The “Animal Genetics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report by IMARC Group offers a detailed analysis of the industry, including animal genetics market trends , share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is The Animal Genetics Market?
The global animal genetics market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
What are Animal Genetics?
Animal genetics is the study of genes and the way it affects living organisms. It offers a biological blueprint for the appearance, function, and survival of organisms’ genes and is considered a major factor affecting animal health and production. It uses various genetic techniques, including twin, cytological, population, hybrid, and ontogenetic approaches. It helps define similarities and differences in other organisms to support the management of the livestock population. At present, animal genetics finds extensive applications in DNA typing and genetic trait and disease testing across the globe.
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What Are The Growth Prospects And Trends In The Animal Genetics Industry?
The global animal genetics market is primarily driven by the increasing demand for food and the rising global population. Moreover, the easy availability of animal-based food items through online and offline retail channels with numerous facilities, including attractive deals, doorstep delivery, and secured payment gateways, is positively influencing the market growth.
Additionally, animal-based food assists body growth by offering concentrated energy sources and various nutrients, such as fat, riboflavin, iron, zinc, calcium, and vitamins A, B, D, and E. In line with this, the increasing consumer awareness about the benefits of consuming animal-derived food products, such as dairy items and meat, to meet nutritional requirements is another major growth-inducing factor. Furthermore, the surging adoption of advanced genetic technologies and molecular biology tools is contributing to market growth. Other factors, including increasing investments in research and development (R&D) activities, the rising awareness about veterinary genetic diseases, and expanding livestock population, are also anticipated to drive the market further.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Live Animal:
- Porcine
- Bovine
- Poultry
- Canine
- Others
Breakup by Genetic Materials:
- Embryo
- Semen
Breakup by Services:
- Genetic Trait Testing
- Genetic Diseases Testing
- DNA Typing
Breakup by End User:
Veterinary Hospitals and Clinics
Diagnostic Centres Market Breakup by Region:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- Alta Genetics Inc.
- Animal Genetics Inc.
- CRV Holding B.V.
- Envigo (Inotiv Inc.)
- Genus plc
- Groupe Grimaud La Corbière SA
- Hendrix Genetics B.V.
- Neogen Corporation
- Sandor Animal Biogenics Pvt. Ltd.
- Topigs Norsvin
- URUS Group LP
- VetGen LLC and Zoetis Inc.
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