Newark, NJ, Oct. 05, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aquaculture vaccines market is expected to grow from USD 207.73 million in 2019 to USD 336.12 million by 2027, at a CAGR of 6.2% during the forecast period 2020-2027.
Aquaculture has attained an economic revolution worldwide in recent years. However, infectious diseases of mycotic, parasitic, bacterial, and viral nature are the most common restrictive agents of intensified aquaculture, which has become an expanding sector. For various health as well as environmental concerns, vaccination is required to protect the health of aquaculture & fishes from various infectious agents. Advancements in science have developed, and designed novel & effective vaccines and have also improved various existing vaccines. Recent advances in vaccinology offer beneficial opportunities to discover new vaccines for combating fish pathogens like mycotic & parasitic agents.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the aquaculture vaccines market. With less disposable income and broken supply chains for lab equipment & instruments, the market's growth is expected to slow down.
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Key players operating in the global aquaculture vaccines market include Merck & Co., Inc., Microsynbiotix, Pfizer Inc., Nisseiken Co., Ltd., Hipra, Ictyogroup, Zoetis Inc., Technovax, Aquatactics Animal Health, Virbac, and Veterquimica SA., among others. To gain a significant market share in the global aquaculture vaccines market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Merck & Co., Inc. and Pfizer Inc. are some of the biggest players in the global aquaculture vaccines market.
- For instance, in 2017, a vaccine production firm, PharmaQ, acquired Nordland Sett Vaks, a company based in Norway, to extend its aquaculture vaccine product line.
- Phibro Animal Health Corporation announced in 2018 that it acquired KoVax Ltd. KoVax Ltd. is a maker of vaccines, based in Israel. Phibro entered the market for aquaculture vaccines with this acquisition and has improved its position in the market for fish vaccine development. This has extended the Phibro portfolio range in the aquaculture vaccines market.
Inactivated vaccine dominated the market and held the largest market share of 41% in the year 2019
On the basis of vaccine type, the market has been segmented into live vaccine, inactivated vaccine, and others. Inactivated vaccine dominated the market and held the largest market share of 41% in the year 2019. Inactivated vaccines retain the inactivated genomic component of the virus, which are exposed to surface antigens resulting in a strong immune response. The induction of long-lasting and strong immune response will fuel this segment's growth.
Salmon dominated the market and was valued at USD 102.6 million in the year 2019
Based on species, the global market has been segmented into salmon, tilapia, trout, and others. Salmon dominated the market and was valued at USD 102.6 million in the year 2019. Factors like the increasing demand for salmon-based products, growing requirements for protection against bacterial & viral infections, and the ban on antibiotics sales for aquaculture will boost the growth for the salmon segment.
Injection vaccine dominated the market and held the largest market share of 34.5% in the year 2019
Based on administration route, the aquaculture vaccines market has been divided into immersion vaccine, injection vaccine, and oral vaccine. Injection vaccine segment dominated the market and held the largest market share of 34.5% in the year 2019. The ability of an injection vaccine to treat several viral & bacterial infectious will augment segmental growth. In addition, automation & technological advancements will also boost segmental growth in the coming years.
Bacterial infection dominated the market and was valued at USD 140.5 million in the year 2019
The application segment comprises of viral infection, bacterial infection, and others. Bacterial infection dominated the market and was valued at USD 140.5 million in the year 2019. Factors such as the increasing incidence of bacterial infections like vibriosis, pseudomonas, streptococcosis, and others will drive this segment's growth. According to a study published in the Virus Diseases Journal, above 50% of aquaculture diseases happen because of bacteria.
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Regional Segment Analysis of the Aquaculture Vaccines Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aquaculture vaccines market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 39.2% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the presence of a large number of key players in the region, increasing awareness about the various benefits of aquaculture vaccines, growing aquaculture farming, and new vaccine launches. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like technological developments in aquaculture farming, increasing prevalence of diseases in marine life, rising awareness about aquaculture, expanding aquaculture industry, new vaccine development, and increasing R&D activities.
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About the report:
The global aquaculture vaccines market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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