Plant-based Vaccines Global Market Report 2024

The plant-based vaccines market size has grown rapidly in recent years. It will grow from $1.52 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth observed in the historical period can be attributed to several factors, including traditional challenges in vaccine production, the demand for cost-effective vaccine production methods, the emergence of plant molecular farming as an innovative approach, the potential for reduced allergenicity, and applications of synthetic biology in vaccine development.

The plant-based vaccines market size is expected to see rapid growth in the next few years. It will grow to $2.5 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth in the forecast period can be attributed to factors such as increased emphasis on pandemic preparedness, global health security concerns, the expansion of vaccine applications, and the adoption of plant-based vaccines by the pharmaceutical industry. Major trends expected in the forecast period include technological advancements in plant biotechnology, a focus on environmental sustainability in vaccine production, and the integration of artificial intelligence (AI) and machine learning (ML) technologies in vaccine development processes.

The plant-based vaccine market is expected to experience significant growth due to the high prevalence of infectious diseases. Infectious diseases, caused by various germs such as bacteria, viruses, fungi, or parasites, remain a global health concern. Plant-based vaccines have emerged as secure, effective, and affordable solutions for preventing and treating various infectious diseases. For example, the World Health Organization's Global Tuberculosis Report in October 2022 revealed an estimated 10.6 million cases of tuberculosis (TB) globally, emphasizing the need for effective vaccination strategies. The plant-based vaccine market is thus being driven by the imperative to address the substantial burden of infectious diseases.

The growth of the plant-based vaccine market is further fueled by the rising demand for personalized medicine. Personalized medicine, which tailors medical treatments based on an individual's unique genetic makeup, has become a prominent approach for more effective healthcare interventions. Plant-based vaccines are integral to this personalized medicine paradigm, offering the potential for safer and more effective immunotherapies. The ability to customize vaccine components based on individual genetic profiles enhances the precision and efficacy of treatments. With 34% of new molecular entities (NMEs) approved by the Food and Drug Administration's Center for Drug Evaluation and Research in 2022 classified as personalized medicines, the demand for personalized medicine is a key driver for the plant-based vaccine market.

Government funding for vaccine development is a significant factor propelling the growth of the plant-based vaccine market. Governments worldwide are investing in vaccine development to address various health challenges, including the COVID-19 pandemic. Funding initiatives support the research, development, and production of vaccines, including plant-based options. An example is the U.S. Department of Health and Human Services introducing a $350 million initiative to enhance COVID-19 vaccine distribution, emphasizing the importance of government support in advancing vaccine development.

Product innovation is a notable trend in the plant-based vaccine market, with major companies focusing on developing groundbreaking products to maintain their market positions. In February 2022, Medicago Inc. and GSK PLC announced the approval of COVIFENZ, the first plant-based COVID-19 vaccine by Health Canada. COVIFENZ utilizes coronavirus-such as particle (CoVLP) technology, representing an innovative approach to vaccine development.

Companies in the plant-based vaccine market are also adopting advanced solutions such as plant-technology platforms to optimize scalability, enhance efficacy, and streamline manufacturing processes. Utilizing plant systems for efficient vaccine production and development, British American Tobacco launched KBio Holdings Limited (KBio) in January 2022. KBio aims to leverage its plant-based technology platform to expedite research, development, and production of novel treatments for rare and infectious diseases, showcasing the potential of plant-based production systems in terms of speed, scale-up capability, and thermostability.

Major companies operating in the plant-based vaccines market report are Sanofi Pasteur SA, GlaxoSmithKline plc., British American Tobacco PLC, ICON Plc., Agenus Inc., Medicago Inc., Panacea Biotec Limited, Creative Biolabs Inc., InVitria, Fraunhofer USA Inc., Biodextris Inc., Intravacc B.V, Avesthagen Limited, Calyxt Inc., Zyus Life Sciences Inc., Mapp Biopharmaceutical Inc., Entos Pharmaceuticals Inc., Kentucky BioProcessing Inc., Planet Biotechnology Inc., Icon Genetics GmbH, PlantForm Corporation, LenioBio GmbH, Synbiotic Health Inc., Altimmune Inc., Oramed Pharmaceuticals Inc., iBio Inc., Lumen Bioscience Inc., Baiya Phytopharm Co. Ltd., Greenovation Biotech GmbH, Pevion Biotech AG.

North America was the largest region in the plant-based vaccines market in 2023. The regions covered in the plant-based vaccines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plant-based vaccines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of plant-based vaccines include bacterial vaccines, viral vaccines, parasite vaccines, and others. Bacterial vaccines involve preparations of either dead or weakened bacteria utilized as active immunizing agents. Various plant sources, including tobacco plants, maize, and potatoes, are employed for this purpose. Plant-based vaccines find applications in addressing diseases such as influenza, Zika virus, Ebola virus, poultry diseases, and others.

The plant-based vaccines market research report is one of a series of new reports that provides plant-based vaccines market statistics, including plant-based vaccines industry global market size, regional shares, competitors with a plant-based vaccines market share, detailed plant-based vaccines market segments, market trends, and opportunities, and any further data you may need to thrive in the plant-based vaccines industry. This plant-based vaccines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plant-based vaccines market consists of sales of cholera vaccines and norovirus vaccines. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.