The Asia Pacific aquaculture vaccines market is expected to grow from US$ 33.05 million in 2022 to US$ 74.98 million by 2028. It is estimated to grow at a CAGR of 14.6% from 2022 to 2028.
Rising Prevalence of Infectious Diseases in Aquatic Animals is Driving the Asia Pacific Aquaculture Vaccines Market
As per the research study titled "Prevalence of Anisakid Nematodes in Fish in China: A Systematic Review and Meta-Analysis" published by the National Library of Medicine (NLM) in February 2022, the anisakid nematodes were widespread in fish across China with a pooled incidence rate of 45.5% and the occurrence percentage for fresh fish was the greatest (58.1%). Eastern China had the highest prevalence rate of anisakid nematodes (55.3%), while the prevalence of anisakid nematodes (76.8%) was highest in East China Sea. According to the data published in Aquaculture Research & Development journal, ~219 cases of infectious diseases in the fresh aquaculture sector were registered from 2014 to 2018. Among these, 74.88% were parasitic, 12.80% were bacterial, 1.83% were viral, and 10.50% cases were a mix of parasitic and bacterial diseases. Therefore, the high prevalence of infectious diseases is expected to boost the demand for vaccines, which would provide lucrative opportunities for the aquaculture vaccines market in the coming years.
Asia Pacific Aquaculture Vaccines Market Overview
The Asia Pacific aquaculture vaccines market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. The market growth in these countries is attributed to the rising aquaculture sector in the region and favorable government initiatives. Moreover, expansion and product launch strategies implemented by market players are expected to contribute to the growth of the aquaculture vaccines market in the region. As a major consumer market, China drives significant demand for seafood. Species such as trout and salmon, which were once considered as luxurious are now affordable to the country’s middle-class consumers. Additionally, by 2030, China will become an overconsumer of seafood and will require between 6 to 18 tons of seafood to meet consumer demand, according to a 2020 report from the Stockholm Resilience Centre. This is due to rapidly growing levels of seafood consumption, with Chinese consumers consuming over 35 kg of seafood per person in 2020. According to the Chinese Academy of Engineering Forecast, total aquaculture demand and production will grow from 81 million tonnes to 100 million tonnes by 2035. Thus, China's strategy to move towards a market-based, demand-driven economy for aquaculture products, growing fish diseases, and rising demand for seafood among the population will support the aquaculture vaccines market growth.
Asia Pacific Aquaculture Vaccines Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Aquaculture Vaccines Market Segmentation
The Asia Pacific aquaculture vaccines market is segmented into type of vaccine, species, route of administration, and country.
Based on type of vaccine the Asia Pacific aquaculture vaccines market, is segmented into live vaccines, inactivated vaccines, other vaccines. The inactivated vaccines segment held the largest market share in in 2022.
Based on species, the Asia Pacific aquaculture vaccines market is divided into tilapia, trout, salmon, shrimps, and others. The salmon segment held the largest share of the market in 2022
Based on route of administration the Asia Pacific aquaculture vaccines market, is segmented into injection vaccines, immersions vaccines, and oral vaccines. The injection vaccines segment held the largest share of the market in 2022.
Based on country, the Asia Pacific aquaculture vaccines market is segmented into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the aquaculture vaccines market share in 2022.
Elanco Animal Health Inc; HIPRA SA; Merck & Co Inc.; Phibro Animal Health Corp; Zoetis Inc.; Indian Immunologicals Ltd; and Nisseiken Co Ltd are the leading companies operating in the Asia Pacific aquaculture vaccines market.