PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498731
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498731
Fish Vaccines Market size was valued at USD 382.40 million in 2023, expanding at a CAGR of 7.40% from 2024 to 2032.
The Fish Vaccines Market involves the development and distribution of vaccines aimed at preventing diseases in fish populations, crucial for aquaculture health management. The increasing demand for fish protein, rising aquaculture practices, and advancements in vaccine technologies are growth factors in the market. Additionally, growing awareness about sustainable aquaculture and the need to reduce antibiotic usage in fish farming further bolsters the market. However, challenges such as high vaccine development costs, regulatory hurdles, and limited access to vaccines in developing regions restrain growth. Opportunities lie in the expansion of aquaculture in emerging markets, innovation in vaccine delivery methods, and government initiatives promoting sustainable fish farming practices.
Fish Vaccines Market- Market Dynamics
Rising Aquaculture Activities Propel Growth in the Fish Vaccines Market
The surge in aquaculture activities is significantly driving the growth of the Fish Vaccines Market. According to the Food and Agriculture Organization (FAO), global aquaculture production has been steadily increasing and is projected to reach 109 million tonnes in 2030. This expansion is fueled by the growing demand for fish as a protein source, necessitating effective health management practices to ensure sustainable yields. For instance, Norway, a leading country in salmon farming, has seen substantial adoption of fish vaccines to combat diseases like infectious salmon anemia and piscine orthoreovirus, enhancing production efficiency. Such trends highlight the crucial role of vaccines in maintaining fish health and supporting the thriving aquaculture industry.
Fish Vaccines Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.40% over the forecast period (2024-2032)
Based on Vaccine Type segmentation, Attenuated Vaccine was predicted to show maximum market share in the year 2023
Based on Indication segmentation, Furunculosis was the leading type in 2023
Based on Route of Administration segmentation, Oral was the leading type in 2023
On the basis of region, Europe was the leading revenue generator in 2023
The Global Fish Vaccines Market is segmented on the basis of Vaccine Type, Indication, Route of Administration, End-User, and Region.
The market is divided into seven categories based on Vaccine Type: Killed Vaccine, Inactivated Vaccine, Attenuated Vaccine, Toxoid Vaccine, Subunit Vaccine, Conjugate Vaccine, and Recombinant Vector Vaccines. Attenuated vaccines lead the Fish Vaccines Market due to their effectiveness in inducing strong and long-lasting immune responses. Inactivated vaccines follow, offering safety and stability. Killed vaccines, subunit vaccines, and toxoid vaccines cater to specific needs, while conjugate and recombinant vector vaccines represent emerging segments with advanced immunization techniques.
The market is divided into four categories based on Indication: Furunculosis, Vibriosis, Yersiniosis, and Enteric septicaemia. Furunculosis dominates the Fish Vaccines Market due to its widespread prevalence and significant impact on salmonids. Vibriosis follows, affecting various fish species globally. Yersiniosis and enteric septicaemia also hold substantial market shares, targeting specific bacterial infections in aquaculture.
Fish Vaccines Market- Geographical Insights
Europe leads the market, particularly countries like Norway and Scotland, due to their advanced aquaculture industries and high adoption of fish vaccination practices. North America, notably the United States and Canada, also shows significant market growth driven by extensive salmon and trout farming. In the Asia-Pacific region, countries such as China, India, and Vietnam are experiencing rapid market expansion due to increasing aquaculture production and rising awareness about fish health management. Latin America and the Middle East & Africa are emerging markets, supported by growing investments in aquaculture infrastructure and government initiatives promoting sustainable fish farming practices.
Leading companies such as Zoetis Inc., Merck & Co., Inc. (through its subsidiary MSD Animal Health), Elanco Animal Health, and HIPRA dominate the market by offering a diverse portfolio of vaccines targeting various fish diseases. These companies focus on research and development to introduce new and more effective vaccines, improve vaccine delivery methods, and expand their geographical reach through strategic partnerships and acquisitions. For instance, Zoetis's acquisition of Fish Vet Group has strengthened its position in the market by enhancing its diagnostic capabilities and vaccine offerings. Additionally, collaboration between companies and academic institutions is prevalent, aiming to advance vaccine technology and address emerging fish diseases. For instance, in March 2023, Indian Immunologicals (IIL) partnered with the Central Institute of Freshwater Aquaculture (CIFA) for the commercial development of a vaccine against hemorrhagic septicemia in freshwater fish. Furthermore, smaller, regional players also contribute to the market by catering to specific local needs and regulatory requirements.
In November 2022, Indian Immunologicals (IIL) planned to launch a fish vaccine, marking its entry into the aquaculture market. The vaccine will be developed in partnership with the Central Institute of Fisheries Education (CIFE) for bacterial diseases in freshwater fish, such as Columnaris Disease and Edwardsiellosis.
In May 2024, HIPRA, announced the launch of ICTHIOVAC VNN, an inactivated vaccine against Viral Nervous Necrosis (VNN) in sea bass, in the Mediterranean region. This vaccine is designed to protect sea bass against VNN, a significant disease affecting the aquaculture industry in the region
GLOBAL FISH VACCINES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Aleph Farms
BioMar Group
Ceva Sante Animale
Elanco Animal Health (part of Eli Lilly and Company)
Fish Vet Group (part of Benchmark Holdings plc)
HIPRA
Hipra Animal Health Limited
Intervet Inc. (part of Merck & Co., Inc.)
Merck Animal Health (part of Merck & Co., Inc.)
MSD Animal Health (part of Merck & Co., Inc.)
Nisseiken Co., Ltd.
Syndel Laboratories
Vaxxinova
Vetech Laboratories
Vetoquinol S.A.
Zoetis Inc.
Others