April 12, 2024

Fish Vaccine Market Is Projected To Driven By Increased Focus On Aquaculture Industry

The main types of fish vaccines include live attenuated vaccines, inactivated vaccines, recombinant vaccines, toxoid vaccines, and DNA vaccines. Fish vaccination provides an effective, economical, and environmentally friendly approach to control and prevent infectious diseases in fish. It plays a vital role in augmenting fish production and sustainability in aquaculture. With growing demand for fish as a source of protein, fish farming has become an increasingly important part of the agricultural industry globally. However, intensification of fish farming practices leads to higher risks of disease outbreaks which impact fish survival and yield. Vaccination helps overcome this challenge by boosting disease resistance in fish populations.

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 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the fish vaccine market is the growing focus on the development of novel oral vaccine types. Currently, fish vaccination mainly relies on injection methods which causes stress to fish. Oral vaccination mimics the natural route of infection and elicits both local and systemic immune response. It is less labor intensive and enables mass vaccination. Various players are investing in R&D for new-generation oral fish vaccines against major pathogens like Vibrio, Ichthyophthirius multifiliis etc. Another important trend is the shift towards probiotic-based fish vaccines. Probiotic strains like Lactobacillus have shown promise as live vectors for fish vaccine antigens. They confer dual benefits of vaccination as well as improve fish gut health. Their usability in large scale aquaculture can boost sustainable fish farming practices.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the fish vaccine market is moderate as setting up commercial scale vaccine manufacturing facilities requires large capital investments and technical expertise and knowledge.

Bargaining power of buyers: The bargaining power of buyers in the fish vaccine market is moderate as buyers have multiple options to choose from however vaccines by different players are not entirely substitutable.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are few suppliers of key raw materials for fish vaccines.

Threat of new substitutes: The threat of substitute products in the fish vaccine market is low as fish vaccines are the primary solution used for fish disease prevention.

Competitive rivalry: The competitive rivalry in the fish vaccine market is high as the market is consolidated with few large players.

Key Takeaways
The Global Fish Vaccine Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 5.7% over the forecast period 2023 to 2030.

Regional analysis: Europe dominated the global fish vaccine market in 2022 owing to presence of major fish farming countries like Norway, Iceland and Scotland. Asia Pacific is expected to be the fastest growing region due to increase in aquaculture production in China, India and Vietnam.

Key players: Key players operating in the fish vaccine market are Bayer AG, BASF SE, Syngenta AG, DuPont de Nemours Inc., ADAMA Ltd., Arysta LifeScience, Nufarm, Nissan Chemical Industries Ltd., Shandong Binnong Tech Co Ltd., FMC Corporation, Monsanto Company, UPL, Bhaskar Agrochemicals Ltd., Dhanuka Agritech Limited, and Insecticides (India) Ltd. Bayer AG is the leading player with the widest product portfolio.

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