The global aquaculture vaccines market is poised for remarkable growth, with current valuations at USD 406 million and a projected expansion to USD 913.6 million by 2033. This surge reflects a Compound Annual Growth Rate (CAGR) of 8.5% between 2023 and 2033, underscoring the robust momentum of the industry.
Aquaculture, the farming of aquatic organisms including fish, shellfish, and plants, has experienced a notable ascent in recent years. Factors such as the escalating consumer preference for canned fish products, seafood, and various aquaculture-related activities are propelling this growth trajectory. Seafood, renowned for its nutritional benefits, plays a pivotal role in enhancing human health, further amplifying the demand for aquaculture products.
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“The exponential growth of the global aquaculture vaccines market signifies a paradigm shift in the industry landscape,” remarked FMI. “As consumers increasingly prioritize healthy and sustainable food options, the aquaculture sector emerges as a critical contributor to meeting these demands. The adoption of vaccines in aquaculture underscores a commitment to ensuring the well-being of aquatic organisms while maintaining environmental sustainability.”
Key factors driving the expansion of the aquaculture vaccines market include:
- Rising Demand for Aquaculture Products: With growing awareness of the nutritional benefits of seafood, there is a surge in demand for aquaculture products worldwide.
- Technological Advancements: Advances in vaccine development and delivery mechanisms are enhancing the efficacy and accessibility of aquaculture vaccines, driving market growth.
- Increasing Investments in Aquaculture Infrastructure: Governments and private investors are increasingly investing in aquaculture infrastructure to meet the rising demand for seafood, thereby bolstering the market for aquaculture vaccines.
- Focus on Sustainable Practices: Aquaculture companies are embracing sustainable practices, including the use of vaccines to mitigate disease outbreaks and reduce the environmental impact of traditional aquaculture methods.
The projected growth of the aquaculture vaccines market underscores its pivotal role in ensuring the sustainable expansion of the aquaculture industry while meeting the evolving demands of consumers worldwide.
Key Takeaways from Aquaculture Vaccines Market:
- Europe holds more than 20% of the market share. This could be attributed to Norway being the largest exporter of salmon along with growing concerns regarding antimicrobial activities. The Norwegian Medicines Agency does make provision of specific guidelines and regulations related to the applications of autogenous vaccines. The European Commission has funded a huge-scale collaborative project under 7th Framework Programme for extending support to aquaculture industry.
- North America holds a significant market share with the US witnessing a rising demand for safe and clean fish and other marine foodstuff.
- The Asia-Pacific is expected to witness a sizable growth in aquaculture vaccines market going forward due to booming aquaculture vertical, thereby resulting in increase in production of various aquatic species like tilapia (especially in Japan).
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Competitive Vaccines:
- Virbac, in September 2020, did announce acquiring a series of tilapia vaccines from Ictyogroup (an animal health company specializing in research pertaining to biology). These two companies also inked a partnership agreement for Aqua Virbac division developing novel formulations and vaccines.
- Barramundi Asia, in January 2020, did announce merging with Allergo Aqua with the objective of bringing fingerling research in-house. The method has thus helped in maintenance of long-term relationships.
- Merck, in August 2020, completed acquisition of IdentiGEN to extend its line-up of livestock and aquaculture products.
- Elanco, in December 2020, did move its headquarters to Indiana to complement its IPP (Innovation, Portfolio & Productivity) strategy and also establish a center of excellence for consolidation of future footprint.
- CIBA, in April 2021, did launch Nodavac-R, which comes across as an injectable recombinant viral nervous necrosis (VNN) vaccine to avert vertical transmission in the brooders.
- MSD Animal Health, in November 2019, did launch AQUAVAC Strep Sa-Si injectable and dip immersion vaccine against Streptococcis in the tilapia fish in LATAM.
Key Companies Profiled:
- GlaxoSmithKline plc
- Merck & Co., Inc
- Pfizer, Inc.
- Sanofi SA
- CSL Limited
- Emergent BioSolutions, Inc.
- Johnson & Johnson
- AstraZeneca plc
- Serum Institute of India Pvt. Ltd.
- Bavarian Nordic A/S
- Mitsubishi Tanabe Pharma Corporation
- Daiichi Sankyo Company, Limited
- Panacea Biotec, Ltd.
- Biological E Limited
- Bharat Biotech Ltd.
- Novavax, Inc.
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Market Segments Covered in Aquaculture Vaccines Industry Analysis:
Product Type Outlook:
- Attenuated Live Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- DNA Vaccines
- Recombinant Vaccines
Route of Administration:
- Oral
- Injected
- Immersion & Spray
Regional Outlook:
- Bacterial
- Viral
- Parasitic
Regional:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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