Animal Genetics Market was valued at USD 5.9 Billion and is anticipated to reach USD 10.8 Billion by 2032, exhibiting a CAGR of 6.4%

LOS ANGELES, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The Animal Genetics Market is integral to the livestock and veterinary sector, focusing on the study of genes, genetic variation, and heredity in animals. This market is crucial for breeding and veterinary practices, enabling the selection and propagation of desirable traits in animals. The growing demand for animal proteins and the increasing need for disease-resistant breeds are driving the market's growth. As the demand for animal proteins increases and the focus on animal welfare and sustainability intensifies, the market for animal genetics is set to expand. With continuous innovation, consumer-centric research, and a focus on ethical and sustainable practices, the future of the Animal Genetics Market promises growth, evolution, and broader adoption across the livestock and veterinary sector.

Animal Genetics Market Highlights and Key Statistics:

• In 2022, the Global Animal Genetics Market was valued at USD 5.9 Billion and is anticipated to reach USD 10.8 Billion by 2032, exhibiting a CAGR of 6.4% between 2023 and 2032. The revenue for this market is poised to see an increment, expected to surge by USD 10.8 Billion by 2032, progressing at a 6.4% CAGR from 2023 to 2032.
• The North America region was predominant in this market in 2022, holding more than 52% of the Animal Genetics Market share.
• Meanwhile, the Asia-Pacific region is set to witness substantial growth in the Animal Genetics Market, recording a CAGR of over 7.1% from 2023 to 2032.
• When segmented by animal type, poultry emerge as the most substantial segment, representing more than 35% of the global market share.
• In terms of service type, the segment of genetic disease tests is predicted to experience the swiftest growth rate during the forecasted period, reflecting the increasing demand for genetic testing and advancements in genetic technologies in animal breeding and veterinary care.
  

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Animal Genetics Market Report Coverage:

Animal Genetics Market Overview and Analysis:

The trajectory of the Animal Genetics Market is promising, driven by the increasing need for sustainable animal farming practices and the growing investments in animal genetic research. The market is also influenced by innovations in genetic technologies, focusing on enhanced animal health, productivity, and lifespan. However, ethical concerns and stringent regulatory frameworks can pose challenges to market growth.

Latest Market Trends and Innovations:

• Development of advanced genomic technologies for precise genetic selection and breeding.
• Integration of bioinformatics and machine learning for analyzing complex genetic data.
• Continuous research on genetic modifications to enhance disease resistance and productivity in animals.
• Introduction of innovative breeding techniques to propagate desirable traits efficiently.
• Emphasis on sustainable and ethical animal genetic practices to address environmental and ethical concerns.
  

Major Growth Drivers of the Animal Genetics Market:

• The increasing global demand for high-quality animal proteins due to population growth and dietary shifts.
• Expansion and intensification of animal farming practices in emerging economies.
• Technological advancements leading to the development of precise and efficient genetic technologies.
• Growing awareness about animal health and welfare among pet owners and farmers.
• The rising emphasis on sustainable and ethical animal farming and breeding practices.
  

Key Challenges Facing the Animal Genetics Market:

• Ethical concerns and societal debates over genetic modifications in animals.
• Stringent regulatory frameworks and compliance requirements affecting genetic research and applications.
• Ensuring the reliability and safety of genetic technologies and breeding practices.
• Meeting the diverse and evolving needs of the livestock and veterinary sector.
• Competition from alternative breeding and farming practices affecting market growth.
  

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Animal Genetics Market Segmentation Insights:

Based on the Animal Type

• Bovine
• Canine
• Poultry
• Porcine
• Other
  

Based on the Service Type

• Genetic trait testing
• DNA typing
• Genetic disease tests
  

Regional Overview of the Animal Genetics Market:

Asia-Pacific, with its rapid growth in animal farming and high demand for animal proteins, leads the market. North America and Europe, with their advanced genetic research infrastructure and high pet adoption rates, also present significant demand for animal genetics. Emerging regions like Africa and Latin America are expected to witness substantial growth due to the expansion of animal farming and increased investments in veterinary research.

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List of Key Players in the Animal Genetics Market:

Neogen Corporation, Genus PLC, Hendrix Genetics BV, EW Group GmbH, Zoetis Inc., CRV Holding B.V., Topigs Norsvin, VetGen, Animal Genetics Inc., Envigo, URUS, Groupe Grimaud, Alta Genetics, Anicam Enterprises Inc. and VetGen LLC.

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