Global Aquaculture Feed and Pharmaceuticals Market to Record Sturdy Growth CAGR of 7.3% over 2017-2025
The paced development of new vaccines for aqua life and a rampant rise in the number of market players in this segment, especially in the developed countries like the U.S. and Canada, has augmented the global market for aquaculture feed and pharmaceuticals. The global aquaculture feed and pharmaceutical market is categorized in the report on the basis of product types into pharmaceuticals and biologics and medicated feed. Of these, the segment of pharmaceuticals and biologics is expected to be the dominating one in terms of revenue, registering a CAGR of 7.7% over 2017-2025 to outdo all other product types. Over the forecast period medicated feed is approximated to reach a CAGR of 6.6% in terms of revenue. On the front of market segmentation by species, shrimps and carps would fare the highest CAGR of 7.7% over 2017-2025.
On a geographical footing, Asia Pacific is forecasted to exhibit the highest CGPA of 7.6% amongst all other regional markets including Latin America, North America, Europe, and Middle East and Africa (MEA). Inland aquaculture is the most distinct avenue for the industry in Asia pacific and 66.6% fish is produced inland.
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The most prominent driver that has propelled the global market for aquaculture feed and pharmaceuticals is the growing demand for R&D in the field. This has further eased the entry of drugs, medicated feed, and vaccines in regional markets of developed nations like the United States of America and Canada. Owing to this, the aquaculture feed and pharmaceuticals industry has inorganically grown by liaising with key players. Moreover, if certain guidelines and compliance standards are met, there is no restriction on the use of extra-label drugs in the U.S., which could further fortify the market.
Measures to immune fishes against diseases is also a substantially effectual driver. Alongside this, aquaculture has become a vital source of food for human consumption, because of which various government initiatives are aiming to rid aqua life of the menace of diseases.
The production of veterinary medicines and medicated feed is governed by different laws and policies across different countries. Each country is deemed to adhere to their production standards, which makes it difficult to forecast trends and estimate figures. Moreover, most veterinary treatments are relatively expensive, which discourage people from cultivating aquaculture. The instances of lack of proper treatment and inability to diagnose diseases is also a shortfall for the aquaculture feed and pharmaceuticals market.
The growth of regional players in the market for aquaculture feed and pharmaceuticals has prompted the big companies to collaborate with them and reap the benefits of access to a larger set of consumers. There also lies an opportunity for market players to acquire regional players and thus optimize market share.
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There is a scaling presence of branded drugs in the global aquaculture market, which further augments the niche market for aquaculture feed and pharmaceuticals. Leading companies are capturing the market by resorting to the production of new drugs and innovating the production facilities to capture maximum market share. Some of the leading players in the global aquaculture feed and pharmaceuticals market include Norel S.A., Incorporated, Schouw & Co, Bayer AG, Growel Feeds Pvt. Ltd., Evonik, Biomin Holding GmbH, Koninklijke, Industries AG, Novus International Inc, Aller Aqua A/S, Ridley Corporation Ltd, Nutriad Ltd., DSM NV Merck & Co Inc, Cargill, Beneo GmbH, Alltech Inc., Skretting AS, Growel Feeds Pvt. Ltd., Neovia Vietnam, Zoetis.
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