Animal Genetics Market Expected to Hit $9.12 Billion by 2031


Posted May 22, 2024 by BhavanaMeti

Explore $9.12 Billion Animal Genetics Market: Get exclusive insights on key market trends, segments, geographical analysis, & competitive analysis!

 
Meticulous Research®—a leading global market research company, published a research report titled ‘Animal Genetics Market Size, Share, Forecast, & Trends Analysis by Animal (Companion [Dogs, Cats] Livestock [Poultry, Porcine, Bovine]) Services (DNA Profile, Genetic Diseases, Traits) Sample Type (Blood, Tissue, Embryo), End User - Global Forecast to 2031.’
According to a recent publication from Meticulous Research®, the animal genetics market is projected to reach $9.12 billion by 2031, with a CAGR of 5.8% during the forecast period. Historically, crossbreeding—mating animals from different breeds to combine desirable traits—relied on physical characteristics without genetic insights. However, recent advancements have seen a surge in genetic testing, providing breeders with data on genetic profiles and trait-associated genes. This enables improved breeding and crossbreeding for better meat and milk production, and increased disease resistance.
Market growth is driven by the demand for precision breeding techniques, rising awareness about the benefits of genetic testing for disease detection, the adoption of advanced genomic technologies, government support for genetic research, and the prevalence of genetic diseases in animals. Emerging markets in Asia-Pacific and Latin America, along with the development of portable and affordable genetic testing solutions, present growth opportunities.
Key players in the animal genetics market include Animal Genetics, Inc., Zoetis Inc., Mars Petcare, Embark Veterinary, Inc., Neogen Corporation, Basepaws Inc., LABOKLIN GMBH & CO.KG, Generatio GmbH, Vetgen LLC, FarmLab Diagnostics, and EasyDNA.
Future Outlook
The animal genetics market is segmented based on testing services, sample type, animal type, end user, and geography:

Testing Services: Includes DNA profile testing, genetic traits testing, genetic disease testing, and other testing services. The genetic disease testing segment is expected to have the highest CAGR of 6.7% from 2024 to 2031 due to the need for early detection and management of infectious and metabolic diseases.
Sample Type: Segments include blood, tissue, semen, embryo, and others. The blood segment is projected to grow the fastest due to its convenience and reliability for genetic testing.
Animal Type: Divided into companion animals, livestock, and others. The companion animals segment is anticipated to hold the largest market share in 2024, driven by the global pet population and demand for pet health and breeding.
End User: Comprises veterinary hospitals and clinics, academic and research institutes, animal breeders, and pet owners. The animal breeders segment is expected to dominate in 2024 due to the demand for high-quality livestock and purebred companion animals.
Geographic Review
The report covers major regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share in 2024, while emerging markets like India and China are projected to grow the fastest, driven by large exports, high production of animal-derived products, and increasing pet adoption.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5863
Key Questions Answered
Which segments are experiencing high growth in the market?
What was the historical market size globally?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, and challenges?
Who are the major players and what is the competitive landscape?
What are the recent developments and strategies of key players?
What are the geographical trends and high-growth regions?


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Categories Health , Medical , Reports
Tags animal genetics , pet dn atesting , animal genomics
Last Updated May 22, 2024