Poultry Diagnostics is Estimated To Witness High Growth
The poultry diagnostics market is estimated to be valued at US$ 536.7 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
· Strength: The global Poultry Diagnostics market has a huge customer base and strong distribution channels across key geographies. The industry has technologically advanced products and solutions that provide accurate disease detection. There is a skilled workforce available for research and production activities.
· Weakness: High capital requirements for setting up manufacturing facilities and establishing a robust supply chain network pose significant challenges. Diagnostic procedures can be costly for small scale poultry farms. Dependence on seasonal workforce for certain operations affects continuous production.
· Opportunity: There is immense scope for expansion in emerging markets of Asia Pacific and Latin America due to growing meat consumption. Development of portable and affordable diagnostic kits suitable for on-site use can increase market penetration. Partnerships with leading veterinary organizations and farms present an opportunity to promote products.
· Threats: Stringent regulations surrounding food safety and animal welfare increase compliance costs. Competition from local players offering low cost alternatives poses pricing pressures. Outbreaks of contagious diseases in poultry may affect demand temporarily. Trade barriers and geopolitical tensions impact international business.
Key Takeaways:
The Global Poultry Diagnostics Market Growth is expected to witness high, exhibiting a CAGR of 11% over the forecast period, due to increasing consumption of poultry meat worldwide. Rising awareness about zoonotic diseases and food safety compliance will drive demand for diagnostic testing in key regions.
Regional analysis: North America dominated the global market in 2022, accounting for over 30% share. This was attributed to well-established distribution channels and advanced animal healthcare facilities in the region. Asia Pacific is projected to witness the fastest growth during 2023-2030, rising at a CAGR of 13.5% due to growing meat demand from China, India and Southeast Asian countries.
Key players: Key players operating in the Poultry Diagnostics market are Zoetis, Thermo Fisher Scientific Inc., Boehringer Ingelheim International GmbH, EW Group Ltd., and Hygiena, LLC. These companies have strong global presence and offer comprehensive diagnostic product portfolios for poultry diseases. They are focusing on geographic expansion and innovative testing solutions to gain higher market share.
Read More - https://diveintoinsights.blogspot.com/2023/12/fueling-growth-of-poultry-diagnostics.html
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