Mediterranean Fish Vaccine Market to Grow at a CAGR of 10.2% to reach US$ 2,09,030.80 million from 2022 to 2030

The Mediterranean fish vaccine market size is expected to grow from US$ 96,323.46 million in 2022 to US$ 2,09,030.80 million by 2030; the market is estimated to register a CAGR of 10.2% from 2022 to 2030.

Market Insights and Analyst View:

The Mediterranean fish vaccine market is expected to grow significantly as countries in the region are striving to boost their aquaculture industries. Fisheries use fish vaccination machines or fish vaccinators to inject or administer vaccines to the fish. Technological developments have led to the introduction of more novel routes of administration to vaccinate fish. Also, fish vaccine companies have significantly shifted their focus on expanding their businesses to countries that are adjacent to the Mediterranean Sea. Government support in these countries to enhance their respective aquaculture businesses has encouraged companies in the fish vaccine market to expand their reach to these countries to cater to the demands of these businesses to manage the spread of infections to different fish species.

Economically, aquaculture or fisheries represent a considerable source of food and income in the Mediterranean region. In addition, marine activities have become a part of economic importance in the region. Aquaculture has particularly positively impacted the economies of the coastal countries in this region. The coast is surrounded by three regions—Asia, Europe, and Africa. Thus, many human activities are seen on a large scale in the coastal region, such as fishing, tourism, and urbanization. According to the World Wide Fund For Nature, ocean-related activities generate an annual economic value of US$ 450 billion. Thus, the growing income of fisheries businesses is likely to enable the rise in the purchase of different fish vaccines types in Mediterranean countries in the future.

Growth Drivers and Challenges:

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. Furthermore, the project concentrates on developing a consumer-driven aquaculture production process by incorporating innovative approaches to promote sustainability and competitiveness in European sea bass and sea bream aquaculture businesses.

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 with PerformFISH under the program SFS-23-2016—Improving the technical performance of Mediterranean aquaculture. MedAID aims to better the sustainability and competitiveness of the Mediterranean marine fish-farming sector, along with its value chain. Further, as part of the EU budget framework for 2021–2027, European Commission proposed a regulation for the continuation of the fund in June 2018, which is dedicated to the Integrated Maritime Policy and the Common Fisheries Policy. The new fund permits more flexibility in national programs. The SVC4MED is a four-year project funded by the Italian Ministry of Agricultural, Food and Forestry Policies, Directorate-General for Fisheries and Aquaculture (MIPAAF), and implemented by the Food and Agriculture Organization (FAO). The SVC4MED project aims to identify strategies to enhance the economic performance and social & environmental sustainability of capture fisheries and aquaculture value chains in the Mediterranean region. Thus, an increase in government initiatives to support developments in the aquaculture industry had been a major factor contributing to the Mediterranean fish vaccines market growth.

On the other hand, the global promotion of vaccines by animal healthcare firms subjects their products to several regulatory approval processes, resulting in some major complications. Vaccine approval procedures vary from nation to nation as per the regulating bodies, while many follow the laws of powerful organizations such as the US Food and Drug Administration (FDA) along with their national approval processes. Thus, strict regulatory policies for vaccine approvals hinder the growth of the market.

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Mediterranean Fish Vaccine Market: Strategic Insights

Market Size Value in	US$ 96,323.46 million in 2022
Market Size Value by	US$ 2,09,030.80 million by 2030
Growth rate	CAGR of 10.2% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Report Segmentation and Scope:

The Mediterranean fish vaccine market is segmented on the basis of vaccine type, species, route of administration, clinical indication, and country. Based on vaccine type, the market is segmented into inactivated vaccine, live-attenuated vaccine, toxoid vaccine, subunit vaccine, conjugate vaccine, and recombinant vector vaccine. In terms of species, the Mediterranean fish vaccine market is bifurcated into turbot, European anchovy and seabass, salmon, Mediterranean Sea bass, common dentex and common pandora, sea bream, rainbow wrasse, sparus aurata, trout, Mediterranean swordfish and bluefin tuna, grouper and amberjack and others. Based on the route of administration, the market is segmented into immersion vaccine, injection vaccine, and oral vaccine. The Mediterranean fish vaccine market, by clinical indication, is bifurcated into bacterial infection and viral infection. On the basis of country, the Mediterranean fish vaccine market is segmented into France, Italy, Spain, Egypt, Greece, Turkey, Israel, and Rest of the Mediterranean.

Segmental Analysis:

Based on the route of administration, the Mediterranean fish vaccine market is segmented into immersion vaccine, injection vaccine, and oral vaccine. The injection vaccine segment held the largest market share in 2022. Injection is the most common method of vaccination. Injecting vaccines intramuscularly or intraperitoneally using a needle usually requires manual efforts. Compressed air devices have also been tested as another injection method, but they are not commonly used. Injection vaccines need fish of sufficiently large size, and even with automation, the vaccination becomes labor-intensive for fish farmers and stressful for the fish. These issues with the injection method have led to the development of several semiautomated techniques where the fish are forced through an enclosed space and, as they are wedged in, they are auto-injected with the vaccine. The use of these techniques is common, owing to the possibility of a large number of lesions at the injection site. Vaccination by injection delivers the most direct antigens to the immune system through intraperitoneal and intramuscular injection. The vaccine can be concentrated and delivered with adjuvants and other beneficial compounds (e.g., bacterial antigens/bacterial cells, carriers, etc.), which may not be possible with other methods. Further, the immersion vaccine segment is anticipated to register the highest CAGR during 2022–2030.

Mediterranean Fish Vaccine Market, by Route of Administration – 2022 and 2030

Based on vaccine type, theMediterranean fish vaccine market is segmented into inactivated vaccine, live-attenuated vaccine, toxoid vaccine, subunit vaccine, conjugate vaccine, and recombinant vaccine. The inactivated vaccine segment held the largest market share in 2022. Further, the recombinant vaccine segment is anticipated to register the highest CAGR during 2022–2030.

Based on species, the Mediterranean fish vaccine market is segmented into turbot, European anchovy and seabass, salmon, Mediterranean Sea bass, common dentex and common pandora, sea bream, rainbow wrasse, sparus aurata, trout, Mediterranean swordfish and bluefin tuna, grouper and amberjack , and others (Beadlet anemone, Blacktailed wrasse, Black scorpionfish, Cardinalfish, Caulerpa prolifera, Damselfish, Deep-snouted pipefish, and Dotted seaslug)). The salmon segment held the largest market share in 2022. The Mediterranean Sea bass segment is anticipated to register the highest CAGR during 2022–2030

The Mediterranean fish vaccine market, by clinical indication, is segmented into bacterial infection and viral infection. The bacterial infection segment held the largest market share in 2022. It is further anticipated to register the highest CAGR during 2022–2030.

Regional Analysis:

Based on country, the Mediterranean fish vaccine market is divided into France, Italy, Spain, Egypt, Israel, Turkey, Greece, and Rest of the Mediterranean. The growth of the market in this region is driven by the flourishing aquaculture industry and increasing initiatives to enhance vaccine R&D. Among the above-listed countries, Israel is the fastest-growing country in the region and will witness highest CAGR. Spain has a prominent aquaculture sector among all European countries. Its aquaculture sector is also considered as a key contributor to the development of its food chain. The growth of this sector is attributed to a strong, competitive, advanced technological value chain. The AquaFuture Spain, an international meeting space, was created in 2022 to showcase the talents, potential, and quality of the aquaculture sector by bringing together professionals in the international aquaculture sector to share insights about the latest technological innovations and market strategies. Since then, Aquafuture Spain has been organizing international meets in the country. The meetings conducted would focus on the sustainable management of resources in the aquaculture sector. In 2023, the second International Aquaculture Industry Exhibition of AquaFuture Spain was held in Galicia, Spain, in March 2023, from 28 to 30. Such conferences in the country would create awareness regarding fish health management and promote fish vaccines to fish farmers, thereby propelling the fish vaccine market growth.

In March 2023, Fish Farm Feeder (FFF), a feeding systems manufacturer for aquaculture, showcased its new immersion fish vaccinator for hatcheries. The new fish vaccinator would reduce farmers' struggle with vaccination as fish are delivered to the machine filled with 50 L of a vaccine solution. FFF’s vaccinator is an automated machine for vaccination, which requires installation by a farmer, and it is likely to reduce vaccination time by a factor of 4–5. Such innovations are bolstering the extent of fish vaccination in Spain, leading to significant growth of the fish vaccine market in the country.

Industry Developments and Future Opportunities: 

Various initiatives by key players operating in the Mediterranean Fish Vaccine Market are listed below:

1. In February 2020, HIPRA conducted a conference in Monastir (Tunisia). The event was organized for Mediterranean producers and veterinarians from Tunisia and Algeria. The company addressed the issues that affect production in the Maghreb area. Addressing challenges faced by Mediterranean fish farmers, mainly associated with viral nervous necrosis and Pasteurellosis, has been one of the primary goals of the event.
2. In August 2020, Elanco Animal Health Incorporated announced the complete acquisition of Bayer Animal Health for a value of US$ 6.89 billion. The acquisition enabled Elanco to expand its scale and capabilities, and strengthen its position in the animal health industry. In addition, it would enhance Elanco's innovation, portfolio, and productivity strategy. Through such acquisitions, the company aims to transform its portfolio to become a leader in the animal health industry.
3. In July 2020, Zoetis Inc. announced the complete acquisition of Fish Vet Group, which was a part of Benchmark Holdings, PLC. The acquisition was made to add Fish Vet Group under the Pharmaq business segment of Zoetis. The strategic acquisition was made to strengthen Pharmaq's geographic reach, and enhance its diagnostics expertise and testing services, including environmental testing.

The developments made by the companies are helping the players to contribute actively to the growth of the animal genetic industry.

COVID-19 Impact:

Before the COVID-19 pandemic, fish vaccination was an integral part of fisheries. For many years, vaccination was practiced against infectious diseases. Several vaccines were introduced before the pandemic hit. For instance, in February 2018, Pharmaq (Zoetis, Inc) introduced its new vaccine developed against Nodavirus—Alpha Ject micro 1 Noda—in European countries, such as Spain, Italy, Croatia, and Greece. It is one of the most important diseases in the farming of sea bass. Thus, the launch of such new vaccines helped fish farmers in the Mediterranean fight against common viral diseases affecting farmed sea bass. The fish vaccine market grew abundantly before the COVID-19 pandemic, allowing farmers to continue fisheries without worries.

The COVID-19 crisis led o disruptions in the development of fish vaccines in 2020, resulting in the loss of revenues for many companies. Moreover, fish farmers faced the fear of disease transmission to fish species due to the lack of studies on SARS-CoV-2. The increasing extent of the threat compelled fish vaccine market players to fully resume their development operations later in 2021–2022. The article “Development of autogenous vaccines for farmed European seabass against Aeromonas veronii using zebrafish as a model for efficacy assessment” released in 2022 talks about the development of a bivalent vaccine, which was based on two phenotypically distinct strains of the pathogen. The vaccine was developed against Aeromonas veronii bv. Sobria, an emerging pathogen in European seabass cultured in the Mediterranean Sea, which is causing significant problems in the Greek and Turkish aquaculture industry.

Competitive Landscape and Key Companies:

A few of the prominent players operating in the Mediterranean fish vaccine market include Zoetis Inc, Merck & Co Inc, HIPRA SA, ICTYODEV SAS, Acuipharma Aquaculture Health SL, Phibro Animal Health Corp, Vaxxinova International BV, Kyoto Biken Laboratories Inc, Elanco Animal Health Inc, and Ceva SA. These companies focus on new product launches and geographic expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios. Their global presence allows them to serve a large set of customers, subsequently allowing them to expand their market share.