Global Aquaculture Vaccines Market is projected to grow at a CAGR of 6.2% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Aquaculture Vaccines Market By Vaccine Type (Live Vaccine, Inactivated Vaccine, Others), Species (Salmon, Tilapia, Trout, Others), Administration Route (Immersion Vaccine, Injection Vaccine, Oral Vaccine), Application (Viral Infection, Bacterial Infection, Others), Regions, and Global Forecast 2020-2027.
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. 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 increasing R&D activities, new vaccine development, expanding aquaculture industry, rising awareness about aquaculture, increasing prevalence of diseases in marine life, and technological developments in aquaculture farming. On the other hand, 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 was attributed to key factors such as new vaccine launches, growing aquaculture farming, increasing awareness about the various benefits of aquaculture vaccines, and the presence of a large number of key players in the region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global aquaculture vaccines market are Merck & Co., Inc., Microsynbiotix, Pfizer Inc., Nisseiken Co., Ltd., Hipra, Ictyogroup, Zoetis Inc., Technovax, Aquatactics Animal Health, Virbac, and Veterquimica SA., among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global aquaculture vaccines market.
On the basis of vaccine type, the market has been segmented into live vaccine, inactivated vaccine, and others. The others segment is expected to grow at the highest rate due to new launches of innovative vaccines and increasing R&D initiatives. 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 ban on antibiotics sales for aquaculture growing requirements for protection against bacterial & viral infections, and the increasing demand for salmon-based products will boost the growth for the salmon segment. Based on administration route, the aquaculture vaccines market has been divided into immersion vaccine, injection vaccine, and oral vaccine. The immersion vaccine segment is forecasted to experience significant growth owing to the increasing incidence of viral & bacterial diseases. 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, & 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.
About the report:
The global aquaculture vaccines market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers 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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