Fish Vaccine Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Bacterial And Viral Diseases in Aquaculture
The Fish Vaccine market is estimated to be valued at US$ 265.4 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fish vaccines are biological products that help stimulate the immune system of fish and protect them from various viral and bacterial diseases. They are administered through intraperitoneal, intramuscular, and oral routes. The fish vaccines market has witnessed significant growth in recent years owing to rising fish farming activities and growing demand for fish as a food source across the globe.
Market Dynamics:
One of the major drivers responsible for the growing fish vaccines market is the rising prevalence of viral and bacterial diseases in aquaculture. Some common bacterial diseases affecting farmed fish include vibriosis, furunculosis, and streptococcosis. Some viral diseases include acute viral necrosis (AVN), infectious pancreatic necrosis (IPN), and infectious hematopoietic necrosis (IHN). These diseases result in significant economic losses for fish farmers every year. Increasing awareness regarding prevention of such diseases through vaccination is expected to drive the fish vaccine market growth over the forecast period. Additionally, growing initiatives by market players for research and development of new and efficacious fish vaccines will further contribute to market expansion.
SWOT Analysis
Strength: The fish vaccine market is witnessing high growth due to the increasing aquaculture industry worldwide. Fish vaccines help prevent viral and bacterial infections in fish. They provide protection from major infectious diseases affecting fish.
Weakness: High costs associated with the research and development of new fish vaccines is a major challenge for market players. Storage and distribution of vaccines also poses difficulties due to specific temperature control requirements.
Opportunity: Growing aquaculture industry in Asia Pacific and Latin America presents lucrative opportunities for fish vaccine manufacturers. Development of vaccines for new fish species will further boost market revenues.
Threats: Stringent regulations pertaining to the development and approval of fish vaccines can delay product launches. Environmental factors also threaten fish health, challenging growth.
Key Takeaways
The global Fish Vaccine Market Growth is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing aquaculture production worldwide. Asia Pacific leads the aquaculture industry, with countries like China, India, Vietnam playing a major role. This rapid expansion of aquafarming drives demand for fish vaccines to prevent infectious diseases in cultured fish.
Regional analysis related content comprises The Asia Pacific region dominated the global fish vaccine market in 2023, accounting for over 35% of the total share. This can be attribute to growing aquaculture industry and fish farming activities in major countries like China, India, Bangladesh, Vietnam etc. Latin America is expected to exhibit highest growth during the forecast period owing to rising shrimp farming in Brazil and Chile.
Key players related content comprises Key players operating in the fish vaccine market are HIPRA, VETERQUIMICA SA, Ictyogroup, Kyoto Biken Laboratories, Inc., Vaxxinova International BV, Barramundi Group, Merck & Co., Inc., Zoetis Inc., KBNP, INC., Aqua Vet S.A., and NISSEIKEN CO., LTD. These players are focusing on new vaccine development and capacity expansion to strengthen market position.
For more insights, read- https://dailynewsmotion.weebly.com/report-blog/fish-vaccine-market-is-estimated-to-witness-high-growth-owing-to-rising-prevalence-of-bacterial-and-viral-diseases-in-aquaculture
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