Global Aquaculture Vaccine Market

Aquaculture Vaccine Market Size, Share, Growth Analysis, By Product(Attenuated Live Vaccines, Inactivated Vaccines), By Application(bacterial infections, viral infections), By Route of administration(injection, immersion) - Industry Forecast 2024-2031

Report ID: SQMIG35J2053 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 94 | Figures: 76

Aquaculture Vaccine Market Regional Insights

In terms of revenue, Europe held the largest market share of more than 25.0% in 2021. Owing to stimulating efforts made by the public and corporate sectors, Europe currently controls the aquaculture vaccines market. The growing human concern about the occurrence of antimicrobial resistance will also contribute to the market expansion for aquaculture vaccines in the area over the course of the forecast year. The use of autogenous vaccinations is governed by clear regulations provided by the Norwegian Medicines Agency. Additionally, autogenous vaccinations should only be used when commercial vaccines are unavailable or do not provide adequate protection. Under the 7th Framework Program, the European Commission funded a significant cooperative initiative to support the aquaculture industry.

The aquaculture vaccines market is anticipated to have considerable expansion as consumer demand increases in Asia Pacific. Furthermore, it is expected that in the next few years, the aquaculture vaccines market would rise significantly in the area due to the expansion of the aquaculture sector and supporting government efforts.

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Aquaculture Vaccine Market size was valued at USD 199.63 million in 2019 and is poised to grow from USD 214.6 million in 2023 to USD 384.64 million by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).

To stay competitive, vendors make investments in new product launches, geographic expansions, alliances, and acquisitions. Given the large number of startups looking for possibilities in this industry, the market is anticipated to grow extremely competitive. For instance, Elanco relocated its worldwide headquarters to Indiana, United States, in December 2020. The company's Innovation, Portfolio, & Productivity (IPP) strategy was strengthened by this, and it assisted in creating a center of excellence for Elanco's upcoming footprint consolidation. In addition, Merck purchased IdentiGEN in August 2020. The company's line of livestock and aquaculture products was expanded as a result. 'Zoetis Inc.', 'Merck Animal Health', 'Elanco Animal Health', 'Hipra', 'Ceva Sante Animale', 'Vaxxinova', 'AquaBounty Technologies', 'Benchmark Holdings plc', 'Pharmaq AS', 'Bluestar Adisseo Co.', 'Genetech Biotechnology', 'Hendrix Genetics BV', 'Nisseiken Co. Ltd.', 'Tecnovax SA', 'Fish Vet Group', 'Novartis Animal Health', 'Intervet Inc.', 'Europharma AS', 'Provaxs Biotek Inc.', 'Vaki Aquaculture Systems Ltd.'

The market for aquaculture vaccines is expanding as a result of an increase in fish mortality brought on by outbreaks of certain diseases. For instance, a disease outbreak caused by Pasteurella Skyensis infection at two fish farms on the Isle of Lewis resulted in the death of almost 125,000 salmon in October 2017. The need for animal protein, government support for aquaculture vaccination programs, and an increase in the usage of aquaculture vaccines in both developed and developing countries are also expected to drive the market for aquaculture vaccines over the coming years. Additionally, throughout the projection period, the aquaculture vaccine market would benefit significantly from the rise in international trade of aquaculture species.

As a result of technological improvements, there will be more chances for product innovation and development, an increase in the prevalence of aquaculture illnesses, and more public-private support for focused research initiatives. Future technological and biotechnological advancements in diagnostics and therapeutics in developing regions, as well as rising per-capita health care spending, will all contribute to the market's growth rate. In addition, there will be an increase in the number of strategic alliances, internet penetration rates, concerns about the spread of animal diseases to humans, and the number of strategic alliances overall.

In terms of revenue, Europe held the largest market share of more than 25.0% in 2021. Owing to stimulating efforts made by the public and corporate sectors, Europe currently controls the aquaculture vaccines market. The growing human concern about the occurrence of antimicrobial resistance will also contribute to the market expansion for aquaculture vaccines in the area over the course of the forecast year. The use of autogenous vaccinations is governed by clear regulations provided by the Norwegian Medicines Agency. Additionally, autogenous vaccinations should only be used when commercial vaccines are unavailable or do not provide adequate protection. Under the 7th Framework Program, the European Commission funded a significant cooperative initiative to support the aquaculture industry.

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Global Aquaculture Vaccine Market

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