Over 80% Demand for Commercial Aquaculture Vaccines to Come from Fish Farming Companies, says Persistence Market Research
Published On : Jan 28, 2021
Increasing risk of transmission of pathogens from animal food is expected surge demand for commercial aquaculture vaccines. According to the Food and Agriculture Organization (FAO) of the United Nations 2020, aquaculture accounted for around 46 percent of total food production and 52 percent of fish for human consumption. Besides, aquatic species farming is one of the fastest-growing food sectors, globally. Commercial aquaculture vaccines are projected to gain traction due to shift of the aquaculture industry toward preventive vaccinations from conventional antibiotic treatments, due to increased risk of dissemination. According to the Global Aquaculture Alliance, Chilean salmon farmers have cut antibiotic usage substantially over the last three years.
An increase in global consumption and production of aquatic species exhibits exponential growth potential for the commercial aquaculture vaccines market. Additionally, increased prevalence of bacterial and zoonotic infections among aquaculture species has been observed, which has widened market opportunities.
The COVID-19 pandemic has changed animal healthcare priorities and spending, but this is considered to be a short-term negative impact on the vaccines market. Disruptions in supply chain across the global fish aquaculture industry and rising awareness of animal to human pathogen transmission risks are expected to slow down the market in the short term.
Overall, the global commercial aquaculture vaccines market is projected to expand at a healthy CAGR of close to 7% through 2030.
Key Takeaways from Commercial Aquaculture Vaccines Market Study
- Based on vaccine type, inactivated vaccines are the most profitable segment leading the market, and are expected to gain more than 70% of market revenue share over the forecast period.
- Among all the pathogens, bacteria widely dominates (over 70%) due to high prevalence of bacterial infections among aquaculture.
- Salmon is a widely dominating species in the market, due to rising production of the fish in leading developed countries, accounting for more than 55% of market share value.
- The intraperitoneal route of administration is most preferred, due to high immune response elicitation of fish, and low stress and post-vaccination side effects.
- Among the different end-users, fish farming companies will hold more than 80% of revenue share over the forecast period.
- Europe is the largest market for commercial aquaculture vaccines, with Norway holding close to half of the share in this regional market.
- Growth of the market is pegged at just 2.2% in 2021, but over the long term through 2030, it will get back to its normal growth trajectory of close to 7% CAGR.
“Increasing awareness of animal food pathogen transmission risks and rising prevalence of zoonotic infections are expected to boost demand for commercial aquaculture vaccines market,” says an analyst of Persistence Market Research
Trends in Commercial Aquaculture Vaccines Market
The manual vaccination process led to various adverse effects with high costs, owing to the lack of highly skilled and large number workforce needed, significant handling stress, and risk of post-vaccination infections. Thus, increased shift toward automated vaccination technology is expected to boost the commercial aquaculture vaccines market growth. For instance, Aqualife developed an automated Incubot 2, a mobile platform that would offer automated vaccination to smaller fish farms.
Rising demand for insurance in matured markets is an upcoming trend. Favourable insurance policies is an emerging trend to sustain the commercial aquaculture vaccines market across the globe. Introduction of third-party payers has supported the aquaculture sector globally, leading to a build-up of new sales channels for aquaculture vaccines.
For instance, according to the Food and Agriculture Organization of U. N., around 83 percent of fishers purchase insurance coverage for fish aquaculture farming.
Expansion of Manufacturing Capabilities & New Product Launches - Key Strategies for Market Players
Key players in the commercial aquaculture vaccines market are focussing on expanding their manufacturing capabilities to meet the unmet demand of commercial aquaculture vaccines. Given the consolidation in the market, top players are focusing on acquisitions at regional levels. The trend is being observed across various emerging regions.
- For instance, in June 2020, Elanco received European Commission approval for the acquisition of Bayer Animal Health (US $ 5.17 Bn deal), and become the world’s second-largest animal health company. The combined business is expected to strengthen and accelerate the company’s innovation, portfolio, and product strategy.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the commercial aquaculture vaccines market in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020 – 2030, based on vaccine type, (DNA, subunit, attenuated, and inactivate), pathogen (bacteria and virus), species (carp, turbot, salmon, tilapia, trout, sea bass, bream, and others), based on route of administration (intramuscular, intraperitoneal, immersion, and oral), and end user (fish farming companies, fish veterinary clinics, and aquatic research institute), across seven key regions.
For additional insights on how the growth of the commercial aquaculture vaccines market will unfold over the next decade, write to the analyst at firstname.lastname@example.org
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Commercial Aquaculture Vaccines Market
Global Market Study on Commercial Aquaculture Vaccines: Industry Proliferating on Back of Rising Prevalence of Bacterial & Viral Infections in Aquaculture Species
Global Market Study on Commercial Aquaculture Vaccines: Industry Proliferating on Back of Rising Prevalence of Bacterial & Viral Infections in Aquaculture SpeciesRequest TOC