The global aquaculture vaccines market growth is driven by surging demand for aquatic animal-derived food products, growing aquaculture industry and development of novel vaccines.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Aquaculture Vaccines Market Size, Share, Growth, Trend and Global Forecast to 2028 – COVID-19 Impact and Global Analysis By Type of Vaccine (Live Vaccine, Inactivated Vaccine, and Others), Species (Tilapia, Trout, Salmon, Shrimps, and Others), and Route of Administration (Injection Vaccines, Immersion Vaccines, and Oral Vaccines)”, the global aquaculture vaccines market size to grow at a CAGR of 12.9% from 2022 to 2028, it is expected to grow from USD 245.13 million in 2021 to USD 569.72 million by 2028.
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Global Aquaculture Vaccines Market – Report Scope:
|Market Size Value in||USD 245.13 Million in 2021|
|Market Size Value by||USD 569.72 Million by 2028|
|Growth rate||CAGR of 12.9% from 2022 to 2028|
|No. of Pages||190|
|No. of Tables||96|
|No. of Charts & Figures||77|
|Historical data available||Yes|
|Segments covered||Type of Vaccine, Species, and Route of Administration|
Global Aquaculture Vaccines Market: Competitive Landscape and Key Developments
AquaTactics Fish Health, HIPRA SA, Merck & Co Inc, Microsynbiotix Ltd, Indian Immunologicals Ltd, Nisseiken Co Ltd, Zoetis Inc, VETERQUIMICA SA, Phibro Animal Health Corp, and Elanco Animal Health Inc are among the leading companies operating in the global aquaculture vaccines market. These players are focusing on expanding and diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.
On April 27, 2021, ICAR launched CIBA-Nodavac-R to combat VNN that affects many marines, brackishwater, and freshwater fishes, causing up to 100% mortality in larval and early juvenile stages. Red-spotted grouper nervous necrosis virus (RGNNV) is the only genotype prevalent in India and most other tropical countries. The disease is transmitted vertically and horizontally. CIBA-Nodavac-R is an injectable recombinant VNN vaccine that can effectively prevent VNN caused by RGNNV in fingerlings and prevent vertical transmission in brooders.
In January 2022, Benchmark Animal Health and Cermaq Group AS received US$ 0.43 million from the Research Council of Norway to support a collaborative research project to develop a vaccine against salmon diseases caused by Tenacibaculum bacteria.
In October 2021, a professor from Sylhet Agriculture University (SAU), Bangladesh, developed an oral vaccine for fish that can protect various fish species from bacterial diseases and boost their production. The vaccine can be given to the fish after mixing it with their feed.
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Growing Aquaculture Industry Bolsters Overall Global Aquaculture Vaccines Market Growth:
According to the data in a report titled “The State of World Fisheries and Aquaculture” published by the Food and Agriculture Organization of the United Nations in 2022, global consumption of aquatic foods, excluding algae, has increased by more than five times the quantity consumed nearly 60 years ago. Aquatic food consumption worldwide increased from 28 metric tons in 1961 to ~158 metric tons in 2019. The consumption increased at an average annual rate of 3.0 % from 1961, compared with a population growth rate of 1.6 %. Per capita consumption is rising due to increasing supplies, changing consumer preferences, and growing income. In 2019, the Food and Agriculture Organization of the United Nations estimated the per capita consumption of aquatic foods for 227 countries.
Regarding population, the countries consuming less than the world average accounted for 54 % of the world population in 2019. Aquatic food consumption is highest in Iceland, the Faroe Islands, and the Maldives, which consume over 80 kg of aquatic foods per capita per year. In 2019, the average per capita consumption across the world was 20.5 kg. This differed from an average of 5.4 kg in low-income countries to 26.5 kg in high-income countries. The rising consumption of aquatic animals is expediting the growth of the aquaculture industry. Aquaculture vaccines lower the chance of infection and increase the yield of products. Therefore, the growing aquaculture industry fuels the growth of the aquaculture vaccines market.
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Aquaculture Vaccines Market: Segmental Overview
Based on type of vaccine, the global aquaculture vaccines market is segmented into live vaccines, inactivated vaccines, and oral vaccines. The inactivated vaccines segment held the largest market share in 2021. However, the live vaccines segment is anticipated to register the highest CAGR during the forecast period. The inactivated vaccine is prepared by physical or chemical treatment of the pathogen so that the organisms become inactive (loses replication capability) but maintain their immunogenicity.
The growth of the market is attributed to the growing aquaculture industry and the surging demand for aquatic animal-derived food products. However, strict regulatory policies for the approval of vaccines and the high cost of vaccines are hampering the market growth.
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