Animal Genetic Market 2024 - Industry Size, Share, Dynamics, Status, Outlook and Opportunities
Animal Genetic Market Analysis
The global Animal Genetic market is set for substantial growth, with its market size projected to increase from USD 6.5 billion in 2023 to USD 11.59 billion by 2031. This represents a compound annual growth rate (CAGR) of 7.5% during the forecast period from 2024 to 2031.
Several key factors are driving the expansion of the Animal Genetic market:
- Increasing Demand for Protein-Rich Food: The growing global population and rising demand for protein-rich food products, including meat, milk, and eggs, are driving the adoption of animal genetic technologies. These technologies help improve livestock productivity and enhance the quality of animal products.
- Advancements in Genetic Engineering: Continuous advancements in genetic engineering technologies, such as CRISPR-Cas9 and gene editing techniques, are revolutionizing animal breeding and genetic improvement. These technologies enable precise modifications in animal genomes to achieve desired traits.
- Rising Focus on Disease Resistance and Resilience: There is an increasing focus on breeding animals with improved disease resistance and resilience to environmental stressors. Animal genetic technologies play a crucial role in developing livestock breeds that are more resilient to diseases and adverse climatic conditions.
- Growing Adoption of Genomic Selection: Genomic selection and breeding programs are becoming increasingly popular among livestock producers to accelerate genetic gain and optimize breeding strategies. These programs leverage genomic information to select animals with superior genetic potential.
- Supportive Government Initiatives: Governments and regulatory bodies are supporting the adoption of animal genetic technologies through funding initiatives, research grants, and policies aimed at enhancing agricultural productivity and sustainability.
KEY MARKET SEGMENTATION
By Live Animals
- Porcine
- Bovine
- Poultry
- Canine
- Others
By Genetic Material
- Embryo
- Semen
By Services
- Genetic Trait Test
- Genetic Diseases Test
- DNA Typing
The Animal Genetic market encompasses a variety of technologies and services, including genetic testing, genetic trait testing, and genomic services. These technologies are applied across various animal species, including cattle, poultry, swine, and aquaculture species.
Key market players are actively investing in research and development to introduce innovative genetic technologies and services. Strategic partnerships, collaborations, and acquisitions are also prevalent in the market as companies aim to expand their product portfolios and global footprint.
As the Animal Genetic market continues to grow, it is expected to play a crucial role in advancing animal agriculture, improving food security, and supporting sustainable livestock production worldwide.
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