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| Fish Vaccine Market Size |
The global 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 vaccine products help prevent viral, bacterial, and parasitic diseases in
fishes that are commercially reared through aquaculture practices. They play a
key role in disease prevention and management in the aquaculture industry.
Major vaccines available in the market target diseases such as viral
haemorrhagic septicaemia, infectious haematopoietic necrosis, infectious
pancreatic necrosis, and pasteurellosis. Advantages of fish vaccines include
improved immunity, enhanced growth and survival rates, controlled disease
outbreaks, and increased fish production and quality. They help aquaculture
farmers sustain fish health and maximize profits.
Market key trends:
The fish vaccine market is witnessing high growth driven by the rising
aquaculture industry worldwide. Aquaculture is one of the fastest growing
food-producing sectors and accounts for about 50% of all fish consumed by
humans. Growing demand for fish as a meat replacement is propelling the
expansion of aquafarms. However, intensive aquaculture practices can increase
risks of disease outbreaks if proper immunity and hygiene protocols are not
followed. This is increasing adoption of vaccination programs, thereby driving
the fish vaccine market. Another key trend is the product innovations in
vaccine delivery technologies and thermostable vaccine forms with long shelf
lives, aids easier transportation and use in remote aquafarms.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as fish vaccine
is a specialized market which requires huge R&D investments and regulatory
approvals. However, the presence of large unmet needs provides opportunities
for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to
the availability of substitutes like antibiotics and immunostimulants. However,
rising awareness about benefits of vaccines reduces buyer power.
Bargaining power of suppliers: The bargaining power of suppliers is low due to
the availability of substitute raw materials. However, patent protection and
unique know-how provides some supplier power.
Threat of new substitutes: The threat of substitutes like antibiotics and
immunostimulants is moderate. However, vaccines provide long-term immunity and
avoid development of drug resistance, reducing the threat over the long-run.
Competitive rivalry: The competition in the fish vaccine market is high owing
to the presence of large global players and specialized regional players.
Key Takeaways
The global Fish
Vaccine Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period
2023 to 2030, due to increasing awareness about benefits of fish vaccination
and rising commercial aquaculture production.
Regional analysis: Asia Pacific region dominates the global fish vaccine market
owing to rising fish farming and high awareness in leading fish farming nations
like China, India, Vietnam etc. The region is estimated to account for over 35%
share of the global market by 2030. North America and Europe are also
significant markets driven by regulatory push for sustainable aquaculture.
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. Key players are focusing on expansion in emerging
economies through collaborations with regional players.
Read More: https://www.trendingwebwire.com/fish-vaccine-market-size-and-share/