South & Central America Aquatic Veterinary Market Forecast to 2030 - Regional Analysis by Type, Diagnostic, Treatment, Species, Diseases Source, and Route of Administration

The South & Central America aquatic veterinary market was valued at US$ 113.32 million in 2022 and is expected to reach US$ 142.79 million by 2030; it is estimated to register a CAGR of 2.9% from 2022 to 2030.

Development of Novel Fish Vaccines Fuels South & Central America Aquatic Veterinary Market

The emergence of disease outbreaks caused by parasites, viruses, and bacteria has slowed down the evolution of the global aquaculture industry for several decades. In addition to their potentially harmful effects on human health, these diseases significantly hamper aquatic animals and aquaculture businesses. Traditional vaccines have limitations and drawbacks, which bolsters the demand for the development of novel advanced products such as chimeric multiepitope vaccines. Scientific advancements have opened up newer avenues in the basic and applied research fields of aquatic vaccines. Efforts are being made to create novel aquatic vaccines with higher quality and efficiency using new approaches and strategies.

Available bioinformatics tools and the modern knowledge of immunoproteomics and genomics allow researchers to identify potential targeted epitopes that can be recognized by immune cells. Further, as the cost of techniques such as whole genome sequencing continues to decline, it opens the way for species-specific vaccine development. Thus, the development of an effective mucosal vaccine with robust administration processes is expected to accelerate the novel vaccine development in the coming years, thereby creating significant opportunities for the South & Central America aquatic veterinary market growth.

South & Central America Aquatic Veterinary Market Overview

As per the FAO, Brazil is the second-largest aquaculture producer in South & Central America. As per the same source, in 2000, the country reported ~175,000 metric ton of aquaculture production, which further rose to ~600,280 metric ton in 2019. Freshwater production, which includes tilapia, carp, and some indigenous Amazonian fish species, accounted for 80% of this production.

Annual per capita consumption in Brazil has increased substantially in recent years due to massive promotion campaigns, and it was estimated at ~9.5 kg in 2020. Thus, increasing consumption of fish and a growing focus on aquaculture production, especially freshwater fish, are the key factors driving the South & Central America aquatic veterinary market growth in Brazil.

As per the news published in MercoPress in February 2022, tilapia continued to dominate the species exported by Brazil. In 2021, the country shipped 8,500 ton of this fish, with an evaluation of US$ 18.2 million, i.e., 88% of the total shipment. Mato Grosso do Sul and Paraná states led the exports, with 37% and 34% of participation, respectively. Curimatás ranked second in the foreign exports of fish with a value of US$ 1.8 million, accounting for 9% of the total exports. However, despite the increasing sales of aquaculture products, Brazil remains a net importer of fish products, with its 210 million population; it imports fish products worth US$ 200 million every year.

Argentina (37%, equivalent to US$ 72 million), Vietnam (25% and US$ 45 million), Chile (16.2% and US$ 31 million), China (10.6% and US$ 20 million), Portugal (3.94% and US$ 7.6 million), New Zealand (1.4% and US$ 2.71 million), Ecuador (1.28% and US$ 2.47 million), Iceland (1% and US$ 1.94 million), US (US$ 1,5 million), and Uruguay (US$ 1,24 million) are among the major suppliers of fish and fish products for Brazil.

South & Central America Aquatic Veterinary Market Segmentation

• The South & Central America aquatic veterinary market is categorized into type, treatment, species, diseases source, route of administration, and country.
• Based on type, the South & Central America aquatic veterinary market is bifurcated diagnostic and treatment. The treatment segment held a larger market share in 2022. The diagnostic segment is further sub segmented into serological, molecular, DNA sequencing, and other diagnostics. The treatment segment is further sub segmented into vaccines, medications, and supplements.
• By species, the South & Central America aquatic veterinary market is segmented into fish, crustaceans, mollusca, and others. The fish segment held the largest market share in 2022.
• Based on diseases source, the South & Central America aquatic veterinary market is segmented into bacterial, viral, parasites, and others. The bacterial segment held the largest market share in 2022.
• In terms of route of administration, the South & Central America aquatic veterinary market is segmented into water medication, medicated feed, and other route of administrations. The water medication segment held the largest market share in 2022.
• By country, the South & Central America aquatic veterinary market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America aquatic veterinary market share in 2022.
• Aquatic Diagnostics Ltd, Ceva Polchem Pvt Ltd, Elanco Animal Health Inc, HIPRA SA, Merck KGaA, Phibro Animal Health Corp, Thermo Fisher Scientific Inc, Virbac SA, and Zoetis Inc are some of the leading companies operating in the South & Central America aquatic veterinary market.

Market Highlights

• Based on type, the South & Central America aquatic veterinary market is bifurcated diagnostic and treatment. The treatment segment held 83.3% market share in 2022, amassing US$ 94.37 million. It is projected to garner US$ 120.16 million by 2030 to register 3.1% CAGR during 2022-2030. The diagnostic segment is further sub segmented into serological, molecular, DNA sequencing, and other diagnostics. The treatment segment is further sub segmented into vaccines, medications, and supplements.
• The fish segment held 54.8% share of South & Central America aquatic veterinary market in 2022, amassing US$ 62.08 million. It is anticipated to garner US$ 81.81 million by 2030 to expand at 3.5% CAGR during 2022-2030.
• The bacterial segment held 54.2% share of South & Central America aquatic veterinary market in 2022, amassing US$ 61.39 million. It is projected to garner US$ 79.38 million by 2030 to expand at 3.3% CAGR from 2022 to 2030.
• In terms of route of administration, the South & Central America aquatic veterinary market is segmented into water medication, medicated feed, and other route of administrations. The water medication segment held 44.5% share of South & Central America aquatic veterinary market in 2022, amassing US$ 50.47 million. It is projected to garner US$ 66.19 million by 2030 to expand at 3.4% CAGR from 2022 to 2030.
• This analysis states that Brazil captured 61.1% share of South & Central America aquatic veterinary market in 2022. It was assessed at US$ 69.24 million in 2022 and is likely to hit US$ 89.81 million by 2030, registering a CAGR of 3.3% during 2022-2030.

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