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| Animal Genetics Market |
A) Market Overview: The global animal genetics market is expected to reach a
valuation of US$10.53 billion by 2023,
growing at a CAGR of 7.2% during the
forecast period of 2023-2030. Animal genetics involves the study and
manipulation of genetic material in animals to improve their health,
productivity, and quality. The market is driven by the increasing demand for
livestock products, advancements in genetic technologies, and the need to
enhance animal health and production efficiency. Animal genetics products, such
as vaccines, genetic testing services, and animal breeding techniques, play a
crucial role in improving the overall quality and profitability of animal
farming.
B) Market Key Trends: One key trend in the animal genetics market is the
growing adoption of genetic testing services. Genetic testing allows breeders
and farmers to identify specific genetic traits in animals, enabling them to
make informed decisions regarding breeding and healthcare. The demand for
genetic testing services is driven by the need to improve animal productivity,
optimize breeding outcomes, and reduce the risk of genetic disorders. This
trend is expected to continue in the forecast period, with an increasing number
of farmers and breeders incorporating genetic testing as a standard practice in
their animal management strategies.
Segment Analysis:
The Global
Animal Genetics Market can be segmented based on animal type, genetic
material, testing services, and region. Among the animal types, the market is
dominated by the livestock segment. Livestock animals such as cattle, swine,
and poultry are essential for food production and contribute significantly to
the overall market revenue. The increasing demand for high-quality meat and
dairy products is driving the growth of the livestock segment. Additionally,
advancements in genetic engineering techniques and breeding technologies have
resulted in the development of genetically superior livestock breeds, further
fueling the growth of this segment. The livestock segment is expected to
continue dominating the market in the forecast period.
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. The market is driven by various factors,
including the increasing demand for high-quality meat and dairy products, the
growing need to improve livestock breeds for better productivity, and
advancements in genetic engineering techniques.
In terms of regional analysis, North America is the fastest-growing and
dominating region in the animal genetics market. It is attributed to factors
such as the presence of key market players, increasing investments in research
and development activities, and the high adoption of advanced genetic
technologies in animal breeding practices. The region is known for its strong
focus on livestock quality and productivity, which further drives the demand
for animal genetics products and services.
The 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 players have a strong market presence and are involved in
strategic partnerships, mergers and acquisitions, and product launches to
expand their market share and stay competitive in the industry. They also focus
on research and development activities to introduce innovative genetic products
and services in the market.
Read More: https://www.newsstatix.com/animal-genetics-market-analysis/