Aquaculture healthcare is the medical care and treatment of fish and other aquatic animals in aquaculture settings. This includes both preventive measures to maintain the health of the animals and treatment of sick or injured animals. Aquaculture healthcare is a vital part of ensuring the welfare of the animals and the quality of the products produced. Aquaculture healthcare is a growing field as the aquaculture industry continues to expand. Aquaculture facilities are found in many parts of the world and are an important source of food and income for many people. With the right care, these facilities can provide a safe and healthy environment for the animals and the people who work with them.
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Market Trends and Drivers
Rising demand for fish proteins across the world will boost the aquaculture healthcare market growth
Fish is a good source of protein and micronutrients and is consumed all over the world. For instance, in 2018, according to Food and Agriculture Organization (FAO) of the United Nations, about 88 percent of the 179 million tonnes of total fish production was utilized for direct human consumption. Thus, growing demand for quality fish has led to overfishing and depletion of wild fisheries. This is significantly increasing the demand for farmed fish produce. A growing aquaculture market is noted to increase the demand for aquaculture healthcare products in tandem.
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Major Players in the Global Aquaculture Healthcare Market
The key players in the market Benchmark Holdings Plc., Alltech, Elanco, Bayer CropScience Limited, Merck & Co. Inc., Virbac S.A., ADM, Pfizer, Inc., AKVA Group, and Apex Frozen Foods Ltd. among others.
COVID-19 Impact
The COVID-19 pandemic has negatively impacted the operations of several sectors and industries operating within, virtually resulting in an economic decline. Several fishing and aquaculture related activities we noted to be suspended considering the measure for countering the spread of COVID-19 pandemic. Thus, lowered demand of aquaculture produce limited the demand for therapeutic solutions for aquatic animals thereby, hampering the market. Moreover, several manufacturers operating in the aquaculture healthcare industry have reported significantly reduced workforce, thus negatively impacting the operational capabilities, thereby slowing down the industry growth. Furthermore, logistical challenges attributed to local and national restrictions on the movement of goods and people was noted to increase cost as well as turnaround time.
Recent Developments
In October 2022, Hyderabad-based Indian Immunologicals (IIL), a subsidiary of National Dairy Development Board (NDDB), has forayed into the aquaculture health segment with the launch of its products to serve the growing need in farmed shrimp and fish in the country.
In April 2021, ICAR-CIBA has launched a recombinant vaccine against viral nervous necrosis (VNN), in a milestone for aquaculture vaccine development in India.
In August 2020, Merck acquired IdentiGEN. This extended the company’s Livestock and Aquaculture products lineup
In January 2020, Lerøy Seafood Group and DNV GL had signed a contract to develop the product certification for STP 86 Salmo Salar. The STP-86 consists of the higher content of omega-3 acids.
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