May 26, 2020
According to a recent study titled ‘Aquaculture Healthcare Market Size By Product, By Species, By Infections, By Distribution Channel, Regional Outlook, Price Trends, Application Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global aquaculture market is expected to register substantial growth during the forecast years.
The farming of aquatic organisms including molluscs, aquatic plants, fish, and crustaceans is known as aquaculture. Aquaculture healthcare deals with the health maintenance of these aquatic organisms, rendering them safe for consumption. Surging demand for high quality meat in tandem with depletion of natural fisheries due to overfishing are the primary growth drivers of global aquaculture healthcare market.
Based on the product type, vaccines segment is projected to register 6.4% CAGR throughout the forecast duration, owing to rising cases of antibiotic resistance. Moreover, vaccination of fish aids in controlling and preventing infectious diseases, thereby driving the product demand.
In terms of species, the market is categorized into fish, crustaceans, and others, among which crustaceans segment is anticipated to expand with 6.5% CAGR through 2026, owing to increasing consumption of prawns and shrimps.
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On the basis of infection, fungal infection segment generated a revenue of USD 19.9 million in 2019 and is projected to show decent growth in the coming years. Fungi can easily grow within a fish’s environment and can affect fish at any stage in their development. In commercial fish farming, fungi are the most common problem during the freshwater phase of development which is fueling the demand for solutions to protect the fish from fungi.
Elaborating on the administration route, injectables segment held 55% market share in 2019 and is expected to show modest growth in the forthcoming years. Injection vaccines generally include a water based or oil-based compound called adjuvant, which stimulates the immune system. Moreover, injection vaccination allows for direct delivery of a small volume of antigen into the body cavity or muscle, allowing for more direct stimulation of immune response that is systematic, thereby boosting the product demand.
Speaking of the distribution channel, online stores segment is expected to grow by 6% 2020 to 2026. Growing consumer preference towards online shopping, and availability of large variety of drugs at varying price ranges are supporting the segment growth.
Considering the regional outlook, Latin America aquaculture healthcare market was worth USD 110 million in 2019 and is projected to register 6% CAGR through 2026. The growth can be credited to the seas of Latin America and the Caribbean which are a source of healthy food for thousands of families, in turn, is stimulating the demand for aquaculture healthcare products.
Major players operating in global aquaculture healthcare market are Benchmark PLC, Archer Daniels Midland Company, Ceva Sante, Elanco, DuPont, Vetoquinol S.A., Merk, Virbac, Zoetis LLC, and Zeal Aqua.