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The Animal Genetics Market is estimated to be valued at US$ 6.80 billion in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Animal Genetics Market is witnessing significant growth due to the increasing demand for animal protein worldwide. The growing population and changing dietary preferences are driving the demand for high-quality animal products. Animal genetics plays a crucial role in improving the productivity and health of livestock. Additionally, the adoption of genomic techniques in animal breeding is further fueling market growth. These techniques enable researchers to identify and select animals with desired traits, thus enhancing the breeding process and leading to improved animal performance.
Market Dynamics:
The animal genetics market is driven by two major factors. First, the increasing awareness about the benefits of genetically improved livestock is driving the demand for animal genetics products. Genetically superior livestock produce higher quality meat, milk, and eggs, resulting in improved productivity and profitability for farmers. Second, advancements in genomic techniques and genetic technologies are contributing to market growth. These technologies provide accurate and reliable genetic information, enabling efficient breeding and selection of animals with desirable traits. The integration of genetic information with advanced reproductive technologies is further enhancing market growth by improving the efficiency of breeding programs.
Segment Analysis:
The Global Animal Genetics Market can be segmented based on animal type, product type, and region. In terms of animal type, the market is dominated by the livestock segment, which includes cattle, swine, poultry, and others. Livestock genetics is the largest sub-segment within the animal genetics market due to the significant contribution of livestock farming to the global food supply. The increasing demand for high-quality meat and dairy products is driving the adoption of advanced genetic technologies in livestock breeding. This segment is expected to continue dominating the market in the forecast period.
PEST Analysis:
Political: The animal genetics market is influenced by government regulations related to animal welfare and genetic engineering. Strict regulations regarding the use of genetic technologies and the ethical treatment of animals can impact market growth.
Economic: The economic factors that influence the animal genetics market include disposable income, consumer spending patterns, and global trade policies. Economic downturns can lead to reduced consumer spending on animal products, affecting the demand for genetic technologies.
Social: Growing awareness about healthier food choices and animal welfare practices is driving the demand for genetically superior livestock. Consumers are willing to pay a premium for meat and dairy products from animals with improved traits, such as disease resistance and higher productivity.
Technological: Advancements in genetic engineering, genomics, and biotechnology are revolutionizing the animal genetics market. Techniques like DNA sequencing and gene editing are increasingly used to improve the genetic potential of animals, resulting in increased yields and profitability for farmers.
Key Takeaways:
The global animal genetics market is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period of 2023-2030. This growth is primarily driven by the increasing demand for high-quality meat and dairy products, the growing awareness about genetically superior livestock, and advancements in genetic technologies.
In terms of regional analysis, North America is the fastest-growing and dominating region in the animal genetics market. Factors such as the presence of key players, technological advancements, and high consumer awareness contribute to the growth of the market in this region. Europe and Asia Pacific are also significant markets for animal genetics, driven by the increasing demand for animal products and the adoption of advanced genetic technologies in livestock breeding.
Key players operating in the animal genetics market include Zoetis, Topigs Norsvin Holding B.V., Genus Plc, Envigo Corporation, CRV Holding B.V., Hendrix Genetics BV, VetGen, Neogen Corporation, Alta Genetics Inc., and Animal Genetics, Inc. These companies are actively involved in research and development activities to introduce innovative genetic solutions and gain a competitive edge in the market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
