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Animal Genetics Market Size, Share & Trends 2024-2033 | Growth & Key Players
Animal Genetics Market Size
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According to The Business Research Company's, The animal genetics market size has grown strongly in recent years. It will grow from $6.29 billion in 2023 to $6.76 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increasing demand for high-quality animal proteins and meat, government initiatives and funding support, increasing prevalence of genetic diseases, growing livestock populations, increasingly conscious of animal welfare.
The animal genetics market size is expected to see strong growth in the next few years. It will grow to $9.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to increased adoption of advanced genomic technologies, development of portable and cost-effective genetic testing solutions, increased demand for animal-derived products, increasing demand for better nutrition, the growing demand for animal-derived dietary supplements. Major trends in the forecast period include next-generation sequencing (NGS), techniques like CRISPR-Cas9 enable precise alterations to the genetic code, advanced genetic identification methods, including DNA typing, genetic disease tests, advances in reproductive technologies.
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Market Drivers and Trends:
The increasing demand for animal protein is expected to propel the growth of the animal genetics market going forward. Animal protein refers to the protein derived from animal sources such as meat, poultry, fish, eggs, and dairy products. There is a growing preference for protein-rich diets, particularly in developed countries, driven by health consciousness, fitness trends, and cultural preferences. Animal genetics helps increase animal protein production by enabling the selection and breeding of animals with superior traits, such as higher muscle mass, disease resistance, and improved reproductive efficiency, leading to more efficient and productive livestock farming. For instance, according to revised data published in December 2023 by the Food and Agriculture Organization, an Italy-based specialized agency of the United Nations, global meat production increased steadily from 350 million tons in 2021 to 355 million tons in 2022. Therefore, the increasing demand for animal protein is driving the growth of the animal genetics market.
Major companies operating in the animal genetics market are developing innovative platforms by integrating artificial intelligence (AI) to identify desirable traits more accurately and efficiently. AI is used to predict and detect genetic disorders at early stages, allowing for timely interventions and reducing the incidence of hereditary diseases in animals. For instance, in April 2022, Zoetis, a US-based animal health company, introduced its latest diagnostics innovation by adding artificial intelligence (AI) blood smear testing to its multi-purpose platform, Vetscan Imagyst. This technology uses deep machine learning AI to provide accurate and efficient blood smear analysis, supplementing complete blood count (CBC) results and helping veterinarians make better treatment decisions for animals with hematologic abnormalities. The AI-driven analysis in Vetscan Imagyst can clarify abnormalities, provide an estimated platelet count, verify white blood cell differentials, and identify and count polychromasia, among other details, all within minutes.
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Major Key Players of the Market:
Zoetis Services LLC, CRV, Genus, Neogen Corporation, Groupe Grimaud, URUS Group LP, Cobb-Vantress Inc., Topigs Norsvin, Hendrix Genetics BV, Accelerated Genetics, Cogent Breeding, Alta Genetics Inc., ABS Global, Trans Ova Genetics, Embark Veterinary Inc., Tropical Bovine Genetics, EW Group, Wisdom Panel, VetGen, Animal Genetics Inc., Paw Print Genetics, Orivet, EasyDNA, Sandor Animal Biogenics Pvt. Ltd., SEK Genetics
Animal Genetics Market 2024 Key Insights:
• The animal genetics market size is expected to see strong growth in the next few years. It will grow to $9.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Rising Demand for Animal Protein Fuels Growth in the Animal Genetics Market
• Integration of Artificial Intelligence in Animal Genetics
• North America was the largest region in the animal genetics market in 2023
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