The 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 protect fish from a range of viral and bacterial diseases. Major fish cultivated for human consumption include salmon, trout, tilapia and sea bass require vaccination programs to control their health and disease status of farmed fish. Vaccination helps improve fish welfare, food safety and quality and overall productivity and profitability of aquaculture operations.
Market key trends:
Oral fish vaccination technology is estimated to witness high growth owing to its ease of administration. Oral fish vaccination eliminates stress involved in handling and injection procedures. It protects external as well as internal organs of fish leading to better disease resistance in fish. Many fish vaccine manufacturers are focusing on developing efficient and safe oral fish vaccines that can induce both systemic and mucosal immune response in fish and provide protection against wide range of bacterial and viral infections. Oral vaccination also helps reduces operation costs and improves productivity for fish farmers.
Porter’s Analysis
Threat of new entrants: The fish vaccine market faces moderate threat of new entrants as there are huge capital investments and technical expertise required to set up R&D and manufacturing facilities.
Bargaining power of buyers: The bargaining power of buyers is moderate as fish vaccines are essential to protect farmed fishes. However, large buyers can negotiate for better prices and payment terms.
Bargaining power of suppliers: Suppliers of raw materials for fish vaccines have moderate bargaining power as switching costs are low for buyers. However, suppliers need to adhere to strict quality standards.
Threat of new substitutes: There is low threat from substitutes as fish vaccines are the most effective way to vaccinate fish. Alternative methods like veterinary services have limitations.
Competitive rivalry: is high as major players compete on innovation, quality, and pricing.
SWOT Analysis
Strengths: Established distribution channels globally and strong R&D capabilities of major players.
Weaknesses: High capital requirements and regulatory approvals are time consuming. Dependence on raw material prices.
Opportunities: Growing aquaculture industry in Asia Pacific and Latin America regions offers scope. Development of new vaccines for emerging diseases.
Threats: Stringent regulations can delay products. Biosecurity threats and diseases outbreaks impact sales.
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 fish farming worldwide. Asia Pacific dominated the market in 2023 with a share of over 40%, led by China, India and Southeast Asian countries.
Regional analysis: Asia Pacific will continue dominating the market through 2030 because top producers like China, India, Indonesia, Vietnam are located in the region. The fish vaccine market is growing at over 8% annually in Latin America and MEA regions.
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. Major players are focusing on expanding their production facilities to cater to rising demand.
For more insights, read- https://www.pressreleasebulletin.com/fish-vaccine-market-trends-size-and-share-analysis/
