The Global Aquaculture Therapeutics Industry is on track for a significant surge, driven by the rising demand for sustainable and healthy seafood production. According to a recent analysis by Future Market Insights (FMI), a leading industry analyst, the market is expected to experience a remarkable Compound Annual Growth Rate (CAGR) of 8.6% from 2023 to 2033. This translates to a projected market valuation of a staggering US$3.98 billion by 2033, solidifying the aquaculture therapeutics industry’s position as a major player in the global marketplace.
The market for aquaculture treatments is expected to develop steadily and sustainably over the next ten years, with a trend that indicates significant growth. Based on thorough research conducted by FMI, the sector is predicted to hit a major milestone in 2023, with a market value of US$ 1.74 billion.
Global Aquaculture Therapeutics Industry: Drivers and Restraints
A lot of advances are taking place in aquaculture therapeutics as several diseases are affecting the animals cultured in aquaculture. Several diseases are driving the aquaculture therapeutics market. Mostly the diseases are dependent on hygiene conditions which are to be maintained. Advances in aquaculture therapeutics and growing demand for more effective aquaculture therapeutic drugs are the factors expected to drive the growth of the aquaculture therapeutics market. Moreover, the demand for aquaculture is growing day by day due to the decreasing number of oceanic fish and the increasing consumption of fish at a global level.
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The Farming or the culturing of aquatic animals like fishes, algae, mollusks, crustaceans, aquatic plants, and other aquatic organisms in different types of water is termed Aquaculture. The cultivation process involves nurturing this aquatic organism in controlled conditions either in fresh or salt water. Later on, these aquatic organisms are then harvested to serve as a source of nutrition or to be used for many other purposes.
Aquatic animals are very sensitive and are prone to various epidemic diseases. Other factors affecting the aquatic cultured animals are Pathogens (e.g. bacteria, viruses, fungi, and parasites) that exist in all natural water bodies. At the same time crowded culture environment causes a high risk for infection and makes the fish nervous. Crowding also results in fish knocking eventually leading to surface wounds which is a cause for inaction.
These can be cured using several FDA-approved antibiotics and other medicines. Apart from diseases medicines are used to improve the wellbeing of the fishes in the aquaculture. The list of drugs includes chorionic gonadotropin, formalin solution, florfenicol, oxytetracycline, tricaine methane sulfonate, hydrogen peroxide, sulfadimethoxine/ormetoprim combination, acetic acid, calcium chloride, calcium oxide, carbon dioxide gas, fuller’s earth, garlic (whole form), ice, magnesium sulfate, papain, potassium chloride, povidone-iodine, sodium bicarbonate, sodium chloride, sodium sulfite, thiamine hydrochloride, urea and tannic acid.
The above-mentioned drugs take care of the aquatic animals fighting several diseases that are not only harmful to the aquatic animals but are also harmful to the consumer. Two different categories of diseases affect the aquatic population viz. diseases due to pathogens that are indigenous to the local environment and exotic pathogens.
Global Aquaculture Therapeutics Industry: Overview
Despite the long tradition of practicing aquaculture in several countries, it is still a growing business with great scope. The requirement for aquaculture therapeutics is increasing day by day as more and more countries have started adopting aquaculture which is a cheaper source of protein. As the fishes or the animals are consumed by the human FDA has set up certain regulatory guidelines for the drugs to be administered to the fishes in aquaculture. They are categorized as conditionally approved animal drugs and indexed animal drugs. Depending upon environmental and diseased conditions these drugs are used in the aquatic fishes.
Aquaculture Therapeutics Industry: Regional Overview
Region-wise, the global Aquaculture therapeutics market is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East, and Africa. China is the leading in the aquaculture market which contributes around 61% of the global aquaculture market which is followed by Indonesia and India.
Global Aquaculture Therapeutics Industry: Key Players
- TunaTech GmbH,
- ViAqua Therapeutics Ltd,
- Alpharma, Inc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types of products, and applications.
The report covers an exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX)
- Eastern Europe (Russia, Poland, Rest Of Eastern Europe)
- Asia Pacific Excluding Japan (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa, Rest Of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Global Aquaculture Therapeutics Industry: Segmentation
Based on product type
- Chorionic Gonadotropin
- Formalin Solution
- Florfenicol
- Oxytetracycline
- Tricaine Methane Sulfonate
- Hydrogen Peroxide
- Sulfadimethoxine/Ormetoprim combination
Based on the end-user
- Veterinary Pharmacies
- E-commerce
- Veterinary Clinics
- Veterinary Hospitals
Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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