What's driving the Aquaculture Vaccines Market growth? HIPRA, Zoetis Inc., Virbac,
Fish like salmon are known to provide vital nutrients to humans, including proteins, vitamins, minerals antioxidants and more importantly Omega-3 fatty acids, which are considered helpful in maintaining a heathy heart. Owing to these benefits, intake of different fish species and products have only increased with the rise in population. The UN Food and Agriculture Organization states that in 2016, fish production had reached around 171 million tons worldwide, where aquaculture contributed nearly 47% of the total production. This contribution is predicted to increase every year since capture fishery production has become stagnant, promising highly lucrative prospects for the aquaculture vaccines market to help ensure the health and safety of seafood consumed.
Aquaculture Vaccines Market size was valued at USD 195.6 million in 2018 and is expected to witness more than 6% CAGR from 2019 to 2025.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. Zoetis Inc.
3. Merck & Co., Inc.
6. Veterquimica S.A.
7. Nisseiken Co. Ltd.
Speaking on regional opportunities, North America represents a key target base for aquaculture vaccine manufacturers and developers, due to constantly surging fish consumption and the presence of thousands of fish farms and canned food producers. Salmon has become a significant part of American diet and the region witnesses a wide variety of this species being farmed across the continent. Canada is a nation which not only consumes a vast amount of fish products but also exports them. As such, producers have to supply healthy fish meant for frozen food and processing plants, or they can risk the health of domestic as well as global customers. The aquaculture vaccines industry could gain remarkable momentum in the country, as implied by the fact that Canada’s seafood preparation and packaging sector was valued at approx. US$4 billion in 2017.
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Apparently, U.S. is the biggest importer of Canadian produced fish, besides having a considerable aquaculture output itself. More than 36 million pounds of salmon alone had been produced in the country in 2016, suggesting notable penetration of the aquaculture vaccines market in the U.S. Other North American countries like Mexico and those in the Caribbean also boast substantial seafood intake. With the regional consumption trends likely to propel the demand for salmon, trout and tilapia species of fish, the North America aquaculture vaccines industry is poised to witness considerable expansion over the forecast timespan. To put things into perspective with respect to the need for food production, the total population of the continent is projected to surpass the 384 million mark by 2025.
Increased concerns regarding possible outbreak of fish diseases has kept the regional and international health organizations on alert. In 2018, the Canadian Food Inspection Agency had discovered the occurrence of infectious salmon anemia (ISA) at a fish farm in the eastern parts of the country. The viral outbreak was allegedly the fifth such reporting in the province of Newfoundland and Labrador in the year and eighth in Canada. In addition, the aquaculture vaccines market is continuously garnering revenues from seafood companies to prevent any outbreaks of bacterial infections, which are the most common diseases affecting fish farming.
In a nutshell, a reliable seafood demand and the increasing consumption of frozen and packaged food will undoubtedly warrant a tremendous need for aquaculture vaccines to safeguard the health of end consumers. The global aquaculture vaccines market is comprised of key participants including Merck Animal Health, Hipra, Nisseiken Co. Ltd., Tecnovax, Veterquimica S.A. and Zoetis Inc, who consistently seek new product developments and territorial expansions.
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