The global market for aquaculture feed and pharmaceuticals could be valued at US$1,068.9 million by 2025, registering a CAGR of 7.3% over 2017 – 2025, according to the report ‘Aquaculture Feed and Pharmaceutical Market: Global Industry Analysis 2012–2016 and Forecast 2017–2025’ by Persistence Market Research.
The paced development of new vaccines for aqua life, together with a rise in the number of market players in this segment, especially in developed countries like the USA and Canada, has boosted the global market for aquaculture feed and pharmaceuticals.
The report categorises the global aquaculture feed and pharmaceutical market into pharmaceuticals and biologics, and medicated feed. Of these, pharmaceuticals and biologics is expected to dominate in terms of revenue, registering a CAGR of 7.7% over 2017 – 2025, and medicated feed a CAGR of 6.6%.
On a geographical footing, Asia Pacific is forecast to exhibit the highest CGPA of 7.6% amongst all other regional markets including Latin America, North America, Europe, and Middle East and Africa. Inland aquaculture is the most distinct avenue for the industry in Asia Pacific and 66.6% of fish is produced inland. The most prominent driver that has propelled the global market
For aquaculture feed and pharmaceuticals is the growing demand for R&D in the field. This has further eased the entry of drugs, medicated feed, and vaccines in regional markets of developed nations. Owing to this, the aquaculture feed and pharmaceuticals industry has inorganically grown by liaising with key players. Moreover, if certain guidelines and compliance standards are met, there is no restriction on the use of extra-label drugs in the USA, which could further fortify the market.
Measures to immune fishes against diseases is also a substantially effectual driver. Alongside this, aquaculture has become a vital source of food for human consumption, because of which various government initiatives are aiming to rid aqua life of diseases.
The production of veterinary medicines and medicated feed is governed by different laws and policies across different countries. Each country is deemed to adhere to their production standards, which makes it difficult to forecast trends and estimate figures. Moreover, most veterinary treatments are relatively expensive, which discourage people from cultivating aquaculture. The instances of lack of proper treatment and an inability to diagnose diseases is also a shortfall for the aquaculture feed and pharmaceuticals market.
The growth of regional players in the market for aquaculture feed and pharmaceuticals has prompted the big companies to collaborate with them and reap the benefits of access to a larger set of consumers. There also lies an opportunity for market players to acquire regional players and thus optimise market share.
There is a scaling presence of branded drugs in the global aquaculture market, which further augments the niche market for aquaculture feed and pharmaceuticals. Leading companies are capturing the market by resorting to the production of new drugs and innovating the production facilities to capture maximum market share.
Source: Persistence Market Research