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Strong Recent Growth

• Current Market Size: The animal genetics market was valued at $6.29 billion in 2023.
• Short-Term Outlook: Expected to grow to $6.76 billion by 2024, achieving a compound annual growth rate (CAGR) of 7.5%.
• Historic Growth Drivers:
  • Increased Demand: Higher demand for quality animal proteins and meat.
  • Government Support: Initiatives and funding to advance genetic research.
  • Prevalence of Genetic Diseases: Rising incidence driving research and solutions.
  • Growing Livestock: Expanding populations necessitate genetic improvements.
  • Animal Welfare Awareness: Increased focus on humane treatment.

Future Growth Projections

• Forecasted Market Size: Anticipated to reach $9.11 billion by 2028.
• Future CAGR: Projected CAGR of 7.7%.
• Future Growth Drivers:
  • Advanced Genomic Technologies: Adoption of cutting-edge tools and methods.
  • Cost-Effective Testing: Development of affordable, portable genetic tests.
  • Increased Animal-Derived Products: Growing demand for such products.
  • Enhanced Nutrition: Rising need for improved animal nutrition.
  • Animal-Derived Supplements: Higher demand for dietary supplements.

View More On The Animal Genetics Market Report 2024 – https://www.thebusinessresearchcompany.com/report/animal-genetics-global-market-report

Major Trends in Animal Genetics

• Next-Generation Sequencing (NGS): Revolutionizing genetic analysis.
• CRISPR-Cas9 Technology: Allowing precise genetic modifications.
• Genetic Identification: Techniques like DNA typing and genetic disease tests.
• Reproductive Technologies: Advances improving breeding efficiency.

Rising Demand for Animal Protein

• Protein Preference: Increased consumption of animal protein in developed nations due to health and cultural factors.
• Impact on Genetics: Enhancements in animal traits for better production.
• Production Data: Global meat production grew from 350 million tons in 2021 to 355 million tons in 2022.

Leading Companies in the Market

• Major Players:
  • Zoetis Services LLC
  • CRV
  • Genus
  • Neogen Corporation
  • Groupe Grimaud
  • URUS Group LP
  • Cobb-Vantress Inc.
  • Topigs Norsvin
  • Hendrix Genetics BV
  • Accelerated Genetics
  • Cogent Breeding
  • Alta Genetics Inc.
  • ABS Global
  • Trans Ova Genetics
  • Orivet
  • EasyDNA
  • Sandor Animal Biogenics Pvt. Ltd.
  • SEK Genetics

Integration of Artificial Intelligence

• Innovative Solutions: AI applications for precise trait identification and genetic disorder prediction.
• Example: Zoetis’s Vetscan Imagyst platform using deep machine learning AI for blood smear analysis, improving diagnostic accuracy and efficiency.

Zoetis Expands Offerings

• Acquisition of Basepaws: In June 2021, Zoetis acquired Basepaws to enhance pet genetic testing services.
• Basepaws Specialty: Focuses on DNA testing for cats, providing insights into ancestry and health risks.

Market Segmentation

• By Type:
  • Animal Genetics Products
  • Genetic Materials
  • Embryo
• By Service:
  • Genetic Disease Tests
  • DNA Typing
  • Genetic Trait Tests
  • Other Services
• By Animal Type:
  • Cattle
  • Pigs
  • Sheep and Goats
  • Companion Animals
  • Other Animals
• By End User:
  • Veterinary Hospitals and Clinics
  • Academic and Research Institutes
  • Animal Breeders
  • Pet Owners

Regional Insights

• Current Leader: North America was the largest market region in 2023.
• Fastest-Growing Region: Asia-Pacific is expected to see the highest growth in the forecast period.

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