Animal Genetics Market to Reach US$ 10.53 Billion by 2023

Animal Genetics Market
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/

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