At 3.3% CAGR, Europe Aquatic Veterinary Market is Projected to be Worth US$ 539.77 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe aquatic veterinary market was valued at US$ 415.03 million in 2022 and is expected to reach US$ 539.77 million by 2030, registering a CAGR of 3.3% from 2022 to 2030. Government initiatives to develop aquaculture industry and surging demand for aquatic animal species for consumption are among the critical factors attributed to drive the Europe aquatic veterinary market growth.

The high demand for seafood and the decreasing annual catch of wild fish are crucial factors that can drive the growth of the aquaculture industry at an exponential rate. Thus, governments are taking initiatives to improve and support the growth of the aquacultural industry. Following are a few recent initiatives:

• In January 2022, Benchmark Animal Health, a top aquaculture biotechnology company, and Cermaq Group AS, a world-leading salmon farming company, received US$ 0.4 million (NOK 4.2 million) in funding from the Norwegian Research Council to support a collaborative research project for the production of a vaccine against Tenacibaculum bacteria-caused salmon diseases.
• The European Union (EU), in the framework of Horizon 2020, funded Mediterranean Aquaculture Integrated Development (Media)-a four-year Research and Innovation Action (RIA) project that was jointly approved along with PerformFISH under the program SFS-23-2016-for improving the technical performance of Mediterranean aquaculture. MedAID aims to improve the sustainability and competitiveness of the Mediterranean marine fish-farming sector throughout the value chain. In January 2023, the European Commission funded US$ 7.88 million to the PerformFISH project, which was initiated to explore and tackle the major causes of stagnancy in the Mediterranean Marine Fish Farming (MMFF) sector. The PerformFISH has been making efforts to manage challenges associated with sea bass and sea bream in Mediterranean aquaculture. Thus, an increase in government initiatives to support developments in the aquaculture industry drives the Europe aquatic veterinary market growth.

On the contrary, the stringent regulations for vaccine approvals hampers the growth of Europe aquatic veterinary market. 

Based on type, the Europe aquatic veterinary market is bifurcated diagnostic and treatment. The treatment segment held 83.2% market share in 2022, amassing US$ 345.28 million. It is projected to garner US$ 458.50 million by 2030 to register 3.6% 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.

By species, the Europe aquatic veterinary market is segmented into fish, crustaceans, mollusca, and others. The fish segment held 54.7% share of Europe aquatic veterinary market in 2022, amassing US$ 227.05 million. It is anticipated to garner US$ 310.13 million by 2030 to expand at 4.0% CAGR during 2022-2030.

Based on diseases source, the Europe aquatic veterinary market is segmented into bacterial, viral, parasites, and others. The bacterial segment held 54.2% share of Europe aquatic veterinary market in 2022, amassing US$ 225.13 million. It is projected to garner US$ 311.68 million by 2030 to expand at 4.1% CAGR from 2022 to 2030.

In terms of route of administration, the Europe aquatic veterinary market is segmented into water medication, medicated feed, and other route of administrations. The water medication segment held 45.0% share of Europe aquatic veterinary market in 2022, amassing US$ 186.89 million. It is projected to garner US$ 255.95 million by 2030 to expand at 4.0% CAGR from 2022 to 2030.

By country, the Europe aquatic veterinary market is segmented into the UK, Germany, France, Spain, Italy, and the Rest of Europe. Our regional analysis states that Germany captured 22.9% share of Europe aquatic veterinary market in 2022. It was assessed at US$ 94.86 million in 2022 and is likely to hit US$ 131.12 million by 2030, registering a CAGR of 4.1% during 2022-2030.

Key players operating in the Europe aquatic veterinary market are Aquatic Diagnostics Ltd, Ceva Polchem Pvt Ltd, Elanco Animal Health Inc, Esox Biologics Ltd, HIPRA SA, Merck KGaA, Phibro Animal Health Corp, Thermo Fisher Scientific Inc, Virbac SA, and Zoetis Inc, among others.


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