Increasing risk of transmission of pathogens from animal food is expected to surge demand for commercial aquaculture vaccines
According to the Food and Agriculture Organization (FAO) of the United Nations 2020, aquaculture accounted for around 46% of total food production and 52% of fish for human consumption.
Besides, aquatic species farming is one of the fastest-growing food sectors, globally. Commercial aquaculture vaccines are projected to gain traction due to shift of the aquaculture industry toward preventive vaccinations from conventional antibiotic treatments, due to increased risk of dissemination. According to the Global Aquaculture Alliance, Chilean salmon farmers have cut antibiotic usage substantially over the last three years.
An increase in global consumption and production of aquatic species exhibits exponential growth potential for the commercial aquaculture vaccines market. Additionally, increased prevalence of bacterial and zoonotic infections among aquaculture species has been observed, which has widened market opportunities.
The COVID-19 pandemic has changed animal healthcare priorities and spending, but this is considered to be a short-term negative impact on the vaccines market. Disruptions in the supply chain across the global fish aquaculture industry and rising awareness of animal to human pathogen transmission risks are expected to slow down the market in the short term.
Overall, the global commercial aquaculture vaccines market is projected to expand at a healthy CAGR of close to 7% through 2030, according to a report by Persistence Market Research.
Key takeaways from commercial aquaculture vaccines market study
-Based on the vaccine type, inactivated vaccines are the most profitable segment leading the market, and are expected to gain more than 70% of market revenue share over the forecast period.
-Among all the pathogens, bacteria widely dominates (over 70%) due to high prevalence of bacterial infections among aquaculture.
-Salmon is a widely dominating species in the market, due to rising production of the fish in leading developed countries, accounting for more than 55% of market share value.
-The intraperitoneal route of administration is most preferred, due to high immune response elicitation of fish, and low stress and post-vaccination side effects.
-Among the different end-users, fish farming companies will hold more than 80% of revenue share over the forecast period.
-Europe is the largest market for commercial aquaculture vaccines, with Norway holding close to half of the share in this regional market.
-Growth of the market is pegged at just 2.2% in 2021, but over the long term through 2030, it will get back to its normal growth trajectory of close to 7% CAGR.
“Increasing awareness of animal food pathogen transmission risks and rising prevalence of zoonotic infections are expected to boost demand for commercial aquaculture vaccines market,” said an analyst of Persistence Market Research.