The global Fish Vaccine Market is estimated to be valued at US$ 265.4 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fish vaccines help protect farmed fish against various bacterial and viral diseases. They aid in minimizing financial losses caused due to outbreaks and promotes sustainable aquaculture practices.
Market key trends:
The use of advanced vaccine adjutants and delivery methods is one of the key trends witnessed in the fish vaccine market. Adjuvants help enhance the immunogenicity of vaccines and the efficacy of the immunization process. They aid in administering vaccines through various routes such as injection, oral, immersion etc. This has boosted the development of innovative oral and immersion vaccines that do not require handling stress in farmed fish.
Market key trends:
Fish Vaccine Market Size has been witnessing significant growth, driven by the rising adoption of vaccination in aquaculture. Fish vaccination offers various benefits over medication, such as longer lasting immunity, better protection against diseases, fewer environmental impacts, and reduced production costs. Moreover, the growing awareness about fish health management practices among fish farmers is also contributing to the increased use of fish vaccines. Manufacturers are meanwhile focusing on developing novel vaccines with improved efficacy and safety against emerging as well as common bacterial and viral diseases affecting the aquaculture industry.
SWOT Analysis
Strengths: Advanced vaccines with high effectiveness against major diseases. Increased adoption in major fish farming countries.
Weaknesses: High R&D costs involved in developing new vaccines. Limited awareness in some emerging markets.
Opportunities: Scope for developing vaccines for new fish species and diseases. Growing aquaculture industry worldwide presents opportunities.
Threats: Stringent regulatory approvals delay market entry of new vaccines. Threat from alternative treatment methods and medicines.
Key Takeaways
The global Fish Vaccine Market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period of 2023 to 2030, driven by increasing aquaculture production worldwide. The market size for fish vaccine was valued at US$ 265.4 Mn in 2023.
Regional analysis: Asia Pacific holds the major share of the global fish vaccine market currently. The region is the largest producer as well as consumer of aquaculture products worldwide. Within Asia, countries like China, India, Vietnam, Indonesia, Japan, and Thailand are the major markets.
Key players operating in the Fish Vaccine market are HIPRA, VETERQUIMICA SA, Ictyogroup, Kyoto Biken Laboratories, Inc., Vaxxinova International BV, Barramundi Group, Merck & Co., Inc., Zoetis Inc., KBNP, INC., Aqua Vet S.A., and NISSEIKEN CO., LTD.
Some of the key players like HIPRA, Zoetis, Merck Animal Health, etc. have strong geographic presence and extensive portfolio of fish vaccines. However, the market remains fairly fragmented with several small and medium players operating regionally. New product launches, geographical expansion and strategic collaborations remain some of the focus areas for major companies to strengthen their market share.
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