July 13, 2024
Fish Vaccine Market

Fish Vaccine Market is Estimated To Witness High Growth Owing to Increasing Fish Farming Activities

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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Fish vaccines help prevent fish diseases and improve overall fish health and productivity. The main fish pathogens targeted by vaccines include Vibrio, Yersinia, Aeromonas, Flavobacterium, Streptococcus and others. Fish vaccines stimulate an immune response in fish without causing the disease. This helps boost production and sustainability of the aquaculture industry.

Market key trends:

One of the major trends driving the growth of the fish vaccine market is the increasing fish farming and aquaculture activities globally. Farmed fish now accounts for over 50% of all fish consumed by humans. As fish farming increases, so does the risk of infectious diseases spreading rapidly in confined spaces. Vaccination helps control disease outbreaks and prevents huge financial losses for fish farmers. Additionally, rising demand for protein-rich seafood contributes to the expansion of commercial fish farming worldwide. Fish vaccines play a key role in ensuring fish health and sustainability of the aquaculture sector over the long run.

Porter’s Analysis:

Threat of new entrants: The Fish Vaccine Market Size requires high R&D investments and regulatory approvals, limiting threat from new entrants.

Bargaining power of buyers: Buyers in the market have moderate bargaining power due to availability of substitutes. However, rising fish diseases are increasing dependence on vaccines.

Bargaining power of suppliers: The presence of many vaccine suppliers gives buyers alternatives to choose from, enhancing their bargaining power.

Threat of new substitutes: Alternatives to vaccines like antibiotics have limitations due to bacterial resistance and regulatory restrictions on their use, posing low threat.

Competitive rivalry: The market is marked by strong competition among existing players to launch new products and tap emerging regional markets.

SWOT Analysis:

Strength: Rapid growth in aquaculture and rising incidence of fish diseases drive demand. Technological advances help develop effective and safe vaccines.

Weakness: High R&D and regulatory costs pose challenges, especially for new entrants. Dependence on climate and seasonality impacts production.

Opportunity: Emerging markets in Asia Pacific and Latin America offer scope for expansion. Vaccines against new diseases present opportunities.

Threats: Outbreaks of unknown pathogenic strains are unpredictable. Rising input costs and trade barriers could impact profitability.

Key Takeaways:

The global fish vaccine market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing fish farming worldwide. Asia Pacific dominates the market currently owing to large aquaculture production in major countries like China and India.

Regional analysis – Asia Pacific accounts for the largest share in the global fish vaccine market currently. China, India, Vietnam, Bangladesh and Indonesia are major producers with growing aquaculture. Rapid expansion of fish farming to meet rising protein demand fuels vaccine adoption in the region.

Key players – 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.

Read More: Digital Biomarkers Market

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it