The South & Central America aquaculture vaccines market is expected to grow from US$ 11.47 million in 2022 to US$ 23.07 million by 2028. It is estimated to grow at a CAGR of 12.4% from 2022 to 2028.
Development of Novel Vaccines is Driving the South & Central America Aquaculture Vaccines Market
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. Therefore, novel vaccine developments are expected to boost for South & Central America aquaculture vaccines market during the forecast period.
South & Central America Aquaculture Vaccines Market Overview
SAM aquaculture vaccines market includes Brazil, Argentina, Chile, and Rest of SAM. The market for aquaculture vaccines in the region is expected to have growth opportunities during the forecast period. The aquaculture vaccines market in the SAM region is expected to grow owing to factors such as, an increase in cases of infectious diseases in fishes in the region and increasing fish consumption drive the market in the region. According to World Bank data, Brazil is a giant in Latin America: it boasts a population of more than 213 million people and a GDP of some USD 1.45 trillion (EUR 1.33 trillion). It exports only about USD 365 million (EUR 334 million) in seafood, but the Brazilian Trade and Investment Promotion Agency, Apex-Brasil, is looking to change that. Brazilian farmed fish exports totaled 9,900 tons in 2021, 49% more than in 2020, according to Embrapa data in partnership with the Brazilian Fish Farming Association (PeixeBR). Revenue from shipments increased by 78% to US$20.7 million.
The three main destinations for Brazilian fish accounted together for more than 80% of exports. The United States ranked first, with 64% of participation, and Colombia ranked second, with 9% participation. The main item on the list of exports to the US was frozen whole fish, totaling US$ 6.2 million, followed by fresh or chilled fillets (US$ 5 million) and frozen fillets (US$ 2 million). Thus, owing to the above-mentioned factors the aquaculture vaccines market in Brazil is expected to grow during the forecast period.
South & Central America Aquaculture Vaccines Market Revenue and Forecast to 2028 (US$ Million)
South & Central America Aquaculture Vaccines Market Segmentation
The South & Central America aquaculture vaccines market is segmented into type of vaccine, species, route of administration, and country.
Based on type of vaccine, the South & Central America 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 South & Central America 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 South & Central America 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 South & Central America aquaculture vaccines market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the aquaculture vaccines market share in 2022.
Elanco Animal Health Inc; HIPRA SA; Merck & Co Inc.; Phibro Animal Health Corp; Tecnovax SA; VETERQUIMICA SA; and Zoetis Inc.; are the leading companies operating in the South & Central America aquaculture vaccines market.
South & Central America Aquaculture Vaccines Market Strategic Insights
South & Central America Aquaculture VaccinesMarket Report Highlights
| Report Attribute | Details |
| Market size in 2022 | US$ 11.47 Million |
| Market Size by 2028 | US$ 23.07 Million |
| CAGR (2022 - 2028) | 12.4% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type of Vaccine
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Regions and Countries Covered
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| South and Central America | Brazil, Argentina, Rest of South and Central America |
| Market leaders and key company profiles |
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South & Central America Aquaculture Vaccines Market Country and Regional Insights
