The Aquaculture pharmaceuticals market valued at 810 Mn in 2021 and expected to reach USD 1343.83 Mn by 2028, at a CAGR of 7.5% during the forecast period 2022 to 2028. Aquaculture Pharmaceuticals market report gives comprehensive outlook on aquaculture pharmaceuticals across the globe with special emphasis on key regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa (MEA). This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, Aquaculture Pharmaceuticals market report includes recent product launches, regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analysed market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the market report include suppliers, manufacturers, marketers, policy makers engaged in manufacturing and supply of aquaculture pharmaceuticals. Aquaculture industry suffered from many microbial outbreaks that resulted death of many aquatic animals. Lack of drugs/vaccines to new diseases are projected to hamper the growth of the aquaculture pharmaceuticals. Furthermore, antibiotic resistance to the aquatic animals is one of the factors that restraining the growth of market. In the specialised fields of aquaculture feed and medicines, there is an increasing demand for structured R&D, with biologics research being a critical component of R&D projects. This has sped up the introduction of medications, medicated feed, and vaccines into regional markets, particularly in affluent countries like the United States and Canada. Strategic partner selection for M&A initiatives among key companies has supported inorganic growth in the global aquaculture feed and pharmaceutical market.
Fastest Growing Market
Pharmaceuticals plays a pivotal role in aquaculture to prevent and treat aquatic animals from various microbial infections. Companies are betting heavily on research and development programs to develop novel drugs that can treat new infections in aquatic animals. For instance, in 2015, PHARMAQ, a part of Zoetis, Inc., invested in to produce fish vaccines in new facility at Klofta. Furthermore, lack of generic drugs to compete with inventor drugs makes more lucrative for the aquaculture pharmaceuticals manufacturers. In addition, global increase in farmed fish production than the wild catch are projected to boost aquaculture pharmaceuticals market over the forecast period. According to Food and Agriculture Organisation of the United Nations (FAO) estimates, the farmed fish production increased by 5.6% from 66.5 Mn tonnes (2013) to 70.2 Mn tonnes (2013).
The aquaculture pharmaceuticals market is projected to expand at a CAGR of 7.5% during the forecast period
Elanco (Eli Lilly and Company) (U.S), Intervet Inc., (Merck & Co., Inc.,) (U.S.), Bayer AG (Germany), PharmaQ AS (Zoetis, Inc
North America is the fastest-growing region for aquaculture pharmaceuticals market