PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1513459
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1513459
Global Animal Genetics Market is valued approximately USD 6.08 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.37% over the forecast period 2024-2032. Animal genetics is the study of how genes influence the traits of animals. It studies the structure, function, and transmission of these genes over generations. It is crucial for identifying the diversity of animal life, from the small differences between dog breeds to the long evolutionary history of all animal on Earth. Additionally, the key trend of Global Animal Genetics market is growing focus animal on disease resistance. With the growing concern over animal diseases and their impact on livestock production, there was a heightened focus on breeding animals with enhanced disease resistance. Genetic selection for traits like immunity and resilience to common pathogens became a priority for many breeders.
Moreover, advances in genetic engineering techniques such as CRISPR-Cas9 have revolutionized the field of animal genetics. These technologies enable precise genetic modifications, leading to the development of animals with desired traits such as disease resistance, improved growth rates, and higher yields. Also, with the growing global population, there's an increasing demand for animal protein, including meat, milk, and eggs. Animal genetics play a crucial role in improving the productivity and quality of livestock, meeting this demand efficiently. Additionally, other factors that support the market growth are the rising prevalence of animal diseases and the growing adoption of precision breeding. However, the a shortage of skilled professionals in veterinary research and a limited veterinary infrastructure. are expected to hinder the market growth during the forecast period 2024-2032.
The key regions considered for the Global Animal Genetics Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America was the largest regional market. North America commands a substantial portion of the animal genetics market, driven by a combination of factors. These include escalating government support, a surge in the uptake of cutting-edge genetic technologies, and a robust appetite for animal-derived proteins. The region's market growth is chiefly propelled by advancements in breeding techniques aimed at fostering the development of robust and thriving animals adept at maximizing nutrient utilization for optimal growth and reproduction. Furthermore, the rising prevalence of infectious diseases within animal populations, notably among poultry and pigs, is anticipated to catalyze demand for sophisticated biotechnological approaches geared towards cultivating superior breeds. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period 2024-2032.