The global animal genetics market size was worth around USD 6.60 Billion in 2023 and is predicted to grow to around USD 12.65 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 7.50% between 2024 and 2032.
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Growth Drivers of the Animal Genetics Market
The market for animal genetics is currently experiencing significant growth, which is being influenced by a variety of significant factors. A variety of factors, such as population growth, increasing wages, and changing dietary preferences, are contributing to this increase. The increasing demand for high-quality protein sources, such as meat, milk, and eggs, on a global scale is one of the primary factors driving this expansion. As a consequence of this demand, there has been a heightened emphasis on the enhancement of cattle productivity and efficacy through the implementation of genetic improvement initiatives. Additionally, notable advancements in genomic and biotechnology technologies have resulted in a revolution in the process of reproducing animals.
These enhancements have enabled the selection and breeding of animals with desirable traits, including feed efficiency, growth rate, and resistance to illness, with increased precision. Furthermore, the adoption of genetic technology is being driven by the growing prevalence of diseases in livestock and the necessity for ecologically responsible agricultural methods in order to produce animal breeds that are environmentally friendly and disease-resistant.
Furthermore, the market’s growth is being further stimulated by government initiatives that are advantageous, investments in research and development, and partnerships among industry participants. After considering all of these factors, it is evident that the animal genetics market has a promising future, with additional growth anticipated in the years ahead.
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The Global Animal Genetics Market is segmented based on product, application and region
Global Animal Genetics Market: Product Segment Analysis
● Live Animals
● Genetic Material
Global Animal Genetics Market: Application Segment Analysis
● Genetic Disease Tests
● Genetic Trait Tests
● DNA Typing
● Others
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The Global Animal Genetics market profiles key players such as:
● Hendrix Genetics BV
● Neogen Corporation
● Genus plc
● Alta Genetics Inc.
● VetGen
● CRV Holding B.V.
● Zoetis Inc.
● Topigs Norsvin
● Animal Genetics Inc.
● Groupe Grimaud
Regional Analysis of the Animal Genetics Market
For the purpose of region, this market encompasses North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The animal genetics market in North America is expected to lead the market over the predicted time period due to the high acceptance of new technologies for animal genetics, the presence of key market participants in the region, and the well-established livestock sector. Europe is the second-largest market for animal genetics due to a combination of factors, such as the growing number of pet owners, the increasing demand for animal products, and the expansion of urbanisation.
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