Home > Healthcare & Medical Devices > Aquaculture Vaccines Market
Industry Trends
Aquaculture Vaccines Market size surpassed USD 201.5 million in 2020 and is expected to witness growth rate of around 4.4% from 2021 to 2027. Bacterial and viral diseases have major economic implications on aquaculture produce and profits. On an average, over 50% of the infectious diseases that affect the aquaculture produce are caused either due to bacteria or viruses.
Get more details on this report - Request Free Sample PDF
The spread of COVID-19 pandemic across the globe has impacted the aquaculture vaccine in industry negatively in 2020. This is attributed to increasing number of COVID-19 infections along with logistical disruption in supply chains. Furthermore, decrease in the production of aquaculture vaccines owing to the reduced workforce coupled with shifting trends to develop vaccine for COVID-19 infection has influence the market growth negatively in 2020 to certain extent. However, with consecutive second and third wave of COVID-19 infections in various countries, the market is set to observe a sluggish growth in the short-term period.
Report Coverage | Details |
---|---|
Base Year: | 2020 |
Market Size in 2020: | 201.5 Million (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 4.4% |
2027 Value Projection: | 266.1 Million (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 170 |
Tables, Charts & Figures: | 281 |
Segments covered: | Type of vaccine, Route of Administration, Application, Species and Region |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
Get more details on this report - Request Free Sample PDF
Vaccination of farmed fish has significant benefits in combating viral and bacterial diseases with absence of undesirable side-effects of antibiotics. Also, overuse of antibiotics leads to development of resistance, that ultimately leads to loss of aquaculture produce and significant economic losses. Currently, countries in Europe such as Norway have virtually stopped use of antibiotics in aquaculture practices. This has positively influenced the aquaculture vaccines market growth and lowering the risk of antibiotic resistance. Moreover, with introduction of DNA and subunit vaccines due to technological advancements, the adoption of aquaculture vaccines will increase as compared to antibiotics.
Stringent regulatory policies for manufacturing and approval of aquaculture vaccines is one of the major growth impending factors. Majority of countries have their own regulatory processes and agencies for aquaculture vaccine products approval. Also, multiple approvals are required for commercialization of aquaculture vaccines. However, long and tedious approval process by the U.S. FDA and European Union will act as the major entry barrier for new vaccines and put additional restrain on current market players.
Get more details on this report - Request Free Sample PDF
Inactivated vaccines segment accounted for around USD 163.1 million in 2020. The inactivated vaccines produce strong immune responses by retaining inactivated genomic component and the virus surface exposed antigens are important for strong immune response. Moreover, inactivated vaccine does not persist in the vaccinated fish or within the environment, thus they are safe in nature, thereby fostering the demand.
Injection vaccines held more than 61.1% of the aquaculture vaccines market share in 2020. Injection vaccines allow direct delivery of antigen into the body cavity or muscle, thereby allowing the direct stimulation of systematic immune response. Thus, the greater ability of injection vaccines to treat several bacterial and viral infectious as compared to other route of administration is slated to spur the industry statistics.
Bacterial infection vaccine is poised to register about 4.3% CAGR during 2021 to 2027 driven by increasing incidence of bacterial infections such as vibriosis, streptococcosis, pseudomonasis and others in various fish species. Growing prevalence of bacterial infections in aquaculture has claimed millions of fish lives, this resulted in the heavy economic losses for fish farmers as well as regional economy.
Aquaculture vaccines intended for salmon is forecast to reach USD 156.1 million by 2027. Factors such as growing demand for salmon products along with increasing need for protection against viral and bacterial infections will augment the aquaculture vaccines market growth for salmons. Also, ban on sales of antibiotics for aquaculture will positively drive demand. Additionally, growing demand for fish protein will add more pressure on the wild fish reserve, thus leading to business expansion. Various technological advances and innovations will lead to high adoption rate of salmon vaccines.
Get more details on this report - Request Free Sample PDF
North America aquaculture vaccines market is anticipated to observe above 4.7% gains through 2027. Increasing research and development investment by major players such as Zoetis Inc. and Merck & Co. is fuelling the regional industry revenue. Also, government funding for development of aquaculture vaccines will further escalate the market share. For instance, in February 2021, the Foundation for Food & Agriculture Research (FFAR) funded about USD 790,326 for seeding solutions grant to the University of Florida. This fund aimed to help develop a vaccine delivery system that will prevent the spread of tilapia lake virus and other diseases in the aquaculture industry.
Few of the notable aquaculture vaccines market participants include Zoetis Inc., Merck & Co., Inc., HIPRA, Tecnovax, Virbac and Veterquimica S.A among others. These industry leaders adopt strategies such as novel product launch, mergers and acquisitions to foster business outlook.
Recent industry developments:
Market, By Type of Vaccine
Market, By Route of Administration
Market, By Application
Market, By Species
The above information is provided for the following regions and countries: