The Animal Genetics Market is estimated to be valued at US$ 6.80 billion in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Animal Genetics Market encompasses the field of genetics and breeding techniques applied to animals for enhanced production and disease resistance. The market offers a wide range of solutions including genetic testing, DNA typing, and genetic disease screening. These technologies are extensively used in livestock and pet breeding for improving breeding efficiency and the overall quality of animal products. Additionally, the increased global demand for animal protein and the rising need for sustainable animal agriculture practices are further driving the growth of the market.

Market Dynamics:
The Global Animal Genetics Market is driven by two major factors. Firstly, the increased demand for animal protein is fueling the need for genetic improvement in livestock breeding. The growing population and changing dietary preferences are leading to a surge in demand for high-quality animal products. Animal genetics play a crucial role in enhancing animal traits such as meat and milk production, disease resistance, and reproductive efficiency. Secondly, the rising adoption of genetic testing in animal agriculture is propelling market growth. Genetic testing helps breeders and producers identify genetic diseases, select superior breeding stock, and optimize breeding programs for improved profitability. These advancements in genetic technologies offer significant opportunities for the Animal Genetics Market to expand in the coming years.

SWOT Analysis:

Strengths:
- Growing demand for animal products, such as meat, milk, and eggs, is a major strength for the animal genetics market.
- Advances in genetic technologies and breeding techniques have led to improved animal performance and productivity, driving the market growth.
- Rising awareness among farmers and livestock producers about the benefits of genetic improvement in animal breeding is also boosting market growth.

Weaknesses:
- High costs associated with animal genetics testing and breeding programs can be a significant barrier for small-scale farmers and livestock producers.
- Limited availability of skilled professionals in animal genetics and biotechnology can hinder market growth and adoption of advanced genetic technologies.

Opportunities:
- Increasing global population and rising disposable incomes are expected to drive the demand for animal products, creating growth opportunities for the animal genetics market.
- Growing focus on sustainable and efficient animal production systems, coupled with a rising emphasis on animal health and welfare, will drive the adoption of genetic improvement strategies in livestock breeding.

Threats:
- Ethical concerns and public perception regarding genetically modified organisms (GMOs) in animal genetics can pose a threat to market growth and acceptance.
- Stringent regulations and policies related to genetically modified animals and their products in various regions can restrict market expansion and adoption of genetic technologies.

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, due to increasing demand for animal products and advancements in genetic technologies and breeding techniques.

In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the animal genetics market, driven by the increasing population, rising disposable incomes, and growing demand for meat and dairy products in countries like China and India.

Key players operating in the animal genetics market are 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 key players have a strong market presence and are focused on developing innovative genetic solutions to meet the increasing demands of the animal genetics market.

 

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