Press release
Veterinary Artificial Reproduction Market To Hit 2.22 Billion by 2030 | Bovine Elite LLC, Agtech Inc, KRUUSE Zoetis Inc.
The global veterinary artificial reproduction market was valued at $1,349.4 million in 2020, and is estimated to reach $2,229.3 million by 2030, growing at a CAGR of 5.30% from 2021 to 2030.
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COVID-19 Scenario
The Covid-19 pandemic disrupted the supply chain and increased the prices of raw materials.
Moreover, the prolonged lockdown across several countries created a shortage of animal health products as nutritional feeds and vaccines across the globe.
Under this program, the department offered telephonic assistance to poultry owners and farmers. In addition, artificial reproduction services were being delivered to farmers at their doorstep during the lockdown period. Thereby, such initiatives have contributed to the market growth.
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Growth of the global veterinary artificial reproduction market is attributed to increase in demand for genetically superior breed of animals, which, in turn, propels demand for artificial reproduction procedures in animals.
Europe, followed by North America, to contribute the highest revenue by 2030
By region, the market across Europe held the largest share in 2020, accounting for nearly two-fifths of the market, due to rise in healthcare awareness and increase in demand for fishery and animal husbandry products. However, the market across Asia-Pacific is projected to portray the highest CAGR of 6.9% during the forecast period, due to the presence of a large livestock population in the region and rise in demand for milk and animal-based protein along with government initiatives. On the other hand, North America held the second-largest share in 2020, contributing to nearly one-third of the market.
Major market players
Bovine Elite LLC
Agtech Inc.
KRUUSE
Zoetis Inc.
IMV Technologies
National Meditek
Neogen Corporation
Select Sires Inc.
Swine Genetics International
SEMEX
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