Aquaculture Vaccines Market Size and Regional Overview
The aquaculture vaccines market size is projected to reach US$ 0.82 billion by 2031 from US$ 0.31 billion in 2023. The market is expected to register a CAGR of 12.90% during 2023–2031. The development of novel vaccines will likely remain a key trend in the market.
Aquaculture Vaccines Market Analysis
The need for vaccinations to treat illnesses in aquaculture species will increase due to the increasing frequency of infectious diseases among aquatic animals. The market will also be supported by increased market players' initiatives, such as new product launches, the opening of new facilities, investments in new projects, and active collaboration with foreign governments. The Asia-Pacific region is anticipated to experience significant growth during the forecast period due to the region's major aquaculture-producing countries, booming aquaculture industry, and rising consumer demand. The region's need for aquaculture vaccines will increase due to these factors.
Aquaculture Vaccines Market Overview
Farmers utilize vaccinations for aquaculture to achieve high profitability due to the growing demand for food products derived from aquatic animals, such as oil, caviar, protein powders, and meat. The market is also seeing a sharp rise in demand for high-quality, sustainable, and healthful meat products that contain little to no drugs. Consuming fish frequently is strongly advised as part of a balanced diet. Fish can produce more protein using their lower feed rate since they have a higher protein content than meat from terrestrial animals and a lower feed conversion rate (FCR) than land animals.
Additionally, fish protein is low in essential amino acids and highly digestible compared to animal-sourced protein. Eating fish and shellfish can reduce the risk of arthritis, inflammation, and heart disease. Fish is considered beneficial to health primarily because it contains long-chain omega 3 (n-3) polyunsaturated fatty acids (PUFA). Furthermore, fish protein contains a large number of bioactive peptides. If these are taken in the right amounts and are bioavailable to humans, they can have many respectable effects on health. The inhibition of the renin-angiotensin-aldosterone system (RAAS) enzyme is responsible for controlling blood pressure. Other health benefits include antioxidant peptides' control of inflammation, maintenance of bone health, mental health benefits from platelet-activating factor acetyl-hydrolase inhibitory (PAF-AH) peptides and opioid peptides, and several other bioactivities. Therefore, there is a growing need for aquaculture vaccines due to the need for healthy aquatic animal breeding.
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Aquaculture Vaccines Market: Strategic Insights
Market Size Value in US$ 245.13 million in 2021 Market Size Value by US$ 569.72 million by 2028 Growth rate CAGR of 12.9% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Aquaculture Vaccines Market: Strategic Insights
| Market Size Value in | US$ 245.13 million in 2021 |
| Market Size Value by | US$ 569.72 million by 2028 |
| Growth rate | CAGR of 12.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Aquaculture Vaccines Market Drivers and Opportunities
Growing Aquaculture Industry Favors, the Market Growth
The Food and Agriculture Organization of the United Nations published a report titled "The State of World Fisheries and Aquaculture" in 2022. The report states that the number of aquatic foods consumed globally, excluding algae, has increased by more than five times compared to nearly 60 years ago. The amount of aquatic food consumed worldwide grew from 28 million tonnes in 1961 to approximately 158 million in 2019. From 1961 onward, the average annual consumption growth rate was 3.0%, while the population growth rate was 1.6%. Growing income, shifting consumer preferences, and expanding supply contribute to an increase in per capita consumption. The per capita consumption of aquatic foods in 227 countries was projected by the Food and Agriculture Organization of the United Nations in 2019. In terms of population, in 2019, the nations with lower average global consumption made up 54% of the worldwide population. With over 80 kg of aquatic food consumed annually per person, Iceland, the Faroe Islands, and the Maldives have the highest aquatic food consumption. The global average per capita consumption in 2019 was 20.5 kg. In contrast, the average weight in high-income countries was 26.5 kg, while in low-income countries it was 5.4 kg.
The aquaculture industry is expanding faster than expected due to the growing animal demand. Vaccines for aquaculture reduce the risk of infection and boost product yield. As a result, the aquaculture vaccine market is growing because of the expanding aquaculture sector.
Rising Prevalence of Infectious Diseases in Aquatic Animals Creates Significant Opportunities in the Market
According to the National Library of Medicine (NLM) research study "Prevalence of Anisakid Nematodes in Fish in China: A Systematic Review and Meta-Analysis," which was released in February 2022, anisakid nematodes were common in fish throughout China, with a pooled incidence rate of 45.5%. The highest occurrence percentage was found in fresh fish (58.1%). Anisakid nematodes were most prevalent in Eastern China (55.3%), with the East China Sea having the highest prevalence (76.8%). Data from the Aquaculture Research & Development journal indicates that from 2014 to 2018, approximately 219 cases of infectious diseases were reported in the fresh aquaculture industry. Of these, 1.83% were viral, 74.88% were parasitic, 12.80% were bacterial, and 10.50% of cases combined bacterial and parasitic illnesses. Consequently, it is anticipated that the high incidence of infectious diseases will increase demand for vaccinations, opening up profitable opportunities for the aquaculture vaccines market in the future.
Aquaculture Vaccines Market Report Segmentation Analysis
Key segments that contributed to the derivation of the aquaculture vaccines market analysis are type of vaccine, species, and route of administration.
- Based on type of vaccine, the aquaculture vaccines market is segmented into live vaccine, inactivated vaccine, and others. The inactivated vaccine segment held the most significant market share in 2023.
- By species, the market is categorized into tilapia, trout, salmon, shrimps, and others. The trout segment held the largest share of the market in 2023.
- By route of administration, the market is segmented into injection vaccines, immersion vaccines, and oral vaccines. The injection vaccines segment held the significant share of the market in 2023.
Aquaculture Vaccines Market Share Analysis by Geography
The geographic scope of the aquaculture vaccines market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The US, Canada, and Mexico comprise the three segments of the North American aquaculture vaccines market. The United States holds North America's largest share of the aquaculture vaccines market. The main drivers of market growth are the high incidence of infectious diseases in the aquaculture industry, rising production levels, and the increasing development and introduction of novel aquaculture vaccines. The United States produced 5.2 million tonnes of fish in 2018, valued at US$ 7063.5 million, according to The OECD Review of Fisheries 2020. 17% came from aquaculture and 83% from fisheries. While its value increased by 29%, the production quantity increased by 7% between 2008 and 2018.
Further, the market players accelerated the production of technologically developed products in the country. For instance, in September 2020, Virbac acquired a range of tilapia vaccines from Ictyogroup, an animal health company specializing in R&D biology. The Virbac Group received rights for distribution and market registered and autogenous vaccines worldwide. In addition to the acquisition, as mentioned earlier, the two companies have partnered for the development by Ictyogroup of new formulations and new vaccines, again for the Aqua Virbac division, tilapia, and companies in the aquaculture market. The agreement also provides for the transfer from Ictyogroup to Virbac of several employees specialized in technical marketing support and R&D biology. Thus, the growing developments by various market players in the US aquaculture industry and the factors above will boost the market for aquaculture vaccines in the US.
Aquaculture Vaccines Market Report Scope
Aquaculture Vaccines Market News and Recent Developments
The aquaculture vaccines market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the aquaculture vaccines market are listed below:
- Merck Animal Health, known as MSD Animal Health outside of the United States and Canada, a division of Merck & Co., Inc., announced that it had signed a definitive agreement to acquire the aqua business of Elanco Animal Health Incorporated for US$ 1.3 billion in cash, consisting of an innovative portfolio of medicines and vaccines, nutrition and supplements for aquatic species; two related aqua manufacturing facilities in Canada and Vietnam; as well as a research facility in Chile. The acquisition is expected to be completed by mid-year 2024, subject to approvals from regulatory authorities and other customary closing conditions. (Source: Merck Animal Health, Press Release, February 2024)
Aquaculture Vaccines Market Report Coverage and Deliverables
The “Aquaculture Vaccines Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Aquaculture vaccines market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Aquaculture vaccines market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Aquaculture vaccines market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the aquaculture vaccines market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type of Vaccine, Species, and Route of Administration
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, Chile, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, New Zealand, Norway, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to register a CAGR of 12.90% during 2023–2031.
Aqua Tactics Fish Health, HIPRA SA, Merck & Co Inc., Microsynbiotix Ltd, Indian Immunologicals Ltd, Nisseiken Co Ltd, Zoetis Inc., VETERQUIMICA SA, Phibro Animal Health Corp
The growing aquaculture industry and surging demand for aquatic animal-derived food products are key factors driving the market.
The development of novel vaccines will likely remain a key trend in the market.
North America dominated the aquaculture vaccines market in 2023
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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