Sustained Growth in the Animal Genetics Market
The global animal genetics market has been on a steady upward trajectory, and the outlook for the coming decade looks promising. Valued at US$ 4.9 billion in 2021, this market is projected to experience a compound annual growth rate (CAGR) of 6.7% from 2022 to 2031. This growth is driven by several key factors, including the adoption of new technologies to combat animal diseases, the increasing demand for high-quality proteins, and a surge in pet ownership and spending on companion animals. These trends are creating lucrative opportunities for the animal genetics market, as advances in synthetic biology, metabolic engineering, and genome editing offer novel solutions to the challenges faced by the food and agriculture industry.
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Meeting the Global Demand for Protein
With the global population expected to reach 9.1 billion by 2050, there is a pressing need to double food production to ensure an adequate food supply. In this context, the animal genetics market plays a crucial role in addressing the growing demand for safe, high-quality animal protein. The depletion of natural resources, an emphasis on food safety, and a rising demand for better nutrition, particularly animal protein, are driving the relevance of livestock treatments and diagnostics. This, in turn, is fueling the demand for high-quality proteins worldwide.
Regional Dynamics and Key Players
In terms of regional outlook, North America dominated the global animal genetics market in 2021, with a strong presence of advanced technology and animal genetic companies. The United States, in particular, stands out as a hub for animal breeding organizations and startups. Asia Pacific held the second-largest share of the market, with high economic growth markets like China and India contributing to its growth. Notably, key players in the animal genetics market include Genus plc, CRV Holding B.V., Neogen Corporation, Zoetis, Inc., and others. These companies are actively involved in mergers and acquisitions and are continuously developing their product portfolios to meet the evolving demands of the industry.