The market size value for veterinary vaccines, excluding foot and mouth disease, in Thailand grew from 268.32 million USD in 2013 to 421.74 million USD in 2023. Over the past decade, growth has been variable, with fluctuations indicating a dynamic market sector. Recent years, such as 2022 and 2023, exhibited a more stable increase, reflected in year-on-year growth percentages of 3.02% and 2.87% respectively. The compound annual growth rate (CAGR) for the last five years stands at 2.19%, suggesting steady expansion despite previous volatility.

Future trends to watch for:

The potential impact of emerging infectious diseases on vaccine demand.
Technological advancements leading to more efficient vaccine production.
Government regulations and policies that may affect vaccine distribution.
A growing focus on animal welfare contributing to increased vaccination rates.
Rising awareness and increasing income levels leading to increased pet ownership and veterinary care spending.