At 5.3% CAGR, the Middle East & Africa Fish Vaccines Market is Projected to be worth US$ 26.49 million by 2030, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa fish vaccines market was valued at US$ 17.54 million in 2022 and is expected to reach US$ 26.49 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Government initiatives to develop aquaculture industry and surging demand for aquatic animal-derived food products are the critical factors attributed to the Middle East & Africa fish vaccines market expansion.

Aquaculture grows exponentially due to the high demand for seafood and decreasing annual catch of wild fish. Thus, governments are taking initiatives to improve and support the growth of the aquacultural industry. Following are a few recent initiatives:

In February 2021, the Foundation for Food & Agriculture Research (FFAR) funded US$ 790,326 to create a delivery system for a vaccine that can help stop the tilapia lake virus and other diseases from spreading in the aquaculture sector. Saudi Arabia's National Fisheries Development Programme seeks to attract over US$ 4 billion in domestic and foreign investment into the fishing industry as part of the Kingdom's Vision 2030 goal to diversify the economy. In 2019, the 55-nation African Continental Free Trade Area (AfCFTA) came into effect. It has helped nations in the regions and benefitted them from free trade in seafood and fishery products and full compliance with the 1995 FAO Code of Conduct for Responsible Fisheries. Further, in 2020, to boost jobs and increase fish production, the Nigerian government has announced plans to build six new "fish farming estates" around Lagos. Other major initiatives have been observed in western African countries, including Ghana, Madagascar, Egypt, and Sierra Leone. Thus, an increase in government initiatives to support developments in the aquaculture industry drives the fish vaccine market growth.

On the contrary, stringent regulations for approval of vaccine hurdles the growth of Middle East & Africa fish vaccines market.

Based on vaccine type, the Middle East & Africa fish vaccines market is categorized into inactivated vaccines, live attenuated vaccines, subunit vaccines, recombinant vector vaccine, and others. The inactivated vaccines segment held 72.8% market share in 2022, amassing US$ 12.77 million. It is projected to garner US$ 19.37 million by 2030 to expand at 5.3% CAGR during 2022-2030.

Based on application, the Middle East & Africa fish vaccines market is categorized into bacterial infection, viral infection, and parasitic. The bacterial infection segment held 81.7% share of Middle East & Africa fish vaccines market in 2022, amassing US$ 14.33 million. It is projected to garner US$ 21.87 million by 2030 to expand at 5.4% CAGR during 2022-2030.

Based on route of administration, the Middle East & Africa fish vaccines market is categorized into injection vaccine, immersion vaccine, and oral vaccine. The injection vaccine segment held 59.4% share of Middle East & Africa fish vaccines market in 2022, amassing US$ 10.43 million. It is projected to garner US$ 15.66 million by 2030 to expand at 5.2% CAGR during 2022-2030.

Based on species, the Middle East & Africa fish vaccines market is categorized into salmon, trout, tilapia, and others. The salmon segment held 71.1% share of Middle East & Africa fish vaccines market in 2022, amassing US$ 12.47 million. It is projected to garner US$ 18.63 million by 2030 to expand at 5.1% CAGR during 2022-2030.

Based on country, the Middle East & Africa fish vaccines market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 30.2% share of Middle East & Africa fish vaccines market in 2022. It was assessed at US$ 5.29 million in 2022 and is likely to hit US$ 8.40 million by 2030, exhibiting a CAGR of 5.9% during 2022-2030.

Key players operating in the Middle East & Africa fish vaccines market are Elanco Animal Health Inc, Hipra SA, Merck & Co Inc., Phibro Animal Health Corp, Vaxxinova International BV, and Zoetis Inc., among others.

- In Aug 2020, Elanco Closes Acquisition of Bayer Animal Health.

- In Mar 2020, HIPRA and Skretting combine expertise to tackle devasting trout disease.

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