The global animal genetic market is set to reach $12.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.3%. This market is experiencing significant growth driven by advancements in genetic technologies and a rising demand for improved livestock productivity. Companies like Genus Plc, Envigo Corporation, Topigs Norsvin, among others, are leading the way in this industry.
Emerging trends such as genomic selection, precision breeding, and rising demand for quality protein are shaping the animal genetic market. Genomic selection allows for the identification of superior genetic traits more accurately, while precision breeding techniques like CRISPR-Cas9 offer opportunities for targeted genetic modifications in animals. Consumers’ increased awareness of food quality and safety is also driving the demand for genetically superior livestock breeds.
Key drivers propelling growth in the animal genetic market include the increasing demand for livestock products, technological advancements, and a focus on sustainable agriculture. Governments worldwide are investing in agricultural research and development initiatives to enhance food security and sustainability. However, there are challenges to consider, including ethical and regulatory concerns, genetic diversity preservation, and data security and privacy issues.
In conclusion, the animal genetic market offers vast opportunities for innovation and growth. Stakeholders must embrace emerging trends, overcome challenges, and adopt ethical leadership and responsible innovation to unlock the full potential of animal genetics in addressing global food security challenges. By ensuring inclusive and equitable access to genetic resources and technology, the industry can build a more resilient and sustainable future.
For more detailed information on the global animal genetic market, you can access the full report at www.snsinsider.com/checkout/2879.
