The global aquaculture therapeutics market size is anticipated to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising prevalence of diseases, advancements in research on the aquaculture, and growing demand of aquatic animals for nutrition.
The farming or culturing of aquatic animals such as the algae, crustaceans, aquatic plants, fishes, mollusks, and other aquatic organisms in several types of water is called as Aquaculture. The process includes cultivation of these aquatic organism in the regulated atmospherically conditions either in salt or in fresh water. These organisms are then collected to be used as the source of therapeutic ingredients or as a source of nutrition. The aquatic organisms are highly sensitive to several prevalent diseases. The factors that affect aquatic animals are pathogens such as bacteria, fungi viruses, and parasites that are present in all natural water bodies. These wounds or infection of aqua animals such as fish can be treated with the use of different antibiotics as well as other medicines, which are mostly approved by the US Food and Drug Administration (FDA). Some of the common components used for drugs are tricaine methane sulfonate, chorionic gonadotropin, calcium chloride, formalin solution, papain, carbon dioxide gas, magnesium sulfate, hydrogen peroxide, sodium bicarbonate, acetic acid, calcium oxide, potassium chloride, sodium chloride, urea, and tannic acid. The aqua-based drugs prevent the aquatic animals from deadliest diseases and keep them healthy.
The COVID-19 pandemic has widely impacted the world business negatively. The pandemic had adversely affected the aquaculture therapeutics market as the world witnessed lockdowns, restrictions, and surge in the COVID-19 cases. This increased the burden on healthcare services due to which the focus on other non-COVID healthcare related-sectors were substantially reduced.
Market Trends, Drivers, Restraints, and Opportunities
- Large number of research activities in the aquaculture and increase in the drug approvals of therapeutic products of aquatic animals are driving the market growth.
- Rising demand for advanced aquaculture therapeutics due to increasing focus for aqua farming practices globally is propelling the market growth during the forecast period.
- Increasing number of global consumption of fishes and expansion of fish farming for commercial purposes is boosting the market growth.
- Less awareness among the population regarding the health of the aquatic animals and high cost of the aquatic animal farming are proving to be key restraints to the market.
- High prevalence of disease among aquatic animals, rising research & development activities in the field, and high demand of aquatic animals are offering huge opportunities for the market expansion in the near future.
Scope of the Report
The report on the global aquaculture therapeutics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Aquaculture Therapeutics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Formalin Solution, Chorionic Gonadotropin, Florfenicol, Tricaine Methane Sulfonate, Oxytetracycline, and Hydrogen Peroxide), End-users (E-commerce and Veterinary Pharmacies), and Environment (Fresh Water, Marine Water, and Brackish Water)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
TunaTech GmbH; Unima Group; ViAqua Therapeutics Ltd; Alpharma Inc.; Sea Watch International Ltd.; Blue Ridge Aquaculture; Cermaq ASA; Cooke Aquaculture; Nireus S.A.; Nutreco Holding N.V.; Kona Bay Marine Resources; Royal Greenland; Selonda Aquaculture S.A.; StarKist Taylor Shellfish Inc.; Nireus Aquaculture S.A and Tassal group Ltd.; and TriMarine International and Seafood Company
Market Segment Insights
Oxytetracycline segment is expected to grow at a rapid pace
Based on products, the global aquaculture therapeutics market is segmented into formalin solution, florfenicol, chorionic gonadotropin, oxytetracycline, tricaine methane sulfonate, and hydrogen peroxide. The oxytetracycline segment is expected to grow at a significant rate in the coming years as it is highly recommended and preferred by the doctors and professionals. Moreover, it shows considerable effect for the treatment of infections on the aquatic animals. These products are used to maintain and cure the diseases of the aquatic animals.
Veterinary pharmacies segment is projected to expand at a considerable CAGR
On the basis of end-users, the market is bifurcated into e-commerce and veterinary pharmacies. The veterinary pharmacies segment is projected to expand at a considerable CAGR during the forecast period owing to the easy availability and wide presence of these pharmacies around the globe. However, the e-commerce segment is anticipated to propel at a substantial growth rate during the forecast period due to the easy access of internet to the population and cheap medicines on this platform.
Fresh water segment is anticipated to dominate the market
Based on the environment, the global aquaculture therapeutics market is divided into marine water, fresh water, and brackish water. The fresh water segment is anticipated to dominate the market since fishes are widely nurtured and adopted for farming using the fresh water and are less likely to get infections or diseases. The other factor driving this segment is decline in the fish population in oceans globally.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to hold a key market share during the targeted period as the region has advanced healthcare therapeutics system as well as the significant awareness of region’s population regarding the aquaculture therapeutics. Additionally, government initiatives to create awareness and promote aquaculture therapeutics is boosting the regional market expansion during the projected period.
The Asia Pacific market, however, is estimated to exhibit substantial growth in the near future owing to the high population of aquatic life in the region and variety of organisms with high prevalence of diseases in many parts of the region.
Segments Covered in the Report
The global aquaculture therapeutics market has been segmented on the basis of
- Formalin Solution
- Chorionic Gonadotropin
- Tricaine Methane Sulfonate
- Hydrogen Peroxide
- Veterinary Pharmacies
- Fresh Water
- Marine Water
- Brackish Water
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- TunaTech GmbH
- Unima Group
- ViAqua Therapeutics Ltd
- Alpharma Inc.
- Sea Watch International Ltd
- Blue Ridge Aquaculture
- Cermaq ASA
- Cooke Aquaculture
- Nireus S.A.
- Nutreco Holding N.V.
- Kona Bay Marine Resources
- Royal Greenland
- Selonda Aquaculture S.A.
- StarKist Taylor Shellfish Inc.
- Nireus Aquaculture S.A and Tassal group Ltd.
- TriMarine International and Seafood Company
Key players competing in the global aquaculture therapeutics market are TunaTech GmbH; Unima Group; Nutreco Holding N.V.; ViAqua Therapeutics Ltd; Alpharma Inc.; Sea Watch International Ltd.; Blue Ridge Aquaculture; Cooke Aquaculture; Nireus S.A.; Kona Bay Marine Resources; Royal Greenland; Selonda Aquaculture S.A.; StarKist Taylor Shellfish Inc.; Nireus Aquaculture S.A and Tassal group Ltd.; TriMarine International and Seafood Company; and Cermaq ASA.