Animal Health
- KM Biologics
- HIPRA
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Market Segments Covered in Swine Vaccine Market Analysis
By Type:
- Swine Influenza
- Classical Swine Fever
- Porcine Parvovirus
- Porcine Circovirus Type 2
- M.Hyo
- Actinobacillus Pleuropneumonia
- PRRS
- Foot & Mouth Disease
- Pseudorabies
- PEDV
- Other Types
By Product:
- Attenuated Live Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- DNA Vaccines
- Recombinant Vaccines
By Region type:
- North America
- Latin America
- Europe
- APAC
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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