FISH VACCINE MARKET ANALYSIS

Fish Vaccination describes the method of inducing defense mechanisms in fish against pathogenic bacteria by exposing them to non-pathogenic forms or microbe components.

The three main ways to administer vaccines are orally, subcutaneously, and intravenously. However, as vaccination is a preventative approach rather than a treatment, only healthy fish should ever be given the shot. The most common fish vaccine types include bacterins, live attenuated, subunit vaccines, and toxoids.

Global Fish Vaccine Market - Impact of the Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 a pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Dashboard by the World Health Organization, over 572 million cases and 6.39 million deaths due to coronavirus disease (COVID-19) were reported till July 29, 2022, across the globe.

Impact of COVID-19 on Demand and Supply of Fish Vaccine

The COVID-19 pandemic and consequent lockdown in various countries across the globe have impacted the financial status of businesses across all sectors including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; by directly affecting the production and demand of healthcare products; by creating disruptions in distribution channels; and by affecting companies and various markets financially. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regard to the transportation and distribution of healthcare products.

According to a study published by ScienceDirect in September 2021, the aquaculture and fisheries sector especially in developing countries such as Bangladesh is believed to have been severely affected by the COVID-19. The study included online questionnaire surveys, face-to-face and telephonic interviews, and focus group discussions during June to November 2020. The study revealed some positive impacts on ecosystem and fish stock (e.g., increase in fish stock) due to less disturbance of fishing activities, but have not brought any benefit to fishermen as the fisheries sub-sectors are affected differently by the pandemic. There are disrupted transportation systems and increased transportation costs (around 20 – 60% higher than normal), more input and maintenance costs, and less demand for/and decreased market price of fish.

The global fish vaccine market is estimated to be valued at US$ 249.20 Mn in 2022 and is expected to exhibit a CAGR of 6.5 % over the forecast period (2022-2030).

Figure 1: Global Fish Vaccine Market Share (%) Analysis, By Vaccine Type, 2022

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Advantages of fish vaccination over antibiotics and the economic benefits of fish vaccines are expected to drive the global fish vaccine market growth over the forecast period.

The increasing use of vaccines over antibiotics by fish farmers is expected to drive the growth of the global fish vaccine market over the forecast period. For instance, according to the Vaccine Journal of Veterinary Science & Veterinary Science & Technology: (2018), the following table shows the advantages of vaccines over antibiotics in fish farming:

Business Expansion by Market Players

Key players are engaged in expanding their presence in other countries, which is expected to increase their customer base. It will also aid in driving the growth of the global fish vaccine market over the forecast period. For instance, in 2018, Zoetis, Inc., a global animal health company, announced the start of the construction of a manufacturing and supply and research and development center in Suzhou, China, for the development and production of vaccines for swine, cattle, and fish that help protect against the strains of diseases prevalent in China.

Global Fish Vaccine Market - Restraint

Factors causing failure in the efficiency of fish vaccination is expected to be major restrain for the market growth.

Global Fish Vaccine Market – Regional Analysis

On the basis of region, the global fish vaccine market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to exhibit lucrative growth opportunities for the fish vaccine market, owing to increasing product launches or approvals of vaccines in the region. For instance, in November 2019, MSD Animal Health, a division of Merck & Co., Inc. which is headquartered in the U.S., launched a new vaccine AQUAVAC Strep Sa-Si to protect against streptococcosis in fish. It is indicated for the active immunization of tilapia (Oreochromis sp.) and other susceptible fish species, in order to reduce mortality and disease due to streptococcosis caused by Streptococcus agalactiae (serotype Ib) and Streptococcus iniae.

Moreover, Europe fish vaccine market is expected to witness significant growth in the near future, owing to rising government initiatives for animal welfare in this region. For instance, on March 29, 2022, the European Union (EU) and European Investment Fund (EIF) entered into partnership and initiated a new US$ 539.5 million dedicated equity initiative for the blue economy and aquaculture under InvestEU at the BlueInvest days 2022 in Brussels. The BlueInvest initiative will continue beyond 2022 until 2026.

Figure 2: Global Fish Vaccine Market Value (US$ Mn), by Region, 2022

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Global Fish Vaccine Market – Competitive Landscape

Major players operating in the global fish vaccine market include 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.