Extensive Adoption of Fish Medications for Preventing Disease Spread Benefiting Aquaculture Feed and Pharmaceutical Manufacturers
Rockville , Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global Aquaculture Feed and Pharmaceutical Market is pegged at US$ 999.4 million in 2024. According to a newly published study by Fact.MR, a market research and competitive intelligence provider, worldwide demand for aquaculture feed and pharmaceuticals is forecasted to increase at 7.4% CAGR from 2024 to 2034.
Increased awareness about the health benefits of the consumption of seafood is predicted to lead to rising sales of high-purity aquaculture products. In addition, there is an increase in the demand for structured R&D activities in the field of aquaculture feed and pharmaceuticals. This is predicted to facilitate the development of new drugs, vaccines, and medicated feed, especially in developed regions.
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Key Segments of Aquaculture Feed and Pharmaceutical Industry Research Report
By Product Type
Different fish medications are being extensively adopted for the prevention of the spread of certain diseases. The primary objective is to offer medication to healthy fish while preventing any sort of proximity to the infected ones. In recent years, the need for pharmaceutical aquafeed has increased significantly in several well-established fishing farms, driven by limited antibiotic consumption.
Key Takeaway from Market Study
Sales of aquaculture feed and pharmaceuticals are estimated at US$ 999.4 million in 2024.
The global aquaculture feed and pharmaceutical market is predicted to reach a size of US$ 2.04 billion by the end of 2034.
The market is predicted to expand at 7.4% CAGR from 2024 to 2034.
East Asia is forecasted to account for over 50% share of global market revenue by the end of 2034.
Demand for aquaculture feed and pharmaceuticals in China is projected to increase at 7.8% CAGR and reach a value of US$ 924.1 million by 2034-end.
Sales of aquaculture feed and pharmaceuticals in the United States are predicted to rise at a CAGR of 7.3% from 2024 to 2034.
Worldwide demand for pharmaceuticals & biologics is forecasted to accelerate at 7.2% CAGR and reach a valuation of US$ 1.6 billion by the end of 2034.
“Increasing seafood consumption and significant growth of the fish farming industry are predicted to stimulate demand for aquaculture feed and pharmaceuticals,” says a Fact.MR analyst.
Supportive Policies Governing Aquaculture in the United States
The use of extra-label drugs in the United States is permitted in aquaculture under the supervision and guidance of a licensed veterinarian. The United States Food & Drug Administration (FDA) does not raise objections against the application of certain approved medicated feeds with extra labels if the respective drug matches the set compliance conditions.
Key Market Players
Leading manufacturers of aquaculture feed and pharmaceuticals are AgriProtein Holdings Ltd., InnovaFeed, Beta Hatch, Nutrition Technologies Group, Mutatec, Zoetis, Inc., Ridley Corporation Ltd., Schouw & Co., Merck & Co Inc., Aller Aqua A/A, Biomin Holding GmbH, Avanti Feeds Ltd., Alltech Inc., Norel S.A., Beneo GmbH, Akretting AS, Neovia Vietnam, Growel Feeds Pvt. Ltd., and Novus International Inc.
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Value Projection (2034)
USD 2.04 Billion
Growth Rate (2024-2034)
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The global market is projected to see pharmaceuticals and biologics contribute to a significant 78.5% share by the year 2034. Various therapeutics, such as anti-inflammatories, antifungals, antibiotics, and other medications, play a crucial role in both aquaculture feed and pharmaceuticals for aquatic species. The anticipation is that multiple vaccines will gain popularity in enhancing immunity and preventing viral infections among farm species. Additionally, several oral medications are employed as immunity boosters within the aquaculture industry.
By 2034, carps are expected to dominate the aquaculture feed and pharmaceutical market, holding a substantial 43.8% share. Carps offer valuable byproducts, including residue and shells, which are rich in nutrients like amino acids, chitin, proteins, lipids, and essential minerals such as calcium and phosphorus. These components significantly enhance their value as feed supplements for various aquaculture species.
Crab shells contain chitin, a substance often processed into chitosan, which finds application in aquaculture health products and pharmaceuticals. The antimicrobial properties of chitosan contribute to disease prevention, control of parasites, and wound healing in various aquaculture species.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the aquaculture feed and pharmaceutical market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (pharmaceuticals & biologics, medicated feed) and species (mollusks, shrimp, salmon, carp, tilapia, catfish), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.