Global Animal Genetics Market worth $9.5 billion by 2028

 Animal Genetics Market in terms of revenue was estimated to be worth $6.6 billion in 2023 and is poised to reach $9.5 billion by 2028, growing at a CAGR of 7.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as better accessibility to technologies and well-established distribution channels drive growth in the developed markets across Europe and North America. Moreover, the growing demand for livestock food products has driven the need for genetic materials and live animals, as breeders and the animal food products industry seek higher productivity standards.

Download an Illustrative overview:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=12462093

Browse in-depth TOC on "Animal Genetics Market"

283 - Tables

77 - Figures

168 – Pages

Live animals segment accounted for the largest share of the animal genetics market

The animal genetic products segment is categorized into live animals and genetic materials. In 2022, the live animals segment commanded the largest share of the animal genetics market. This is attributed to the high demand for live animals to breed generations with high-productivity traits, high maternity ability, high growth rates, and feed efficiencies. Also, growing demand for animal proteins, the rising awareness of the benefits of genetic improvement in livestock, and the technological advancements in animal breeding are further boosting the market growth. The key players in the live animal genetics market are Genus plc, EW Group, , Cobb-Vantress, Topigs Norsvin, and Hendrix Genetics.

The poultry segment accounted for the largest share of the animal genetics market.

The live animal segment is segmented into canine, poultry, porcine, bovine, and other live animals. The poultry segment accounted for largest share of the live animal market in 2022. The high demand for poultry meat and eggs in developed countries and the increasing demand for the same in developing countries due to the growing population and rapid urbanization drive the growth of the poultry segment.

Europe accounted for the largest share of the animal genetics market.

The global animal genetics market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, Europe accounted for the largest share of the animal genetics market, followed by North America and Asia Pacific. Market growth is driven by the need to improve livestock productivity, growing demand for animal food products, and the high intake of animal-derived proteins.

Request Sample Pages:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=12462093

Animal Genetics Market Dynamics:

Drivers:

·         Growing global population and rapid urbanization

Restraints:

·         The emergence of alternative such as lab-based meat

Opportunities:

·         Innovations in phenotyping services

Challenges:

·         Economic sustainability in local breeds

Key Market Players:

Some of the major market players in the animal genetics market include Neogen Corporation (US), Genus (Uk), Urus (US), EW Group Gmbh (Germany), Groupe Grimaud (France).

Recent Developments:

·         In March 2023, URUS Group collaborated with Genetics Australia. The JV will be 60 percent owned by URUS and 40 percent owned by Genetics Australia (GA). It will have access to the full suite of GENEX products and access to the PEAK program.

·         In January 2023, Zoetis collaborated with VAS to give farmers better compatibility crossover between Vas's PULSE platform, a broad farm management cloud-based software, and DairyComp, a herd health system with Zoetis's CLARIFIDE genetic and fertility testing.

Get 10% Free Customization on this Report:

https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=12462093

Animal Genetics Market Advantages:

·         Improved Productivity: Animal genetics advancements enable the breeding of livestock with enhanced traits such as faster growth rates, increased milk or egg production, and efficient feed conversion, leading to higher overall agricultural productivity.

·         Disease Resistance: Selective breeding and genetic engineering allow for the development of animals with increased resistance to diseases, reducing the need for antibiotics and minimizing disease-related economic losses.

·         Quality Enhancement: Genetic improvements can lead to better meat quality, improved taste, tenderness, and nutritional content, meeting consumer demands for high-quality and nutritious products.

·         Environmental Sustainability: By breeding animals that require fewer resources, produce less waste, and emit fewer greenhouse gases, the industry contributes to more sustainable and eco-friendly farming practices.

·         Resource Efficiency: Animal genetics helps optimize resource utilization by minimizing inputs such as feed, water, and land while maximizing outputs, thus reducing the overall environmental impact of agriculture.

·         Biodiversity Preservation: Focused breeding programs can help conserve and protect endangered or rare animal breeds, maintaining biodiversity within livestock populations.

·         Reduced Food Insecurity: Enhanced genetics lead to increased food production, helping to address global food security challenges and ensuring a stable supply of animal-derived products.

·         Economic Benefits: Farmers can benefit from increased profitability due to improved yields, reduced mortality rates, and access to premium markets willing to pay for genetically superior products.

·         Human Health Research: Studying animal genetics can provide insights into human genetics and diseases, contributing to advancements in medicine and biotechnology.

·         Innovation and Technological Progress: The animal genetics market drives technological innovation, fostering collaborations between biotech firms, researchers, and agricultural stakeholders to develop cutting-edge solutions.

·         Customization: Advances in gene editing and synthetic biology enable the customization of animal genetics to meet specific market demands and consumer preferences.

·         Ethical Considerations: Ethical practices within the industry, such as ensuring animal welfare and addressing potential concerns, help create a more responsible and transparent approach to genetic enhancements.

In summary, the animal genetics market offers a range of advantages that encompass improved agricultural productivity, environmental sustainability, economic growth, and ethical considerations, ultimately contributing to the development of a more resilient and responsible global food system.

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/animal-genetic-market.asp

Visit Our Website: https://www.marketsandmarkets.com/

Content Source: https://www.marketsandmarkets.com/PressReleases/animal-genetic.asp

https://www.prnewswire.com/news-releases/animal-genetics-market-worth-9-5-billion--marketsandmarkets-301897610.html

Comments

Post a Comment

Popular posts from this blog

Healthcare Simulation Market Size & Share - Global Future Growth Predictions

Image
 The global healthcare simulation market is projected to reach USD 4.6 billion by 2028 from USD 2.2 billion in 2023, at a high CAGR of 15.7% during the forecast period. The expansion of this market is fueled by the increasing adoption of advanced techniques and methodologies in delivering medical education, along with restricted patient access during medical training. Nevertheless, the market's growth is anticipated to be somewhat hampered by the constrained availability of funds and incomplete replication of medical simulators. Market Size Introduction: The healthcare simulation market size represents the total valuation of products and services within the healthcare simulation industry over a specific period, typically a year. It encompasses various simulation technologies, including manikins, simulators, simulated environments, and software solutions, utilized for medical training, education, and research purposes. Understanding the market size is crucial for stakeholders as ...
Read more

Global Dental Practice Management Software Industry worth $2.3 billion By 2028

Image
 The Global Dental Practice Management Software Market in terms of revenue was estimated to be worth $1.5 billion in 2023 and is poised to reach $2.3 billion in 2028, growing at a CAGR of 8.6% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The rising awareness of oral hygiene and dental treatment, the increasing demand for advanced dental procedures, and the growing market for dental tourism in developing countries are major key drivers for the market. However, data privacy and security issues are the factors which may slow down market growth. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153532396 Dental Practice Management Software Industry Dynamics Driver: Rising demand for advanced cosmetic dental procedures Cosmetic d...
Read more

Humanized Mouse and Rat Model Market worth $349 million by 2028

Image
  In the near future, the humanized mouse and rat model industry is set to undergo transformative advancements, revolutionizing biomedical research and drug development. These cutting-edge models, where mice and rats are genetically modified to possess human-like characteristics and immune systems, will play a pivotal role in bridging the gap between preclinical studies and clinical trials. Through refined genetic engineering techniques, these models will closely mimic human physiology, enabling more accurate and predictive assessments of drug safety, efficacy, and disease mechanisms. Moreover, the industry will witness the integration of advanced technologies, such as CRISPR/Cas9, to expedite the creation of customized humanized models, tailoring them to specific diseases or individual patient profiles. These advancements will spur collaboration between academia, pharmaceutical companies, and biotech firms, fostering a dynamic research ecosystem focused on targeted therapies and p...
Read more