Fish vaccines are biological products used to enhance the immunity of fish species against various pathogenic organisms. Fish vaccines aid in providing disease resistance to both farmed and wild fish populations. They prevent/reduce the prevalence of infectious diseases which pose significant economic threat to the aquaculture industry. Farm-raised salmon, shrimp, carp, tilapia, and trout account for over 50% of global fish production. Rapid expansion of aquaculture practices worldwide has triggered the demand for effective disease control measures including fish vaccines.
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 Dynamics
According to the UN Food and Agriculture Organization (FAO), aquaculture now accounts for about half of all fish produced for human consumption. Driven by rising fish consumption worldwide and stagnating wild fisheries harvests, fish farming is projected to play an increasingly important role in meeting the global demand for protein. This bodes well for the fish vaccine market as disease outbreaks pose considerable risk to aquaculture yield and productivity. Furthermore, increasing awareness among fish farmers about the economic benefits of vaccination is expected to propel the demand for licensed vaccines in both developing and developed nations.
Segment Analysis
The fish vaccine market is segmented into ornamental fish vaccines and farmed fish vaccines. The farmed fish vaccines segment currently dominates the market due to large volumes of fish being farmed globally. This segment encompasses vaccines for salmon, trout, seabass, tilapia and other commonly farmed fish species. The rising aquaculture production worldwide is boosting the demand for fish vaccines in this segment.
PEST Analysis
Political: The market is positively impacted by various government policies and regulations supporting the sustainable development of aquaculture industry. For example, subsidies provided by governments of major fish farming nations to promote fish farming practices.
Economic: The market is growing due to rising disposable incomes, strengthening of global economy post-pandemic recovery and growing demand for healthy protein via fish consumption worldwide. Expansion of middle-class population is also fueling the demand.
Social: Increasing health awareness among people regarding benefits of fish consumption is driving the market growth. Fish is considered a healthy source of protein, vitamins and minerals.
Technological: Advancements in vaccine technologies like recombinant vaccine development, use of adjuvants and delivery methods are supporting the effectiveness and reliability of fish vaccines. These innovations are also making fish vaccines more affordable.
Key Takeaways
The Global Fish Vaccine Market Size is expected to witness high growth over the forecast period supported by expanding aquaculture industry globally. 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
The Asia Pacific region currently dominates the global fish vaccine market owing to largest aquaculture production in the world, accounting for over 85% of global output. China dominates the regional as well as global markets for fish farming and related vaccines. Other major fish farming Asian countries include India, Vietnam, Indonesia, Bangladesh, Thailand etc. Vietnam, Cambodia, and Indonesia are witnessing fastest growth on the back of their initiatives to increase fish exports.
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. Major players are focusing on new product developments and geographic expansions to strengthen their market position. For instance, companies are developing vaccines targeting new fish species and for diseases like Vibriosis.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
