IMARC Group, a leading market research company, has recently releases report titled “Animal Genetics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global animal genetics market trends, growth, share, size and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Animal Genetics Market
Animal genetics involves the examination and analysis of the genetic material, such as deoxyribonucleic acid (DNA) and genes, in animals. It encompasses the study of genetic variations within and between species, as well as the mechanisms by which these variations are inherited. It allows breeders to select animals with desirable traits, such as disease resistance, high productivity, and improved characteristics, to create healthier and more productive animal populations. It enables researchers to assess genetic diversity, identify populations at risk, and design effective conservation strategies to maintain genetic variability and prevent extinction. It also plays an important role in optimizing livestock production and improving meat quality, milk yield, and disease resistance, thus benefiting the agricultural industry.
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.
Global Industry Trends and Drivers:
At present, the increasing demand for animal genetics as it aids in unraveling evolutionary relationships, migration patterns, and population dynamics of wildlife, providing insights into animal ecology and behavior, represents one of the crucial factors impelling the growth of the market. Besides this, the rising employment of animal genetics in aquaculture to improve the growth rate, disease resistance, and overall quality of farmed fish and shellfish is contributing to the growth of the market. In addition, the growing focus on improving the efficiency of livestock production, reducing resource consumption, and minimizing the environmental impact is offering a favorable market outlook. Apart from this, the increasing adoption of pets among the masses is propelling the growth of the market.
Animal Genetics Market Growth and Opportunities:
The animal genetics market is experiencing significant growth and offering various opportunities for stakeholders. The increasing demand for high-quality animal products, such as meat, milk, and eggs, is driving the market growth. Consumers are seeking healthier and more nutritious animal-based products, leading to a growing emphasis on genetics to improve the traits and characteristics of livestock. Additionally, the need to enhance animal productivity and efficiency in livestock production systems is creating opportunities for genetic advancements. Genetic technologies, including artificial insemination, embryo transfer, and genetic selection, are being widely adopted to improve breeding programs and achieve desired traits in animals. Furthermore, the expanding global population and rising disposable incomes in emerging economies are driving the demand for animal products, presenting lucrative opportunities for the animal genetics market. The growing awareness of sustainable agriculture and the need for environmentally friendly practices are also opening doors for genetic solutions that contribute to resource efficiency and reduced environmental impact. Overall, the animal genetics market is poised for growth and offers promising opportunities for geneticists, breeders, and industry players.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Live Animal:
Breakup by Genetic Materials:
Breakup by Services:
- Genetic Trait Testing
- Genetic Diseases Testing
- DNA Typing
Breakup by End User:
- Veterinary Hospitals and Clinics
- Diagnostic Centres
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
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.