The Animal Genetic Market Is Growing At an Exponential Rate in Upcoming Years
Animal Genetic Market business insights
The global animal genetic market, valued at USD 6.5 billion in 2023, is projected to reach USD 11.59 billion by 2031, expanding at a compound annual growth rate (CAGR) of 7.5% over the forecast period from 2024 to 2031.
Pune, July 27, 2024 – SNS Insider has forecasted a substantial growth trajectory for the global animal genetic market, with its value expected to rise from USD 6.5 billion in 2023 to USD 11.59 billion by 2031. This growth, marked by a CAGR of 7.5% from 2024 to 2031, underscores the increasing importance of animal genetics in improving livestock production and enhancing animal health.
Valued at USD 6.5 billion in 2023, the Animal Genetic Market is set to grow significantly, reaching USD 11.59 billion by 2031, with a CAGR of 7.5% during the period from 2024 to 2031. The market's expansion is attributed to innovations in genetic technologies, growing investments in animal breeding research, and a heightened focus on enhancing animal welfare and productivity. These trends are driving the market forward, highlighting a growing interest in advanced genetic solutions for the agriculture industry.
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Market Dynamics
Several factors are driving the growth of the animal genetic market:
- Rising Demand for High-Quality Animal Products: The increasing global demand for meat, dairy, and other animal products is boosting the adoption of advanced genetic techniques to improve livestock quality and productivity.
- Technological Advancements: Innovations in genetic engineering, genome sequencing, and artificial insemination are enhancing the efficiency and effectiveness of animal breeding programs.
- Growing Awareness of Animal Health: The rising awareness of animal health and welfare is driving the demand for genetic solutions that enhance disease resistance and improve overall animal well-being.
- Supportive Government Policies: Government initiatives and funding for the development of advanced genetic technologies in agriculture are further propelling market growth.
Regional Insights
- North America: Dominates the market due to advanced agricultural practices, significant R&D investments, and high adoption rates of genetic technologies.
- Europe: Exhibits substantial growth driven by increasing awareness of sustainable farming practices and strong regulatory frameworks supporting genetic research.
- Asia-Pacific: Expected to experience rapid growth, supported by a large livestock population, improving agricultural infrastructure, and increasing adoption of modern breeding techniques.
Key Players
Leading companies in the animal genetic market include:
- Genus plc
- Hendrix Genetics BV
- Neogen Corporation
- CRV Holding BV
- Topigs Norsvin
These players are focusing on technological advancements, strategic partnerships, and expanding their product portfolios to strengthen their market position.
Future Outlook
The animal genetic market is poised for significant growth, driven by technological advancements, rising demand for high-quality animal products, and supportive government policies. Continued research and development efforts are expected to yield innovative genetic solutions, further accelerating market expansion and enhancing livestock production.
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