Report : South & Central America 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 12.4% CAGR, the South & Central America Aquaculture Vaccines Market is speculated to be worth US$ 32.07 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America aquaculture vaccines market was valued at US$ 11.47 million in 2022 and is expected to reach US$ 23.07 million by 2028, registering a CAGR of 12.4% from 2022 to 2028. Growing aquaculture industry and surging demand for aquatic animal-derived food products are the critical factors attributed to the South & Central America aquaculture vaccines market expansion.
When many animal healthcare firms promote their vaccines across the world, there are complications regarding regulatory approval. Stringent regulatory frameworks about vaccine approvals may impede the development and commercialization of aquaculture vaccines. Multiple governments and public bodies have deployed guidelines to ensure the safe and effective employment of vaccines designed for fish farming. Strict impact surveillance and pharmacovigilance of vaccines are needed before any vaccine approval for aquaculture use. The commercialization of aquaculture production leads to high vaccination costs. Therefore, strict regulatory policies for the approval of vaccines and the high cost of vaccines hinder the aquaculture vaccines market growth.
On the contrary, longer life span of aquaculture vaccines hurdles the growth of South & Central America aquaculture vaccines market.
Based on type of vaccine the South & Central America aquaculture vaccines market, is segmented into live vaccines, inactivated vaccines, other vaccines. The inactivated vaccines held 74.0% market share in 2022, amassing US$ 8.49 million. It is projected to garner US$ 17.04 million by 2028 to expand at 12.3% CAGR during 2022–2028.
Based on species, the South & Central America aquaculture vaccines market is divided into tilapia, trout, salmon, shrimps, and others. The salmon held 45.7% market share in 2022, amassing US$ 5.44 million. It is projected to garner US$ 11.33 million by 2028 to expand at 13.0% CAGR during 2022–2028.
Based on route of administration the South & Central America aquaculture vaccines market, is segmented into injection vaccines, immersions vaccines, and oral vaccines. The injection vaccines held 45.7% market share in 2022, amassing US$ 2.98 million. It is projected to garner US$ 5.91 million by 2028 to expand at 12.1% CAGR during 2022–2028.
Based on country, the South & Central America aquaculture vaccines market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 32.9% market share in 2022. It was assessed at US$ 3.78 million in 2022 and is likely to hit US$ 7.37 million by 2028, exhibiting a CAGR of 11.8% during the forecast period.
Key players dominating the South & Central America aquaculture vaccines market are Elanco Animal Health Inc; HIPRA SA; Merck & Co Inc.; Phibro Animal Health Corp; Tecnovax SA; VETERQUIMICA SA; and Zoetis Inc., among others.
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