July 24, 2024
Fish Skin Disease Market

Fish Skin Disease Market Is Estimated To Witness High Growth Owing To Rising Fish Farming Activities

The fish skin disease market is estimated to be valued at US$ 1.84212 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The fish skin disease market covers products used for the treatment of various skin infections and diseases in farmed fish. Key products in the market include antifungal, antibacterial, and antiparasitic agents that come in different forms like solutions, powders, and creams. Fish skin diseases pose a major threat to the burgeoning aquaculture industry if left untreated. The market sees widespread application to safeguard the health and promote growth of popular fish varieties including salmon, trout, tilapia, and pangasius cultured on large fish farms.

Market Dynamics:

The growing fish farming industry globally is a major driver for the fish skin disease market over the forecast period. Fish production through farming has been increasing steadily and today aquaculture contributes over 50% of the global fish supply for human consumption. Furthermore, intensification of fish production through higher stocking densities makes fish more susceptible to skin infections. Rising seafood trade worldwide also increases the risk of transboundary diseases, thereby propelling the demand for effective skin disease treatments in the aquaculture sector. However, stringent regulatory norms pertaining to the use of antibiotics and chemicals in food animals can hamper market growth. Additionally, lack of specialized veterinary care in developing regions poses a challenge.

SWOT Analysis

Strength: The fish skin disease market has strong potential for growth due to rising fish farming and aquaculture activities globally. Rapid urbanization and rising disposable incomes have increased the demand for fish and seafood. Fish skin disease treatments help prevent losses to fish farmers.

Weakness: High costs associated with research and development of new fish skin disease treatments can hamper market growth. Lack of awareness regarding fish diseases in underdeveloped regions also restricts the market.

Opportunity: Growing demand for antiviral drugs and vaccines to treat viral fish skin diseases presents an opportunity for key players. Advancement in fish skin disease diagnostics technologies will further aid market expansion over the coming years.

Threats: Stringent regulations associated with the use of antibiotics in aquaculture pose a major challenge. Changing climatic conditions and rising ocean temperatures can increase incidences of fish skin diseases.

Key Takeaways

The Global Fish Skin Disease Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing fish farming and aquaculture activities globally. Rising demand for high-quality fish and seafood has driven farmers to focus on fish health management using disease diagnostics and therapeutics.

Regional analysis: North America dominates the global fish skin disease market currently, owing to robust research funding and presence of key market players. However, Asia Pacific is projected to witness fastest growth due to growing fish production and rising animal healthcare expenditure in major countries like China and India.

Key players operating in the fish skin disease market are Zoetis Inc., Elanco Animal Health, MSD Animal Health, Benchmark Holdings, Phibro Animal Health Corporation, Intervet Inc., Norvartis, Merck Animal Health, Novartis AG, Pharmaq AS, AquaBounty Technologies, Alltech, Skretting, Nutreco, Biomin. Key players are focused on new product launches, gaining regulatory approvals and expansion into emerging markets through strategic collaborations.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it