The global animal genetics market size was valued at USD 4.6 billion in 2022 and is expected to reach USD 10.4 billion by 2032, at a CAGR of 8.3% during the forecast period.
Animal genetics is the study of the inheritance of physical and behavioral traits in animals. This can be done through the study of DNA, RNA, and proteins, as well as through the study of the environment and the animal’s phenotype. Animal genetics has applications in both animal husbandry and veterinary medicine. Animal genetics can be used to improve the health and productivity of livestock. For example, geneticists can identify animals that are resistant to diseases and select for those traits in future generations. Animal genetics can also be used to improve the quality of meat, milk, and eggs. For example, geneticists can select for animals that produce more milk or eggs, or that have leaner meat.
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Key Trend
There are a few key trends in animal genetics technology. One is the use of CRISPR to edit genes. This is a new technology that is still being perfected, but it has the potential to be used to fix genetic defects in animals. Another trend is the use of DNA sequencing to identify genetic defects. This is a more traditional approach, but it is becoming more sophisticated and can be used to identify more subtle defects. Finally, there is a trend toward using genetic engineering to create animals with desired traits. This is a controversial approach, but it has the potential to create animals with specific traits that are useful for agriculture or other purposes.
Key Drivers
There are a number of key drivers that are fueling the growth of the animal genetics market. One of the key drivers is the increasing demand for animal-based products, such as meat, milk, and eggs. This is due to the growing population and the changing dietary habits of people across the globe. The second key driver is the increasing demand for animal-based products for therapeutic purposes. This is due to the growing awareness about the therapeutic benefits of animal-based products and the increasing number of people suffering from chronic diseases.
The third key driver is the increasing investment in research and development activities by major companies operating in the animal genetics market. This is due to the growing competition in the market and the need to develop new and improved products.
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Market Segments
Animal Genetics Market is segmented into animals, service type, and region. Based on Animals, the market is categorised into Canine, Poultry, Porcine, Bovine, and Others. On the basis of Service Type, the market is divided into DNA Typing, Genetic Trait Testing, and Genetic Disease Tests. Whereas based on region it is divided into North America, Europe, Asia-Pacific, and Rest of the World.
Key Players
The animal genetics market is moderately competitive in nature. The companies are evolving through various strategies, such as acquisitions, collaborations, product launches, and investment in research & development activities, to secure their positions in the competitive landscape. The animal genetics market report includes players such as Cogent Breeding, Genus, Hendrix Genetics, Neogen, CRV, Geno, VION, Newsham Choice Genetics, H&N International, I-5 Holdings, JSR Genetics, Bovine Elite, Acceligen, and Genetiporc, among others.
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