Animal Genetic Market Is Poised To Grow At A Healthy Compound Annual Growth Rate Of 6.2% By 2032

The global animal genetics market is set to enjoy a valuation of US$ 6.3 Billion in 2022 and further expand at a CAGR of 6.2% to reach US$ 11.5 Billion by the end of 2032.

The adoption of innovative technology to treat animal diseases, rising meat consumption, soaring demand for high-quality proteins, and rising pet ownership and companion animal spending are driving the global market for animal genetics. Owing to the aforementioned factors the animal genetic market is poised to grow at a healthy compound annual growth rate of 6.2% in 2022-2032 forecasted years.

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Key Drivers:

• Surge In Development Of New Genetic Tools And Techniques For Improving Animal Traits Such As Disease Resistance And Increased Productivity Has Boosted The Growth Of Animal Genetics Market.
• Rise In Demand For Animal-Based Food Products In Various Developed Economies Such As Meats, Dairy And Eggs, Is Driving The Need For Genetically Superior Animals To Improve Production Efficiency.
• Governments In Many Countries Are Investing Significantly In Animal Breeding Programs To Enhance The Quality And Competitiveness Of Their Livestock Industries, Providing A Boost To The Animal Genetics Market.
• Growing Concern For Animal Welfare Is Leading To Increased Demand For Genetically Superior Animals That Are Better Able To Withstand The Conditions Of Modern Animal Husbandry.
• Also, The Use Of Precision Livestock Farming Techniques, Such As The Use Of Sensors And Data Analytics To Improve Decision-Making, Is Driving Demand For Genetically Superior Animals.
• The Increasing Focus On Sustainable Agriculture Is Boosting The Demand For Animals That Are Genetically Superior In Terms Of Their Ability To Adapt To Changing Environmental Conditions.

Competitive Landscape

The Animal Genetics Market Is Largely Consolidated, With A Small Number Of Large Companies Dominating The Market. These Companies Have Significant Resources And Expertise, Which Has Allowed Them To Develop Comprehensive Product Portfolios And Establish Strong Relationships With Customers. Additionally, These Companies Have Been Able To Invest Heavily In Research And Development, Enabling Them To Stay At The Forefront Of Technological Advancements In The Animal Genetics Market.

For Instance,

• In 2022, CRV Launched Its New Genome Sequencing Platform, Which Uses Low-Cost Genome Sequencing To Rapidly Identify Genetic Variations That Contribute To Important Traits.
• In 2021, Zoetis Launched Its New Animal Welfare Platform, Which Uses Artificial Intelligence And Machine Learning Algorithms To Improve Animal Breeding And Production While Also Promoting Animal Welfare.
• The National Institute Of Food And Agriculture (NIFA) Committed USD 5 Bn In January 2022 To Genetically Improve Livestock Production Across The Globe.

Opportunities:

• The Animal Genetics Market Has Significant Potential For Growth In Developing Countries, Particularly In Regions With Rapidly Growing Livestock Industries. The Development Of New Genetic Tools And Technologies Presents Significant Opportunities For Growth In The Animal Genetics Market, Particularly In Areas Such As Precision Livestock Farming And Gene Editing.
• Moreover, The Increasing Focus On Sustainable Agriculture Presents Significant Opportunities For Growth In The Animal Genetics Market, As Demand For Animals That Are Genetically Superior In Terms Of Their Ability To Adapt To Changing Environmental Conditions Grows.

Key Segments Profiled in the Animal Genetics Industry Survey

• By Product Type :
  •  Live Animals
    • Bovine
    • Porcine
    • Poultry
    • Canine
    • Piscine
    • Others
  • Genetic Material
    • Semen
    • Embryo
    • Others
  • Genetic Testing
• By Region :
  • North America 
  • Latin America 
  • Western Europe 
  • Eastern Europe 
  • APEJ 
  • Japan 
  • Middle East & Africa 

Regional Landscape:

• North America Is Expected To Offer Lucrative Opportunities Due To Government Initiatives, And High Consumption Of Animal-Derived-Proteins.
• East Asia Animal Genetics Market Is Predicted To Grow Exponentially Due To High Population Density That Put Constant Pressure On Food Producers To Raise Livestock Production. Moreover, The Animal Healthcare System Has Been Steadily Growing, Which Is Creating Chances Of Participants To Offer Efficient Animal Testing Protocols.

Key Questions Covered in the Animal Genetics Market Report

• What is the projected value of the Animal Genetics Market in 2023?
• At what rate will the global Animal Genetics Market grow until 2033?
• Which are the factors hampering the growth in the Animal Genetics Market?
• Which region is expected to lead in the global Animal Genetics Market during 2023 to 2033?
• Which are the factors driving the Animal Genetics Market during the forecast period?
• What is the expected market value of the Animal Genetics Market during the forecast period?

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