Aquaculture Vaccine Market Size
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Aquaculture Vaccine Market Analysis
During the time frame of the forecast, the aquaculture vaccines market is expected to register a CAGR of 6.2%. The COVID-19 pandemic had a significant impact on the animal industry, as due to the lockdown there was a significant impact on the logistics and supply chain of not only the essential pharmaceutical products for animals but also feed and other food items for animals, which affected the studied market. According to a Marine Policy research study published in September 2021, the COVID-19 pandemic affected the aquaculture industry in a variety of ways, including disruption in logistics and supply chains, which resulted in increased transportation costs (approximately 20-60% higher than usual), a decrease in market demand for fish, cancellation of orders from foreign buyers, an increase in input and maintenance costs, a labor shortage, and all these, COVID-19 had a significant impact on the aquaculture vaccine market. Also, with the consecutive second and third waves of COVID-19 infections in various countries, the market is set to observe sluggish growth in the short-term period. However, the market is expected to improve gradually and return to pre-pandemic growth levels in the forecast period due to an ease in lockdown restrictions.
The increasing consumption of aquatic animals is propelling the growth of the aquaculture industry, which is expected to be a primary growth factor for the market as aquaculture vaccines reduce the chance of infection and increase the yield of the product, which is expected to fuel growth in the aquaculture vaccines market over the forecast period. For instance, according to the 2022 report of the Food and Agriculture Organization (FAO) of the United Nations, the global production of aquatic animals stood at approximately 178 million tons, and of the total production, 63% (112 million tons) was harvested in marine waters (70% from capture fisheries and 30% from aquaculture) and 37% (66 million tons) in inland waters (83% from aquaculture and 17 percent from capture fisheries). Further, as per the same source, the global consumption of aquatic food is increasing, which is expected to further boost growth in aquaculture production. Consumption has increased from 9 kg in 1961 to 20.2 kg in recent decades, with the factors that have had the greatest impact on per capita consumption of aquatic foods being increasing supplies, shifting consumer preferences, technological developments, and rising incomes.Thus, the growing aquaculture industry is expected to drive the demand for aquaculture vaccines for a greater yield, which is expected to fuel growth in the aquaculture vaccines market over the forecast period.
Other factors that are expected to have a significant impact on the growth of the aquaculture vaccines market include the high prevalence of infectious diseases among aquatic animals and new product developments launched by the players in the market to tackle these diseases. For instance, according to a research study published in February 2022 by Frontiers, the anisakid nematodes were prevalent in fish across China, with a pooled incidence of 45.5%, and the incidence percentage for fresh fish was the greatest (58.1%). Fish from the East China Sea had the highest prevalence of anisakid nematodes (76.8%), while Eastern China had the highest prevalence rate (55.3%). Hence, due to the high prevalence of diseases, the demand for aquaculture vaccines is expected to grow, therefore propelling the market toward growth.
In addition to this, the launch of new aquaculture vaccines on the market is further expected to boost market growth. For instance, in April 2021, the Indian Council of Agriculture Research-Central Institute of Brackishwater Aquaculture (ICAR-CIBA) launched a recombinant vaccine called CIBA-Nodavac-R against viral nervous necrosis (VNN) that affects many marine, brackishwater, and freshwater fish, causing up to 100 percent mortality in larval and early juvenile stages. Similarly, in October 2021, a professor from Sylhet Agriculture University (SAU) in Bangladesh developed an oral vaccine for fish that can protect different species of fish from bacterial diseases and boost their production. The vaccine can be applied to the fish after mixing it with their feed.
Therefore, due to the above-mentioned factors, the aquaculture vaccines market is expected to grow over the forecast period. But strict regulations about vaccines are likely to slow the growth of the studied market over the next five years.
Aquaculture Vaccine Market Trends
This section covers the major market trends shaping the Aquaculture Vaccine Market according to our research experts:
Live Vaccine Type Segment is Expected to Hold a Significant Share in the Aquaculture Vaccines Market Over the Forecast Period
Live vaccinations include living, attenuated microbes that can still reproduce in the host (vaccinee). The microbes are "weak," which means they retain some immunogenic qualities while having lost much of their ability to cause disease. Live vaccinations often exhibit substantially higher immunogenicity than inactivated vaccines because they more closely mimic natural infection by activating a variety of immunologic responses, and in most cases, just one vaccination is enough to produce long-lasting, and occasionally even lifetime, immunity. Thus, the live vaccine type is widely used in administering immunity, due to which the live vaccine segment is expected to hold a significant share of the studied market.
In addition to the traditional ways of making vaccines, key players are also using advanced technologies, such as molecular manipulation of pathogens, to make live vaccines. Positive results from research studies in this area are expected to help the segment grow. For example, a research study published by iScience in July 2021 showed that 100% of the gene-deleted live attenuated candidate vaccine (ORF022L)-infected fish survived the infectious spleen and kidney necrosis virus (ISKNV) challenge, and ORF022L caused an anti-ISKNV specific antibody response and upregulation of immune-related genes.
Because of all of these things, the live vaccine segment is expected to have a large share of the market over the next few years.
Asia-Pacific Region is Expected to Occupy a Significant Share in the Aquaculture Vaccines Market Over the Forecast Period
The Asia-Pacific region is expected to hold a significant share of the aquaculture vaccines market due to the presence of one of the region's largest aquaculture industries, with major aquaculture-producing countries such as India and China.According to the 2022 report of the Food and Agriculture Organization (FAO) of the United Nations, Asian countries were the main producers, accounting for 70% of the total fisheries and aquaculture production of aquatic animals, and in the last 20 years, aquaculture production has doubled in Asia and Africa. Hence, due to being the largest aquaculture production region, the demand for aquaculture vaccines is expected to be high in the region, which is expected to boost growth in the studied market.
In the Asia-Pacific region, China is expected to be a major market owing to its highest share in the global aquaculture production market with about 35% of the global fisheries and aquaculture production, as per the 2022 report of the FAO of the United Nations. Furthermore, the aquaculture industry in China is expanding, which is expected to drive growth in the aquaculture vaccine market in the country. For instance, in May 2022, China launched one of the world's largest floating fish farms that can produce 3,700 tons of fish every year, called Guoxin 1, which is 250 meters (820 feet) long and 45 meters wide with a displacement of 130,000 tons and contains 15 huge tanks for production.
Therefore, due to the above-mentioned factors, the demand for aquaculture vaccines is expected to be high in the Asia-Pacific region due to the highest share in global fisheries and aquaculture production, and hence, the region is expected to hold a significant share in the aquaculture vaccines market over the forecast period.
Aquaculture Vaccine Industry Overview
The aquaculture vaccines market is consolidated, and a few of the major players are currently dominating the market due to their immense involvement in the aquaculture vaccines industry. Some of the key companies in the aquaculture vaccines market are Merck & Co., Inc., Zoetis (PharmaQ), Hipra, Technovax, and Elanco, among others.
Aquaculture Vaccine Market Leaders
Merck & Co. Inc.
Nisseiken Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Aquaculture Vaccine Market News
- November 2022: Hyderabad-based Indian Immunologicals Ltd. (IIL) partnered with the Central Institute of Fisheries Education (CIFE) for the commercial development of India's first fish vaccine.
- January 2022: Benchmark Animal Health and Cermaq Group AS received funding of NOK 4.2 million from the Research Council of Norway to support a collaborative research project to develop a vaccine against salmon diseases caused by Tenacibaculum bacteria.
Aquaculture Vaccine Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Aquaculture Farming in Developing Countries
4.2.2 High Prevalence of Infectious Diseases in Aquatic Animals and New Product Development
4.2.3 Surge in Adoption of Vaccines due to Antibiotic Resistance
4.3 Market Restraints
4.3.1 Stringent Manufacturing Regulations Associated with Vaccines
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million
5.1 By Vaccine Type
5.1.3 Other Vaccine Types
5.2 By Type of Administration
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Merck & Co. Inc.
6.1.4 Nisseiken Co., Ltd.
6.1.5 KoVax Ltd.
6.1.6 Kyoritsuseiyaku Corporation
6.1.8 Vaxxinova International BV
6.1.9 Kyoto Biken Laboratories, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Aquaculture Vaccine Market Research FAQs
What is the current Global Aquaculture Vaccine Market size?
The Global Aquaculture Vaccine Market is projected to register a CAGR of 6.20% during the forecast period (2024-2029)
Who are the key players in Global Aquaculture Vaccine Market?
Merck & Co. Inc., Hipra, Elanco, KBNP and Nisseiken Co., Ltd. are the major companies operating in the Global Aquaculture Vaccine Market.
Which is the fastest growing region in Global Aquaculture Vaccine Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Aquaculture Vaccine Market?
In 2024, the Asia-Pacific accounts for the largest market share in Global Aquaculture Vaccine Market.
What years does this Global Aquaculture Vaccine Market cover?
The report covers the Global Aquaculture Vaccine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Aquaculture Vaccine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Aquaculture Vaccine Industry Report
Statistics for the 2024 Global Aquaculture Vaccine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Aquaculture Vaccine analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.