A recent report published by Persistence Market Research
prognosticates that the global market for aquaculture feed and pharmaceuticals
would be valued at US$1,068.9 mn by 2025 registering a CAGR of 7.3% over
2017-2025. The report, titled “Aquaculture Feed and Pharmaceutical Market:
Global Industry Analysis 2012–2016 and Forecast 2017–2025,” portrays that the
cumulative revenue generated by the market is projected to increase 1.8X over
the forecast period from 2017-2025.
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The paced development of new vaccines for aqua life and a
rampant rise in the number of market players in this segment, especially in the
developed countries like the U.S. and Canada, has augmented the global market
for aquaculture feed and pharmaceuticals. The global aquaculture feed and
pharmaceutical market is categorized in the report on the basis of product
types into pharmaceuticals and biologics and medicated feed. Of these, the
segment of pharmaceuticals and biologics is expected to be the dominating one
in terms of revenue, registering a CAGR of 7.7% over 2017-2025 to outdo all
other product types. Over the forecast period medicated feed is approximated to
reach a CAGR of 6.6% in terms of revenue. On the front of market segmentation
by species, shrimps and carps would fare the highest CAGR of 7.7% over
2017-2025.
On a geographical footing, Asia Pacific is forecasted to
exhibit the highest CGPA of 7.6% amongst all other regional markets including
Latin America, North America, Europe, and Middle East and Africa (MEA). Inland
aquaculture is the most distinct avenue for the industry in Asia pacific and
66.6% fish is produced inland.
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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 like the United
States of America and Canada. 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 U.S., 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 the menace 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 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
optimize market share.
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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. Some of the leading players in the
global aquaculture feed and pharmaceuticals market include Norel S.A.,
Incorporated, Schouw & Co, Bayer AG, Growel Feeds Pvt. Ltd., Evonik, Biomin
Holding GmbH, Koninklijke, Industries AG, Novus International Inc, Aller Aqua
A/S, Ridley Corporation Ltd, Nutriad Ltd., DSM NV Merck & Co Inc, Cargill,
Beneo GmbH, Alltech Inc., Skretting AS, Growel Feeds Pvt. Ltd., Neovia Vietnam,
Zoetis.
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