Business

The animal vaccine market, dominated by the top five global companies (Zoetis, Boehringer Ingelheim, Merck, Elanco, Virbac), achieves an annual revenue of over 38 trillion won. This market, largely concentrated in China and Southeast Asia, is experiencing rapid growth, with a growth rate of over 8% annually, driven by increasing consumption of animal products worldwide, expansion of livestock farming, and growth of large-scale meat processing industries. Our primary target is China, where a market of over 40 trillion won is formed, attracting competitive entries from global companies each year.

Local companies such as Golden Biotech, Zhongnong Wite, Zhongmu Industrial, Tenking Bio, and Senlan Bio are steadily growing. Among 123 vaccine-producing companies as of the second half of 2020, the preference for products by major companies, which occupy over 20% of the market, is clearly evident. However, the functionality enhancement of vaccines remains low due to issues such as the price of adjuvants among the major vaccine-selling companies.

Therefore, we aim to introduce an innovative vaccine platform into the animal vaccine market, focusing on the top five significant swine diseases (Classical swine fever, Porcine epidemic diarrhea, Porcine reproductive and respiratory syndrome, Porcine circovirus associated disease, Swine influenza) where the market size and importance are high.