Animal Genetics Market Size to Grow USD 8675.8 Million by 2028 at a CAGR of 7.8% | Valuates Reports
BANGALORE, India, Oct. 27, 2022 /PRNewswire/ -- According to our latest research, the global Animal Genetics market size will reach USD 8675.8 Million in 2028, growing at a CAGR of 7.8% over the analysis period.
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The major factor driving the growth of the Animal Genetics Market
The Animal Genetics market is expanding as a result of rising protein consumption, a growing worldwide population, and quick urbanization. The Animal Genetics market is also expected to rise as a result of the growing emphasis on discovering better breeds, the increased acceptance of genetic services to prevent genetic illnesses and company loss, and the increased adoption of cutting-edge genetic technology.
There are a growing variety of useful applications for genetic engineering in the production of animals, including the creation of transgenic animals that are disease-resistant, raising animal productivity, treating genetic abnormalities, and creating vaccines. The Animal Genetics market is anticipated to increase as a result of these causes.
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TRENDS INFLUENCING THE GROWTH OF THE ANIMAL GENETICS MARKET
The animal genetics market is anticipated to be driven by the rising acceptance of cutting-edge genetic technology and an increase in the use of animal welfare programs. Similar to this, increased knowledge of veterinary genetic illnesses and an increase in livestock animal populations to satisfy unmet demand for animal-derived proteins would further propel market expansion. Another element promoting market expansion is the development of R&D projects undertaken by scientists to create better milk and food products from farmed animals through genetic modification.
The animal genetics market growth pace will be moderated by the increased emphasis on finding superior disease-resistant breeds. Animal geneticists have identified characteristics in genes that support an animal's growth, health, and capacity for nourishment. These genetic advances increase productivity while reducing environmental impact. A billion people or more depend on livestock and animals for their food security and means of subsistence, and they produce around 40% of all agricultural output globally. Therefore, understanding animal genetics in order to find and create disease-resistant breeds is essential for the world's expanding population.
Additionally, the development of animal genetics will benefit from the increasing use of selective breeding in animals. Domestic animal paternity can be determined and controlled using DNA forensics. In order to sex animals and diagnose genetic issues, it is also used, which aids in the segment's growth. Additionally, when the practice of selective breeding for desirable traits is embraced more generally, there will be a surge in demand for animal genetics services and an expansion of the market.
Additionally, manufacturers' increasing emphasis on using cutting-edge technology and the rise in R&D activities will provide more favorable conditions for the expansion of the animal genetics market throughout the anticipated period.
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ANIMAL GENETICS MARKET SEGMENTATION
By Type
- Animal Genetics Products
- Animal Genetics Testing Services
By Application
- Poultry
- Porcine
- Bovine
- Others
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ANIMAL GENETICS MARKET SHARE
The biggest market is North America, which has a share of over 35%, followed by Europe and Asia-Pacific, both of which have a share of over 50%. The region's significant market share was also influenced by the high penetration of animal genetic businesses using cutting-edge technologies. Animal breeding companies, including startups, are concentrated in the United States. Additionally, the market's major participants have their corporate headquarters here. As a result, in North America, the U.S. is a significant market for animal genetics.
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TOP COMPANIES IN THE ANIMAL GENETICS MARKET
Genus PLC, Hendrix Genetics, EW Group, Zoetis, and others are major stakeholders in the global animal genetics industry. A share of 50% is held by the top four manufacturers.
- CRV Holding
- Grimaud
- Topigs Norsvin
- Alta Genetics
- Neogen Corporation
- Envigo.
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SIMILAR REPORTS:
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- Livestock Monitoring Market is estimated at USD 562.1 Million in the year 2022, is projected to reach a revised size of USD 1006.7 Million by 2028, growing at a CAGR of 10.2% during the forecast period 2022-2028.
- Veterinary Healthcare market size was USD 28500 Million and it is expected to reach USD 39000 Million by the end of 2028, with a CAGR of 5.4% during 2022-2028.
- Veterinary Imaging market is estimated to be worth USD 1793.8 million in 2022 and is forecast to a readjusted size of USD 2390.1 million by 2028 with a CAGR of 4.9% during the review period.
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- Veterinary Vaccine market size is estimated to be worth USD 8853.6 Million in 2022 and is forecast to a readjusted size of USD 12630 million by 2028 with a CAGR of 6.1% during the review period.
- Probiotics in Animal Feed market size is estimated to be worth USD 4185.7 Million in 2022 and is forecast to a readjusted size of USD 5357.7 Million by 2028 with a CAGR of 4.2% during the review period.
- Veterinary Rapid Test market size is projected to reach USD 966.9 Million by 2027, from USD 546.6 Million in 2020, at a CAGR of 8.5% during 2021-2027.
- Veterinary Medicine market size is projected to reach USD 50090 Million by 2028, from USD 32220 Million in 2021, at a CAGR of 6.4% during 2022-2028.
- Global Veterinary Point-of-Care (POC) Diagnostics Market Insights and Forecast to 2028
- Global Veterinary Healthcare for Companion Animals Market Insights and Forecast to 2028
- Organ-on-a-Chip market size is estimated to be worth USD 80 Million in 2022 and is forecast to a readjusted size of USD 581.2 Million by 2028 with a CAGR of 39.1% during the review period.
- Live Cell Imaging Market is anticipated to grow at the rate of 8.9% CAGR by 2027.
- Bioinformatics Market Size is USD 8,614.29 Million in 2019, and is projected to reach USD 24,731.61 Million by 2027, growing at a CAGR of 13.4% from 2020 to 2027.
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