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; it is estimated to register a CAGR of 3.3% from 2022 to 2030.
Further, nearly 90% of the fish produced (i.e., ~180 metric ton) would be consumed as food by humans by 2029. Significant amounts of proteins, nutrients, and minerals are found in crabs. They have little saturated fat content and are an important source of omega-3 unsaturated fats - docosahexaenoic acid (DHA) and Eicosapentaenoic Acid (EPA). The nutrient profile of crabs has also been studied for its effects against joint pain and high vascular stress. Other benefits of crab consumption include bone and heart health improvements, and emotional well-being. The globally increasing consumption of aquatic animals is subsequently leading to an upsurge in production.
For instance, as per the Federal Agency for Fishery, the production volume of crab in Russia increased from 86.3 thousand metric tons in 2017 to 93.3 thousand metric tons in 2020. With the increasing consumption of seafood, there is a growing need for high-quality produce, which requires proper nutrients and feeds. These nutrients and feeds can be provided by the administration of vaccines and supplements. Therefore, the growing demand for seafood products drives the Europe aquatic veterinary market.
The increase in the production of fish and growing awareness about the health of the fish during production are factors fueling the growth of the Europe aquatic veterinary market. In January 2022, a research team at the German Society for Marine Aquaculture (Gesellschaft für Marine Aquakultur mbH, GMA) collaborated with the Fraunhofer Research Institution for Individualized and Cell-Based Medical Engineering IMTE in Lübeck to further consolidate the institution’s expertise in this area. This provides the research institute with a second site, alongside strengthening the maritime economy in northern Germany and promoting innovative technologies to improve the ecological and economic balance sheet of aquaculture. Such development in the aquaculture and fisheries sector bolsters the Europe aquatic veterinary market in Germany.
Surging Demand for Aquatic Animal Species for Consumption Drives Europe Aquatic Veterinary Market
Fishes, crabs, mussels, and lobsters are among the aquatic animals that are used for human consumption. The increasing demand for seafood results in a greater fish supply worldwide, which, in turn, boosts the aquaculture industry. Fishes have a rich nutritional profile, including vitamins, proteins, fatty acids, vital micronutrients, and minerals. They are known as an excellent source of omega-3 fatty acids. Omrega-3 fatty acids have been studied for their association with the reduction of risk of heart attacks, prevention of childhood asthma and depression, and improvement of brain health. As per the Organization for Economic Cooperation and Development (OECD), global fish production volume is expected to reach 200 metric ton by 2029.Further, nearly 90% of the fish produced (i.e., ~180 metric ton) would be consumed as food by humans by 2029. Significant amounts of proteins, nutrients, and minerals are found in crabs. They have little saturated fat content and are an important source of omega-3 unsaturated fats - docosahexaenoic acid (DHA) and Eicosapentaenoic Acid (EPA). The nutrient profile of crabs has also been studied for its effects against joint pain and high vascular stress. Other benefits of crab consumption include bone and heart health improvements, and emotional well-being. The globally increasing consumption of aquatic animals is subsequently leading to an upsurge in production.
For instance, as per the Federal Agency for Fishery, the production volume of crab in Russia increased from 86.3 thousand metric tons in 2017 to 93.3 thousand metric tons in 2020. With the increasing consumption of seafood, there is a growing need for high-quality produce, which requires proper nutrients and feeds. These nutrients and feeds can be provided by the administration of vaccines and supplements. Therefore, the growing demand for seafood products drives the Europe aquatic veterinary market.
Europe Aquatic Veterinary Market Overview
The Europe aquatic veterinary market in Germany is likely to grow due to ongoing developments in the country's aquaculture and fishery industry. The country has the presence of various aquaculture businesses, majorly focusing on culturing and producing rainbow trout, common carp, mussels, etc. According to the Federal Statistical Office, ~18,300 metric ton of fishes were produced in Germany in 2021 by 2,200 aquaculture businesses. As per the same source, the production of mussels rose by 5.8% to reach nearly 14,300 metric ton in 2021. The production of roe and caviar increased from 9 metric ton to ~85 metric ton.The increase in the production of fish and growing awareness about the health of the fish during production are factors fueling the growth of the Europe aquatic veterinary market. In January 2022, a research team at the German Society for Marine Aquaculture (Gesellschaft für Marine Aquakultur mbH, GMA) collaborated with the Fraunhofer Research Institution for Individualized and Cell-Based Medical Engineering IMTE in Lübeck to further consolidate the institution’s expertise in this area. This provides the research institute with a second site, alongside strengthening the maritime economy in northern Germany and promoting innovative technologies to improve the ecological and economic balance sheet of aquaculture. Such development in the aquaculture and fisheries sector bolsters the Europe aquatic veterinary market in Germany.
Europe Aquatic Veterinary Market Segmentation
- The Europe aquatic veterinary market is categorized into type, species, diseases source, route of administration, and country.
- Based on type, the Europe 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 Europe 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 Europe 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 Europe 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 Europe aquatic veterinary market is segmented into the UK, Germany, France, Spain, Italy, and the Rest of Europe. Germany dominated the Europe aquatic veterinary market share in 2022.
- 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 are some of the leading companies operating in the Europe aquatic veterinary market.
Market Highlights
- 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.
- 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.
- 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.
- This 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.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe aquatic veterinary market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Europe aquatic veterinary market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Europe aquatic veterinary market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Europe Aquatic Veterinary Market - Key Market Dynamics
5. Aquatic Veterinary Market - Europe Market Analysis
6. Europe Aquatic Veterinary Market Analysis - by Type
7. Europe Aquatic Veterinary Market Analysis - by Species
8. Europe Aquatic Veterinary Market Analysis - by Diseases Source
9. Europe Aquatic Veterinary Market Analysis - by Route of Administration
10. Europe Aquatic Veterinary Market - Country Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned
Some of the leading companies in the Europe Aquatic Veterinary market include:- 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
- Zoetis Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 115 |
| Published | August 2024 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 415.03 Million |
| Forecasted Market Value ( USD | $ 539.77 Million |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 11 |
