Report : Europe Aquaculture Vaccines Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type of Vaccine (Live Vaccine, Inactivated Vaccine, and Others), Species (Tilapia, Trout, Salmon, Shrimps, and Others), and Route of Administration (Injection Vaccines, Immersion Vaccines, and Oral Vaccines)
At 12.8% CAGR, the Europe Aquaculture Vaccines Market is speculated to be worth US$ 202.54 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe aquaculture vaccines market was valued at US$ 98.58 million in 2022 and is expected to reach US$ 202.54 million by 2028, registering a CAGR of 12.8% from 2022 to 2028. Growing aquaculture industry and surging demand for aquatic animal-derived food products are the critical factors attributed to the Europe aquaculture vaccines market expansion.
According to the data in a report titled "The State of World Fisheries and Aquaculture” published by the Food and Agriculture Organization of the United Nations in 2022, global consumption of aquatic foods, excluding algae, has increased by more than five times the quantity consumed nearly 60 years ago. Aquatic food consumption across the world increased from 28 million tonnes in 1961 to ~158 million tonnes in 2019. The consumption increased at an average annual rate of 3.0 % from 1961, compared with a population growth rate of 1.6 %. Per capita consumption is rising due to increasing supplies, changing consumer preferences, and growing income. In 2019, the Food and Agriculture Organization of the United Nations estimated the per capita consumption of aquatic foods for 227 countries. Regarding population, the countries consuming less than the world average accounted for 54 % of the world population in 2019. Aquatic food consumption is highest in Iceland, the Faroe Islands, and the Maldives, which consume over 80 kg of aquatic foods per capita per year. In 2019, the average per capita consumption across the world was 20.5 kg. This differed from an average of 5.4 kg in low-income countries to 26.5 kg in high-income countries. The rising consumption of aquatic animals is expediting the growth of the aquaculture industry. Aquaculture vaccines lower the chance of infection and increase the yield of products. Therefore, the growing aquaculture industry fuels the growth of the aquaculture vaccines market.
On the contrary, longer life span of aquaculture vaccines hurdles the growth of Europe aquaculture vaccines market.
Based on type of vaccine the Europe aquaculture vaccines market, is segmented into live vaccines, inactivated vaccines, other vaccines. The inactivated vaccines held 74.2% market share in 2022, amassing US$ 73.12 million. It is projected to garner US$ 149.85 million by 2028 to expand at 12.7% CAGR during 2022–2028.
Based on species, the Europe aquaculture vaccines market is divided into tilapia, trout, salmon, shrimps, and others. The salmon held 45.6% market share in 2022, amassing US$ 44.92 million. It is projected to garner US$ 95.26 million by 2028 to expand at 13.3% CAGR during 2022–2028.
Based on route of administration the Europe aquaculture vaccines market, is segmented into injection vaccines, immersions vaccines, and oral vaccines. The injection vaccines held 49.0% market share in 2022, amassing US$ 48.33 million. It is projected to garner US$ 100.65 million by 2028 to expand at 13.0% CAGR during 2022–2028.
Based on country, the Europe aquaculture vaccines market is segmented into Germany, the UK, France, Italy, Spain, Norway, and the Rest of Europe. Our regional analysis states that Norway captured 46.4% market share in 2022. It was assessed at US$ 46.08 million in 2022 and is likely to hit US$ 97.58 million by 2028, exhibiting a CAGR of 13.3% during the forecast period.
Key players dominating the Europe aquaculture vaccines market are Microsynbiotix Ltd; HIPRA SA; Merck & Co Inc.; Zoetis Inc.; Phibro Animal Health Corp; and Elanco Animal Health Inc., among others.
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