Animal Genetics Market Size, Trends, Industry Analysis, Overview, Share And Forecast 2023 To 2030

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Animal genetics is a field of scientific research that focuses on animal breeding and improving animal production characteristics such as milk yield, disease and parasite resistance, fertility, meat quality and quantity. Advances in genetic testing methods allow animal breeders to identify and select animals with desirable traits, which help meet the growing demand for meat, milk and other animal products. 

The global Animal Genetics Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increasing meat consumption globally has accelerated the demand for high quality animal genetics. Developed nations are focusing on genetic testing methods to identify superior breeding stock in order to produce more meat per animal. This allows farmers to satisfy the growing appetite for meat proteins in a sustainable way. Advanced technologies like genomic selection help in selective breeding programs. As a result, animal genetics solutions are witnessing increasing adoption among farmers and breeders aiming to boost production volumes and improve meat quality. This key trend is expected to drive the growth of the global animal genetics market during the forecast period.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/animal-genetics-market-2607

Segment Analysis

The global animal genetics market is dominated by the cattle segment, which accounted for over 40% share of the overall market in 2023. Within cattle, dairy cattle is the largest sub-segment as animal genetics finds widespread application in dairy farms to improve production traits like milk yield and quality. Breeders are consistently working on developing high performance dairy cattle breeds through advanced genetic technologies to meet the rising worldwide demand for milk and milk products.

Key Takeaways

The global animal genetics market is expected to witness high growth over the forecast period of 2023 to 2030. The market, valued at US$ 6.6 Bn in 2023, is projected to reach US$ xx Bn by 2030, expanding at a CAGR of 7.4% during the said period.

Regional analysis: Europe dominated the global market with over 30% share in 2023 backed by widespread cattle farming across major countries like France, Germany, and UK. However, the Asia Pacific region is estimated to emerge as the fastest growing regional market between 2023-2030 supported by rising meat consumption and growing awareness among farmers regarding genetic upgrades of livestock.

Key players: Key players operating in the animal genetics market are BS Global (US), Groupe Grimaud (France), Zoetis (US), Hendrix Genetics (Netherlands), Topigs Norsvin (Netherlands), CRV Holding (Netherlands), and Neogen (US). BS Global and Groupe Grimaud are the largest players with extensive product portfolio and global presence. The companies are focusing on expansion in Asian countries to tap the growth opportunities in the region.

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