SAN FRANCISCO, Sept. 29, 2021 /PRNewswire/ -- The global aquaculture vaccines market size is expected to reach USD 605.4 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.4% from 2021 to 2028. The advent of vaccines for fish has significantly reduced the dependency on antimicrobial agents. Vaccination programs help in protecting the animal health and livelihoods of those who work with livestock as well as aid in ensuring food security. The development of some aquaculture sectors, such as the salmon industry in Norway, wherein fish farmers in the country moved from using antibiotics to vaccines by 1994, demonstrates the potential of vaccines in reducing the dependence on veterinary medicines.
Key Insights & Findings:
Based on product, the inactivated vaccines segment held the largest share in 2020 owing to its high acceptance globally
By route of administration, the injected segment held the largest market share in 2020 owing to its easy availability
The bacterial application segment held the largest revenue share in 2020 owing to the high prevalence of bacterial diseases in aquatic species
In 2020, Europe held the largest revenue share owing to the increasing adoption of aquaculture vaccines, especially in countries such as Norway and the U.K.
North America held the second-largest revenue share in 2020. The key driver in this regional market is the presence of major market players, especially in the U.S.
Asia Pacific is expected to witness lucrative growth over the forecast period owing to the rise in aquaculture production and favorable government initiatives, especially in developing countries
Similar to other markets, the market for aquaculture vaccines has also been significantly affected. Some of the major impacts of COVID-19 on the market include supply chain disruptions, a decline in sales, low demand, growing awareness of animal to human disease transmission risks, and operational hurdles due to changing policies and restrictions.
The growing demand for aquatic animal-derived food products, such as oil, caviar, protein powders, and meat, is encouraging farmers to use vaccinations for aquaculture to gain higher profitability. Due to the rising urbanization, consumers are becoming more aware of the nutritious value of animal protein. The demand for healthy, sustainable, and high-quality meat products that have fewer or no drugs is also increasing rapidly. Thus, the need for healthy breeding of aquatic animals is increasing, which is expected to fuel the demand for aquaculture vaccines, thereby boosting the market growth.
The market for aquaculture vaccines is fairly competitive. The most notable participants in the market are Zoetis; Merck & Co., Inc.; and Elanco, along with other manufacturers of aquaculture vaccines. These players are involved in new product launches, acquisitions, and partnerships to gain a competitive edge over each other. For instance, in July 2020, Zoetis acquired Fish Vet Group from Benchmark Holdings, PLC. This added to the company's Pharmaq business, which is involved in fish vaccines and services.
Grand View Research has segmented the global aquaculture vaccines market report on the basis of product, route of administration, application, and region:
Aquaculture Vaccines Product Outlook (Revenue, USD Million, 2016 - 2028)
Attenuated Live Vaccines
Aquaculture Vaccines Route Of Administration Outlook (Revenue, USD Million, 2016 - 2028)
Immersion & Spray
Aquaculture Vaccines Application Outlook (Revenue, USD Million, 2016 - 2028)
Aquaculture Vaccines Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players of Aquaculture Vaccines Market
Phibro Animal Health Corporation
Merck & Co., Inc.
Kyoto Biken Laboratories, Inc.
Nisseiken Co., Ltd.
Vaxxinova International BV
Check out more studies related to animal vaccine, conducted by Grand View Research:
Animal Vaccines Market – The global animal vaccines market size was valued at USD 9.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. The perpetual introduction of technologically advanced vaccines and the outbreak of livestock diseases have contributed to the changing market dynamics.
Poultry Vaccines Market – The global poultry vaccines market size was estimated at USD 2.0 billion in 2018 and is expected to exhibit a CAGR of 6.2% during the forecast period. Rising vaccination to curb avian disease outbreaks and soaring demand for poultry-related food products are primarily driving the market.
Foot & Mouth Disease Vaccine Market – The global foot and mouth disease (FMD) vaccine market size was valued at USD 1.5 billion in 2016 and is expected to grow at a CAGR of 8.1% over the forecast period. Growing livestock population and increasing demand for animal products are some of the factors contributing to the increased adoption of these vaccines globally.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.