The Fish Vaccine market is estimated to be valued at US$ 265.4 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fish vaccines are used for the prevention of infectious diseases in fish farming and aquaculture. They help boost fish production and protect farmed fish from pathogens. Common diseases for which vaccines are available include Viral Hemorrhagic Septicemia (VHS), Infectious Hematopoietic Necrosis (IHN), Yersiniosis, Aeromonosis, and Enteric Septicemia of Catfish. Vaccines are delivered through injection, immersion, or oral administration depending on the specific vaccine.
Market Dynamics:
The rising demand for seafood, growing commercial aquaculture industry, and growing fish farming globally are key drivers propelling the growth of the fish vaccine market. Commercial aquaculture production is increasing worldwide to meet the rising demand for seafood. According to the UN’s Food and Agriculture Organization, aquaculture production grew by over 35% from 2012 to 2018 globally. The increasing fish farming activities will necessitate preventive measures to protect farmed fish from infectious diseases, thereby boosting demand for fish vaccines. Furthermore, increasing R&D efforts by biotechnology companies for development of advanced and effective vaccines is also fueling market growth. However, stringent regulations for the approval of new fish vaccines and the high costs associated with vaccines development may restrain the market to a certain extent.
SWOT Analysis
Strength:
– Fish vaccine helps prevent disease outbreaks and improves fish yield, reducing production losses.
– Technological advancements in vaccine development have improved vaccine efficacy and safety.
– Growing aquaculture industry contributes to market growth through increased demand.
Weakness:
– High development and production costs associated with fish vaccines make them expensive.
– Ensuring cold storage and transportation conditions for some vaccines is challenging.
Opportunity:
– Untapped growth potential in Asian and Latin American markets provides lucrative opportunities.
– Development of novel vaccines against emerging pathogens presents opportunities.
Threats:
– Stringent regulatory pathways for approval delays market entry of new vaccines.
– Alternative disease control methods like probiotics pose competitive threats.
Key Takeaways
The Fish Vaccine Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing fish farming and threat of disease outbreaks. The market size for 2023 is US$ 265.4 Mn.
Regional analysis:
Asia Pacific dominates the global fish vaccine market accounting for over 35% of the global share in 2023, led by countries like China, India, Vietnam, Bangladesh, and Indonesia. This is attributed to large aquaculture industries and increasing demand for safe and quality fish products in these nations. Europe and North America are other major contributors to market growth due to stringent regulations regarding aquaculture products.
Key players:
Key players operating in the fish vaccine market are HIPRA, VETERQUIMICA SA, Ictyogroup, Kyoto Biken Laboratories, Inc., Vaxxinova International BV, Barramundi Group, Merck & Co., Inc., Zoetis Inc., KBNP, INC., Aqua Vet S.A., and NISSEIKEN CO., LTD. These top players account for over 60% of the global market share. Merck and Zoetis are focused on expansions in Asia to tap market potential.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it