Albany - NY, Oct. 21, 2015 (GLOBE NEWSWIRE) -- As per a recent market study published by Transparency Market Research (TMR), the global foot and mouth diseases vaccines market is forecast to progress at a CAGR of 8.8% from 2014 to 2020. TMR, a market intelligence company based in the U.S., projects the FMD vaccines market to reach US$0.95 billion by 2020, growing from US$0.51 billion in 2013.The report, titled "Foot and Mouth Disease Vaccines Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", is available for sale on the company website.
Browse the full Foot and Mouth Disease Vaccines Market (Types- Conventional (Aluminum Hydroxide/Saponin and Oil Based Vaccines) and Emergency Vaccines; Application- Cattle, Pigs, Sheep and Goat and Others - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 report at http://www.transparencymarketresearch.com/foot-mouth-disease-vaccines.html
The increasing frequency of foot and mouth disease outbreaks in livestock, which significantly affects the dairy and meat industries of an economy, means that these two industries are gearing up towards widespread use of FMD vaccines. Hence, government-led initiatives in foot and mouth disease endemic countries towards creating awareness about the disease and routine vaccination of livestock and efforts to eradicate the disease are propelling the global FMD vaccines market.On the contrary, several governments are involved in the purchase of FMD vaccines, which will lead to a dip in cost and will have an unfavorable impact on the growth of the global FMD vaccines market, as stated in the study.
FMD is caused by seven strains of Aphthoviruses and the current vaccines are only suitable for specific serotypes. Hence, unpredictable serotype outbreaks can inhibit the growth of the global FMD vaccines market, as added by the report.For the purpose of the study, the report segments the global foot and mouth disease vaccines market on the basis of types of vaccines, applications, and geography. In 2013, oil-based vaccines, which are a sub-segment of conventional vaccines, accounted for 63% of the total market owing to its high efficacy, as examined in the research report.Application-wise, the TMR study divides the global FMD vaccines market into cattle, sheep and goats, pigs, and others. Rise in the cattle sector in order to meet the growing demand for animal proteins such as meat and milk led to the cattle application segment of the market holding the largest market share in 2013 and is anticipated to further drive the segment in the forecast period, as per analysts.
Additionally, religious prohibitions to the consumption of pork in the Middle East will further help boost the cattle applications segment of the global foot and mouth disease vaccines market. In terms of geography, Asia Pacific leads the global FMD vaccines market, accounting for a 70% share owing to the presence of FMD endemic countries such as India, South Korea, Bangladesh, China, Hong Kong, and Pakistan. Going ahead regionally, North America and Europe, and Australia and New Zealand in Asia Pacific are free of FMD and hence will have negligible impact on the global market for FMD vaccines.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research