New York, April 13, 2023 (GLOBE NEWSWIRE) -- The Commercial Aquaculture Vaccines Market is estimated to generate US$ 265.0 million in revenue globally for 2022 and reach a CAGR of 7.9% to attain a valuation of over US$ 605.5 million by the end of 2033. The increasing demand for seafood, growing aquaculture industry, and rising prevalence of aquatic diseases are the major factors driving the market's growth.
Aquaculture, the farming of aquatic organisms such as fish, shellfish, and aquatic plants, has gained significant importance in recent years due to the increasing demand for seafood and declining wild fish stocks.
However, the intensive nature of aquaculture often leads to increased susceptibility to diseases, which can result in significant economic losses. Therefore, vaccines have emerged as a critical tool in the management of aquaculture diseases, driving the growth of the commercial aquaculture vaccines market.
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Commercial Aquaculture Vaccines Market Dynamic
The commercial aquaculture vaccines market is a dynamic and rapidly growing industry, driven by various factors that influence market dynamics. Some of the key dynamics that are currently shaping the commercial aquaculture vaccines market include:
- Increasing Demand for Seafood: With the growing global population and rising income levels, there is an increasing demand for seafood products.
- Rising Prevalence of Aquatic Diseases: Aquatic diseases are a major challenge in the aquaculture industry, leading to significant economic losses.
- Growing Aquaculture Industry: The aquaculture industry has been growing rapidly in recent years, driven by the increasing demand for seafood and declining wild fish stocks.
- Technological Advancements: Advances in biotechnology, including genetic engineering, have enabled the development of more effective and safer vaccines for aquaculture species.
- Government Support: Governments around the world are providing support for the development of the aquaculture sector, including funding for research and development of aquaculture vaccines..
Market Trend:
- Increasing Use of DNA Vaccines: DNA vaccines are a relatively new type of vaccine that are gaining popularity in the aquaculture industry due to their ability to stimulate a strong immune response and reduce the risk of disease transmission.
- Rising Adoption of Recirculating Aquaculture Systems: Recirculating aquaculture systems (RAS) are closed-loop systems that allow for the efficient farming of fish and other aquatic organisms with minimal water usage.
- Increasing Focus on Sustainability: Sustainability is becoming an increasingly important focus in the aquaculture industry, with a growing emphasis on minimizing environmental impact and improving animal welfare.
- Growing Interest in Oral Vaccines: Oral vaccines are an attractive option in the aquaculture industry due to their ease of administration and ability to provide long-term protection.
- Expansion of Aquaculture Industry into New Species: The aquaculture industry is expanding into new species, such as seaweed and other marine organisms.
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Competitive Landscape:
The Commercial Aquaculture Vaccines Market is highly competitive, with major players such as Zoetis Inc., Merck & Co. Inc. (MSD Animal , Health/Intervet International B.V.),HIPRA, Elanco Animal Health Inc., Veterquimica SA, Ictyogroup, Tecnovax, Nisseiken Co., Ltd. And more
Recent Developments
- In March 2023, AquaBounty Technologies announced that it had received regulatory approval for its genetically modified salmon in Brazil. The company's AquAdvantage salmon is the first genetically modified animal for human consumption to be approved in Brazil. AquaBounty plans to start producing the fish in Brazil in the coming months.
- In February 2023, researchers from the University of Maine announced that they had developed a new vaccine that could protect farmed Atlantic salmon from a deadly virus called infectious hematopoietic necrosis virus (IHNV). The vaccine uses a protein from the virus to stimulate an immune response in the fish.
Market Segmentations:
The commercial aquaculture vaccines market can be segmented based on several factors, including vaccine type, species, administration method, and region.
- Based on Vaccine Type: Bacterial Vaccines, Viral Vaccines, DNA Vaccines, Others
- Based on Species: Salmon, Trout, Tilapia, Carp, Shrimp, Others
- Based on Administration Method: Injection Vaccines, Oral Vaccines, Immersion Vaccines , Others
- Based on Region: North America, Europe, Asia Pacific, Latin America, Middle East and Africa
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