by Fish vaccines help prevent infectious and contagious diseases in fish such as viral hemorrhagic septicemia, infectious pancreatic necrosis, and bacterial kidney disease. They protect fish species raised through aquaculture such as salmon, carp, sea bass, trout, sea bream, and tilapia. The global fish vaccine market provides various services like quality control, production, storage and transportation.
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 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing incidence of contagious diseases among fish due to overcrowding and poor water quality in fish farms is fueling the demand for effective preventive measures like fish vaccines. According to the Diseases Database of the Fish Health Section of American Fisheries Society, globally around 50 bacterial, viral and parasitic diseases have been known to infect fish species. Fish farmers and producers are increasingly using vaccines to reduce the economic losses owing to diseases. Advanced fish vaccines with improved efficacy and safety are being developed to effectively tackle the growing threat of diseases among farmed fish.
SWOT Analysis
Strength: Fish vaccines have high efficacy and safety. They help prevent huge financial losses to aquaculture industry from disease outbreaks.
Weakness: High costs associated with R&D for new fish vaccines. Storage and distribution of vaccines also require strict temperature controls.
Opportunity: Growing aquaculture industry worldwide due to rising fish consumption provides major market opportunity. Developing regions offer scope to expand market reach.
Threats: Storage and transportation issues can reduce vaccine effectiveness. Emergence of new pathogens poses challenge.
Key Takeaways
The Global Fish Vaccine Market Size is expected to witness high growth. The market size was valued at US$ 265.4 Million in 2023 and is projected to reach US$ 378.1 Million by 2030, registering a CAGR of 5.7% during the forecast period.
Regional analysis: Asia Pacific currently dominates the global market owing to large aquaculture industry and increasing fish farming in countries like China, India, Vietnam etc. China represents over 50% of global fish production and consumption. North America and Europe are other major markets driven by commercial salmon farming.
Key players: Key players operating in the fish vaccine market are Bayer AG, BASF SE, Syngenta AG, DuPont de Nemours Inc., ADAMA Ltd., Arysta LifeScience, Nufarm, Nissan Chemical Industries Ltd., Shandong Binnong Tech Co Ltd., FMC Corporation, Monsanto Company, UPL, Bhaskar Agrochemicals Ltd., Dhanuka Agritech Limited, and Insecticides (India) Ltd. These key players are focusing on new vaccine developments and expanding to emerging markets through collaborations.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
