Global Aquaculture Vaccine Market

Aquaculture Vaccine Market Size, Share, Growth Analysis, By Product(Attenuated Live Vaccines, Inactivated Vaccines, Subunit Vaccines, DNA Vaccines), By Application(bacterial infections, viral infections, fungal infections, and parasitic infections), By Route of administration(injection, immersion, spray, and oral), By Region - Industry Forecast 2024-2031

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

Aquaculture Vaccine Market Insights

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).

Owing to the rise in the cases of bacterial and viral illnesses among aquaculture species, there will be expansion of aquaculture production globally, and the rise in the use of vaccines by aquaculture producers. Innovative vaccines being developed and released to treat various viral illnesses in aquaculture species is supporting the market's revenue growth. For instance, in Greece, the Icthiovac VR/PD injectable vaccine against Vibriosis and Pasteurellosis was introduced by Hipra in March 2018. In addition to the aforementioned characteristics, the market will see growth during the projected years due to increased funding for the study and development of novel aquaculture vaccines.

The market is anticipated to be driven by increased aquaculture output, a high incidence of infectious illnesses in the aquaculture industry, and rising consumer demand for food items produced from aquatic animals. The market has seen a shift away from live attenuated vaccines toward DNA vaccines, and it is quickly embracing recombinant vaccines as well. A large number of influential players in the aquaculture vaccines industry as well as other areas of the animal and human health industries redirected their resources to produce essential goods and supplies. For instance, Zoetis revealed during the publication of its Q3 earnings that its sales increased by 13% from the same period the year before. The recently released parasiticide for companion animals and Zoetis' important dermatological portfolio were the main drivers of performance.

Around 219 instances of infectious illnesses were reported in the fresh aquaculture sector between 2016 and 2019, according to the Aquaculture Research & Development journal. The majority (74.88%) of these cases (7.80%) were caused by parasites, 12.80% by bacteria, 1.83% by viral, and 10.50% by a combination of parasitic and bacterial infections. Consequently, it is anticipated that such a high frequency of infectious illnesses would increase the need for vaccinations, thereby boosting market development.

US Aquaculture Vaccine Market is poised to grow at a sustainable CAGR for the next forecast year.

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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

Product ID: SQMIG35J2053