by 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 vaccines help in boosting immunity in fish species against various viral and bacterial diseases. Some of the common fish diseases for which vaccines are available include Vibriosis, Aeromonas infection, Lactococcosis etc. Fish vaccination is a cost effective way of controlling fish diseases and ensuring better health and growth of fish in different aquaculture settings. It helps fish farmers reduce mortality rates and prevent economic losses caused by fish disease outbreaks.
Market key trends:
One of the key trends in the fish vaccine market is increasing research and development activities for developing new vaccines. With rising fish farming worldwide, there is a growing demand for vaccines against emerging and newly identified fish pathogens. Researchers are focusing on developing vaccines that provide cross-protection against various serotypes of the same pathogen. Another significant trend is the growing adoption of oral and immersion vaccines over injection vaccines. Oral and immersion methods are less stressful for fish and help vaccinate in large numbers easily. This is expected to drive the demand for advanced delivery methods in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the global fish vaccine market. Requirements for developing efficacious fish vaccines along with stringent regulations are barriers to entry.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes. However, certified organic and sustainable fish vaccines are gaining popularity.
Bargaining power of suppliers: Suppliers have moderate bargaining power as the industry requires specialized manufacturing facilities and skills.
Threat of new substitutes: Threat is low as fish vaccines are effective in preventing infectious diseases. However, alternative prevention methods like water treatment are available.
Competitive rivalry: The market is moderately competitive due to presence of few large players and specialty products.
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 and growing fish diseases. The market size for 2023 is US$ 265.4 Mn.
Regional analysis:
Asia Pacific dominates the global fish vaccine market and is expected to grow at the fastest rate during the forecast period. Rising fish farming in China, India, and Japan is driving the growth of the market. North America is another major market for fish vaccines owing to innovations in R&D.
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. These players are focusing on new product launches and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
