by The global animal biotechnology market involves the application of biotechnology tools and techniques to genetic material and cells of animals. This includes the use of genome editing tools such as CRISPR/Cas9 for genetic alterations, genome sequencing for genetic disease testing, cloning, genetic fingerprinting and others. Animal biotechnology products help improve livestock health and productivity. Advancements in genome editing and gene therapies have enabled key advancements in animal health and welfare.
The Global Animal Biotechnology Market is estimated to be valued at US$ 45.70 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the animal biotechnology market are Heska Corporation, Indian Immunologicals Ltd., HESTER BIOSCIENCES LIMITED, Zoetis Inc., Boehringer Ingelheim International GmbH, Biogénesis Bagó, Merck & Co., Inc., Virbac, Elanco, Cadila Pharma, Thermo Fisher Scientific Inc., Idexx Laboratories, Randox Laboratories Ltd., Gold Standard Diagnostics., Bionote USA Inc., Meiji Holdings Co., Ltd., Kemin Industries, Inc., and Pfizer Inc. The market offers significant growth opportunities in livestock production and companion animal healthcare segments driven by demand for meat and dairy. Advancements in genome sequencing and gene editing through CRISPR/Cas9 have opened new avenues for developing diagnostics, vaccines and therapeutics for various genetic and infectious animal diseases.
Market Drivers
The Global Animal Biotechnology Market Size is primarily driven by growing meat consumption worldwide, rising concern over zoonotic diseases, increasing companion animal ownership and advancement in reproductive technologies. As per the UN, global meat production is projected to increase by over 70% by 2050 to support rising demand. This is expected to propel investments in technologies that can accelerate genetic selection and breeding of high quality livestock. In addition, the threat of pandemics from animal origin diseases is driving R&D for effective vaccines and diagnostic kits.
Challenges in Global Animal Biotechnology Market
The global animal biotechnology market faces various challenges in terms of achieving greater production efficiencies, improving animal welfare, reducing environmental footprint of livestock production, and addressing antibiotic resistance. With rising world population and changing dietary preferences, the demand for animal protein is increasing rapidly but the resources required for conventional livestock production are under pressure. There is a need for more sustainable livestock farming practices using advanced biotechnologies. However, regulatory compliance and public acceptance of new innovations remain key hurdles for wider commercialization of certain technologies. High R&D costs involved also act as a barrier, especially for small players. Overall, balancing commercial and ethical aspects will be crucial for the long term growth and sustainability of this industry.
SWOT Analysis
Strength: Precision breeding techniques and genomic selection can accelerate genetic improvements and increase productivity. Weakness: High capital requirements and long development timelines for new products. Opportunity: Emerging markets offer significant scope for growth with rising incomes and growing demand for safe, nutritious and affordable food. Threats: Strict regulations and potential adverse public perception about application of certain technologies like cloning and gene editing.
Geographical Regions with Highest Market Concentration
North America accounts for the largest share of the global animal biotechnology market currently, spurred by strong government funding for agricultural research in countries like the US. Advanced Veterinary care facilities and adoption of advanced technologies also contribute to North America’s leading position.
Fastest Growing Geographical Region
Asia Pacific region is poised to witness the fastest growth in the global animal biotechnology market during the forecast period. This can be attributed to rising disposable incomes, growing meat consumption, and increasing awareness about animal health in major markets of China and India. Many international players are also targeting opportunities in Asia Pacific.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
