The Global Animal Biotechnology Market involves technologies and tools that can modify or manipulate living organisms for the agricultural, commercial, medical and pharmaceutical purposes. Animal biotechnology plays a key role in various livestock industries by helping to improve animal health, genetics and reproduction as well as increase the efficiency of meat, milk and egg production. Products associated with animal biotechnology include veterinary pharmaceuticals, genetically engineered animals, gene therapy, vaccines and diagnostic tests. The animal biotechnology sector focuses on developing new and innovative products through modern advanced techniques including cloning, genetic fingerprinting, in-vitro fertilization and cryopreservation reproductive technologies.
The Global Animal Biotechnology Market is estimated to be valued at US$ 25.15 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 Global Animal Biotechnology Market Growth 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. Key players are focused on developing innovative animal diagnostic tools, vaccines and pharmaceuticals to help enhance animal health and productivity.
The Global Animal Biotechnology Market is expected to witness significant growth over the forecast period owing to rising demand for animal protein across various regions due to increasing population, rising incomes and changing consumer diets. Growth of the companion pet industry and increasing animal welfare concerns are further favoring the adoption of animal biotechnology solutions.
The market is expected to gain global expansion opportunities with increasing focus of key market players on emerging countries through collaborations and geographic expansion initiatives thereby catering to the unmet needs in developing regions.
Market Drivers
One of the key drivers for the Global Animal Biotechnology Market is the rising demand for animal protein across the world. With increasing population and improving economic conditions, the demand for meat, dairy, aquaculture and other animal protein sources is growing significantly globally. Animal biotechnology products help enhance animal health and productivity thereby enabling sustainable meat and dairy production to fulfill the ever-rising protein demand worldwide. This growing need for more efficient animal protein production will continue to drive the adoption of advanced animal biotechnology solutions over the forecast period.
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