Report : Asia Pacific Aquaculture Vaccines Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type of Vaccine (Live Vaccine, Inactivated Vaccine, and Others), Species (Tilapia, Trout, Salmon, Shrimps, and Others), and Route of Administration (Injection Vaccines, Immersion Vaccines, and Oral Vaccines)
At 14.6% CAGR, the Asia Pacific Aquaculture Vaccines Market is speculated to be worth US$ 74.98 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific aquaculture vaccines market was valued at US$ 33.05 million in 2022 and is expected to reach US$ 74.98 million by 2028, registering a CAGR of 14.6% from 2022 to 2028. Growing aquaculture industry and surging demand for aquatic animal-derived food products are the critical factors attributed to the Asia Pacific aquaculture vaccines market expansion.
In recent years, aquaculture has attained a major economic revolution. Advancements in science have paved new avenues in basic and applied research areas for developing and designing novel and effective vaccines and improving existing vaccines for various infectious diseases. Recent developments in vaccines and vaccinology are done to discover new vaccine candidates to combat fish pathogens, including mycotic and parasitic agents, for which vaccines are still lacking.
• On April 27, 2021, ICAR launched CIBA-Nodavac-R to combat VNN that affects many marines, brackishwater, and freshwater fishes, causing up to 100% mortality in larval and early juvenile stages. Red-spotted grouper nervous necrosis virus (RGNNV) is the only genotype prevalent in India and most other tropical countries. The disease is transmitted vertically and horizontally. CIBA-Nodavac-R is an injectable recombinant VNN vaccine that can effectively prevent VNN caused by RGNNV in fingerlings and prevent vertical transmission in brooders.
• In October 2021, a professor from Sylhet Agriculture University (SAU), Bangladesh, developed an oral vaccine for fish that can protect various fish species from bacterial diseases and boost their production. The vaccine can be given to the fish after mixing it with their feed.
Therefore, novel vaccine developments are expected to boost market for aquaculture vaccines during the forecast period..
On the contrary, longer life span of aquaculture vaccines hurdles the growth of Asia Pacific aquaculture vaccines market.
Based on type of vaccine the Asia Pacific aquaculture vaccines market, is segmented into live vaccines, inactivated vaccines, other vaccines. The inactivated vaccines held 73.8% market share in 2022, amassing US$ 24.40 million. It is projected to garner US$ 55.21 million by 2028 to expand at 14.6% CAGR during 2022–2028.
Based on species, the Asia Pacific aquaculture vaccines market is divided into tilapia, trout, salmon, shrimps, and others. The salmon held 48.2% market share in 2022, amassing US$ 15.94 million. It is projected to garner US$ 37.23 million by 2028 to expand at 15.2% CAGR during 2022–2028.
Based on route of administration the Asia Pacific aquaculture vaccines market, is segmented into injection vaccines, immersions vaccines, and oral vaccines. The injection vaccines held 50.2% market share in 2022, amassing US$ 16.60 million. It is projected to garner US$ 38.14 million by 2028 to expand at 14.9% CAGR during 2022–2028.
Based on country, the Asia Pacific aquaculture vaccines market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 67.0% market share in 2022. It was assessed at US$ 22.14 million in 2022 and is likely to hit US$ 49.99 million by 2028, exhibiting a CAGR of 14.5% during the forecast period.
Key players dominating the Asia Pacific aquaculture vaccines market are Elanco Animal Health Inc; HIPRA SA; Merck & Co Inc.; Phibro Animal Health Corp; Zoetis Inc.; Indian Immunologicals Ltd; and Nisseiken Co Ltd, among others.
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