Aquaculture Healthcare Market Size, Share, and Trends 2024 to 2033

Aquaculture Healthcare Market Size and Manufacturers

The global aquaculture healthcare market size was estimated at USD 1.25 billion in 2023 and is projected to surpass around USD 2.83 billion by 2033 with a CAGR of 8.54% from 2024 to 2033. The market is growing because more people worldwide are looking for fish protein.

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Key Takeaways

• Asia-Pacific is likely to witness the fastest growth in the aquaculture healthcare market over the forecast period.
• By product, in 2023, the drugs segment dominated the market.
• By product, the medicated feed additives segment is expected to show significant growth over the forecast period.
• By species, the fish segment held the largest market share in 2023.
• By infection, the bacterial infection segment dominated the market in 2023.
• By route of administration, the topical segment dominated the market in 2023.
• By distribution channel, the retail aqua stores segment dominated the aquaculture healthcare market in 2023.

Aquaculture Healthcare Market Overview

Aquaculture refers to fish farming, where farmers intervene in rearing to enhance production through activities like stocking, feeding, and predator protection. Worldwide, 580 species are farmed in aquaculture, showcasing genetic diversity. Both developing country farmers and multinational companies practice aquaculture, with some owning the cultivated stock. Fish is culturally significant and has excellent nutritional benefits, offering protein, fatty acids, vitamins, minerals, and essential micronutrients.

Frequent consumer purchases drive the consistent demand for fish products. However, the global aquaculture healthcare market has been significantly impacted by the outbreak of the novel coronavirus. Fish is a valuable source of micronutrients and proteins, and people worldwide consume it for food. The Food and Agriculture Organization (FAO) reported an increasing per capita fish consumption over time. As the demand for quality fish rises, fishing activities have increased, leading to the depletion of wild fisheries.

Growth Factors

• The increasing awareness of the health benefits of fish is driving the growth of the global aquaculture market.
• The market is anticipated to grow further due to the increasing support from governments to promote aquaculture, coupled with the rising global population.
• The main driving force behind the aquaculture healthcare market is the growth of diseases and parasites in aquaculture animals, including fishes and crustaceans.
• The primary opportunity for the aquaculture healthcare market lies in the increased research and development efforts in the aquaculture field, aiming for advancements in healthcare measures.
• As the number of fish farms increases and farms expand, the growing prevalence of diseases is likely to impact the aquaculture healthcare market positively.

Aquaculture Healthcare Market Scope

Aquaculture Healthcare Market Dynamics

Drivers

Increasing demand for fish oil as it contains omega-3 fatty acids

Boosting the growth of the aquaculture healthcare market is the growing demand for fish oil, renowned for its omega-3 fatty acids. These essential fatty acids play a crucial role in treating cardiovascular diseases. The University of Maryland Medical Center states that fish oil can lower blood fat levels, diminishing the risk of stroke, heart attack, death, and abnormal heart rhythms in individuals with heart conditions.

• In August 2022, SKAGINN 3X made a significant agreement with BlueWild, Norway, to provide a complete fish processing factory for their innovative new trawler. This trawler is designed for sustainability, quality, and efficiency, marking a significant milestone for the organization.

Rise in prevalence of parasites and diseases in fishes

The increasing occurrence of parasites and diseases among farmed fish is set to drive the growth of the aquaculture healthcare market in the coming years. Like other farm animals, farmed fish are prone to various diseases, often influenced by poor water and nutrition quality, low oxygen levels, and overcrowding in fish farms. This susceptibility of aquatic animals to diseases is anticipated to lead to a higher demand for therapeutic solutions, consequently fostering the growth of the aquaculture healthcare industry.

Restraint

Low acceptance

The low acceptance hinders the growth of the aquaculture healthcare market as it is a new and unconventional fish breeding technique for consumption. This lack of acceptance is linked to a general need for more awareness about aquaculture. The limited knowledge about diseases in aquatic animals is also expected to slow down the expansion of the aquaculture healthcare market. Additionally, the low awareness about the occurrence of diseases and the benefits of aquaculture healthcare significantly impacts industry revenue. This could lead to a slow rate of fish production and an increasing death rate, limiting market progression.

Opportunities

Increase in disposable income

Consumers' increasing disposable income motivates them to invest in highly nutritious food products, including fish. Moreover, the growing focus on health and wellness, along with changes in consumer lifestyles, is expected to contribute to the global growth of the aquaculture healthcare market. Expanding shrimp farming sites in China is also anticipated to boost the market growth.

• In April 2022, Cflow AS participated in Nor-Shipping, an event where maritime and ocean industries converge every two years. This gathering is a central hub for global decision-makers to connect, collaborate, and explore new business opportunities.

Emergence of aquaponics

The increasing international interest in aquaponics is set to create valuable opportunities for market growth. Aquaponics is an innovative technology that cultivates fish and plants in a controlled environment. The waste produced by the fish, when converted into nitrate by nitrifying bacteria, becomes beneficial for plant growth. The growing adoption of aquaponics worldwide, driven by these advantages, is expected to contribute to the future development of the global aquaculture healthcare market. Additionally, introducing innovative launches in aquaponics has the potential to boost market growth further.

• In February 2024, Agriloops, a sustainable aquaculture company based in France, successfully raised €13 million to launch its aquaponics farm through funding, debt, and grants. A crowdfunding campaign on the Sowefund platform facilitated the completion of the funding round. With this financial support, Agriloops can start building its flagship commercial demonstrator.

Product Insights

The drugs segment dominated the aquaculture healthcare market, holding the most outstanding revenue share in 2023. Aquaculture drugs play a crucial role in taking care of the health of aquatic animals. They contribute to various aspects such as building ponds, managing soil and water, enhancing aquatic productivity, formulating feed, controlling reproduction, promoting growth, and processing the final product to add value.

• In February 2023, fishery scientists and experts from India and the United Kingdom proposed a partnership to establish a One Health Aquaculture concept in India. This approach, rooted in veterinary science, aims to ensure the optimal health of people, aquatic animals, plants, and the environment.

The medicated feed additives segment is expected to show significant growth over the forecast period. Medicated feed is recommended when there's a bacterial disease outbreak in farmed fish. These feeds are ready-made and have antibiotics to control specific bacterial infections by killing or stopping them from reproducing. Free amino acids and nucleotides are commonly added to stimulate feeding behavior. Squid, shrimp, clams, mussels, and polychetes are known to be effective in encouraging feeding. Pigments, specifically carotenoids, are responsible for giving fish their characteristic colors.

Species Insights

The fish segment held the largest market share in 2023. The demand for healthcare solutions in aquaculture has risen because more people want high-quality fish proteins. This trend is expected to drive the growth of this market segment.

Ponds and lakes are still bodies of water, but ponds are more miniature than lakes. In the shallow, sunny areas, there's a lot of life, including different types of fish. Rivers and streams are flowing bodies of freshwater. The water in a river or stream comes primarily from sources like melting glaciers or rainwater. Marine species need to be adapted to living in a place with a lot of salt. Freshwater habitats are ponds, lakes, rivers, and streams, while marine habitats include ocean and salty seas.

• In March 2023, Indian Immunologicals Limited (IIL) from Hyderabad revealed a collaboration with the Central Institute of Freshwater Aquaculture (CIFA) in Bhubaneswar. The partnership aims to commercially develop a vaccine for Hemorrhagic Septicemia, also known as Aeromonas Septicemia, Ulcer Disease, or Red-Sore Disease, in freshwater fish.

Infection Insights

The bacterial infection segment dominated the aquaculture healthcare market in 2023. Many fish can suffer from bacterial infections like Aeromonas septicemia, Edwardsiellosis, Columnaris, and Streptococcosis. Some of these bacteria significantly cause economic losses in aquaculture globally. One common culprit is Aeromonas spp., a type of bacteria that often leads to bacterial hemorrhage in cultured fishes, especially in freshwater and tropical environments.

The viral infection segment is expected to witness notable growth in the forecast period. This is attributed to a chronic viral infection affecting the wild or captive marine and freshwater fish. It's caused by a specific DNA virus belonging to the Iridoviridae family. The infection can show up as benign, cauliflower-like lesions, usually found on the fish fins. This disease impacts various types of fish and is generally found worldwide.

• In September 2023, Kochi's Fish Genetic Resources Centre found three viruses that could threaten the ornamental fish industry. These viruses are Infectious Spleen and Kidney Necrosis Virus (ISKNV), Cyprinid Herpesvirus-2 (CyHV-2), and Carp Edema Virus (CEV).

Route of Administration Insights

The topical segment held the largest share of the aquaculture healthcare market in 2023. Topical therapeutics help reduce stress in handling fish and enhance outcomes, making them a popular alternative for fish farmers. Additionally, smaller fish and fry require topical immunizations before vaccination, increasing demand for this segment.

Distribution Channel Insights

The retail aqua stores segment dominated the aquaculture healthcare market in 2023. This is attributed to the accessibility of numerous therapeutic solutions at retail stores. The increasing availability of specialty products stocked for aquatic animals at these aqua stores is anticipated to drive the expansion of this segment.

Regional Insights

Asia-Pacific is likely to witness the fastest rate of expansion during the forecast period. The country's aquaculture healthcare market is experiencing growth due to increasing awareness of its importance. The market is also benefiting from higher research and development funding. Advanced rearing techniques for aquatic animals are contributing to this growth. Additionally, the prevalence of infectious diseases among aquatic animals is a significant factor, leading to the development of new products, such as aquaculture vaccines, to address these issues.

• A research study in February 2022 highlighted the prevalence of anisakid nematodes in fish across China, indicating a high incidence of 45.5%. Fresh fish showed the most significant incidence at 58.1%. The East China Sea region had the highest prevalence at 76.8%, and Eastern China had the highest overall prevalence rate at 55.3%. As highlighted in the study, the high prevalence of diseases is expected to drive the demand for aquaculture vaccines, contributing to the market's growth.

Recent Developments

• In May 2023, the Agriculture Insurance Company of India (AIC) is set to introduce insurance products for the livestock, aquaculture, and sericulture sectors. The company has already obtained the necessary license from India's Insurance Regulatory and Development Authority (IRDAI).
• In November 2022, Indian Immunologicals Ltd. (IIL), based in Hyderabad, collaborated with the Central Institute of Fisheries Education (CIFE) to develop India's first fish vaccine commercially.

Aquaculture Healthcare Market Companies

• Xylem Inc.
• Archer Daniels Midland Company
• Elanco
• Bayer Animal Health
• Merck & Co. Inc.
• Virbac S.A.
• Alltech
• Zoetis (Pfizer, Inc.)
• Benchmark Holdings Plc.
• Pentair plc.
• AKVA Group.

Segments Covered in the Report

By Product

• Vaccines
• Antibiotics
• Antifungals
• Parasiticides
• Anti-Viral Drugs
• Medicates Feed Additives
• Others

By Species

• Fishes
  • Freshwater
    • Tilapia
    • Carp
    • Others
  • Marine Species
    • Seabass Seabream
    • Turbot
    • Others
  • Diadromous Species
    • Salmon
    • Trout
    • Others
• Crustaceans
  • Prawns
  • Shrimps
  • Others
• Others

By Infection

• Bacterial Infection
• Viral Infection 
• Parasitic Infection
• Fungal Infection

By Route of Administration

• Topical
• Oral
• Parenteral
• Immersion
• Spray

By Distribution Channel

• Veterinary Hospitals
• Veterinary Pharmacies
• Online Pharmacies
• Retail /Aqua Stores

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa