The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Animal Biotechnology Global Market Report 2024, the animal biotechnology market is expected to show promising growth in the forecast period.

1. Growth Trajectory from 2023 to 2028

The animal biotechnology market has witnessed robust growth in recent years, with the market size reaching $27.95 billion in 2023 and projecting an increase to $30.58 billion in 2024, displaying a commendable Compound Annual Growth Rate (CAGR) of 9.4%. Looking ahead, the market is poised for continued expansion, anticipating a surge to $44.51 billion in 2028, with a higher CAGR of 9.8%. The driving forces behind this growth include a variety of factors such as genetic improvement, increased agricultural productivity, and the development of disease-resistant strains.

2. Driving Forces: Past and Future

The historic period’s growth was fueled by genetic improvement, increased agricultural productivity, vaccines and therapeutics, environmental sustainability, feed efficiency, nutritional enhancement, and reduced environmental impact. Looking to the forecast period, the driving factors include the development of disease-resistant strains, biopharmaceutical production, cell-based meat production, global food security concerns, regulatory support, and public and consumer acceptance. Additionally, major trends in the forecast period encompass genome editing technologies, animal stem cell technology, biopharmaceutical production in animals, biobanking, genetic resource preservation, the emergence of Crispr-based therapies, and a heightened focus on biosecurity and disease surveillance.

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3. Interplay Between Livestock Populations and Market Growth

Livestock plays a pivotal role in propelling the animal biotechnology market forward. The growing livestock population offers a larger and more diverse subject pool for research and development in animal biotechnology. For example, the increase in the UK’s cattle and calf population from 2021 to 2022, as reported by the Government Digital Service, underscores the potential for research opportunities. As of 2023, this interplay between expanding livestock populations and technological advancements is contributing to the market’s upward trajectory, setting the stage for the anticipated $44.51 billion valuation in 2028.

4. Market Players and Industry Dynamics

A multitude of companies operate in the animal biotechnology market, with key players including Zoetis Inc., Boehringer Ingelheim International GmbH, Merck & Co Inc., and many others. These companies contribute to the market’s growth through various segments, such as diagnostics tests, vaccines, drugs, reproductive and genetic products, and feed additives. North America led the market in 2023, while Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period.

5. Virus-Like Particle Technology: A Paradigm Shift

Product innovation stands out as a pivotal trend, and one noteworthy innovation is the implementation of virus-like particle (VLP) technology for vaccine development. Companies like Cadila Pharmaceuticals are at the forefront, introducing novel vaccines such as ThRabis, a three-dose rabies vaccine utilizing VLP technology. This technique involves the use of multiprotein structures to mimic virus particles, offering safer and cost-effective vaccine candidates. Zoetis, a key player in the market, further strengthened its capabilities through the acquisition of Adivo, a Germany-based biotechnology company, in September 2023.

6. Zoetis Expands Veterinary Capabilities Through Acquisition

In a strategic move in September 2023, Zoetis Inc. acquired Adivo, enhancing its veterinary capabilities. The acquisition granted Zoetis access to species-specific antibody libraries and technological expertise, empowering the development of cutting-edge veterinary treatments. This positions Zoetis to address unmet needs in areas such as cancer, inflammatory disorders, and more, reflecting the company’s commitment to advancing veterinary healthcare.

In conclusion, the animal biotechnology market is not just a witness to evolution; it is a driving force in shaping the future of agriculture, veterinary care, and biopharmaceuticals. With innovative technologies, strategic acquisitions, and a growing emphasis on sustainability, the market is set to navigate towards unprecedented growth, meeting the demands of a changing world. As the market surges ahead, stakeholders and consumers alike can anticipate a dynamic landscape of advancements that address global challenges and contribute to the well-being of both animals and humans.

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