The global aquaculture pharmaceuticals market was valued at US$ 459.2 Mn in 2016 and poised to grow at CAGR 7.4%. over 2017-2023. The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.
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Pharmaceuticals play an important role in aquaculture for preventing and treating aquatic animals from different microbial infections. There are different industries in the market betting heavily on R&D programs for launching new drugs into the market for treating new infections in aquatic animals. For example, PHARMAQ, a part of Zoetis, Inc, made an investment to produce fish vaccines in new facility at Klofta in the year 2015.
Global Aquaculture Pharmaceuticals Market Segmentation
1) By Product: Biologics, Parasiticides, Anti-infectives, Reproduction, and Others
2) By Species: Carps, Salmon, Tilapia, Shrimp, Catfish, Trout, and Others
3) By Geography: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Asia Pacific is dominating the aquaculture pharmaceuticals market due to the increasing production of aquaculture. China is the biggest contributor for the production of aquaculture according to the Food and Agriculture Organization of the United Nations (FAQ) estimates. It recorded almost more than 70% of the total production of the world. This region is experiencing larger growth in the market due to the emerging countries such as India, Thailand, Vietnam and other ASEAN countries.
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Some of the major key players working in the global aquaculture pharmaceuticals market, which include Elanco (Eli Lilly and Company) (U.S.), Intervet Inc., (Merck & Co., Inc.,) (U.S.), Bayer AG (Germany) and PharmaQ AS (Zoetis, Inc.,). Key players of the aquaculture pharmaceuticals market are focusing more on bringing new drugs to the market and trying to expand their business into new regions an especially in Asia pacific region.
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