Global Animal Biotechnology market research 2024, Forecast To 2033
28 Feb, 2024
The animal biotechnology market size has experienced significant growth in recent years, ascending from $27.95 billion in 2023 to$30.58 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period is attributed to genetic improvement, increased agricultural productivity, vaccines and therapeutics, environmental sustainability, feed efficiency, nutritional enhancement, and reduced environmental impact. Looking ahead, the market size is anticipated to see strong growth, reaching $44.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. This growth in the forecast period is driven by the development of disease-resistant strains, biopharmaceutical production, cell-based meat production, global food security concerns, regulatory support, and public and consumer acceptance. Major trends in the forecast period include genome editing technologies, animal stem cell technology, biopharmaceutical production in animals, biobanking and genetic resource preservation, emergence of CRISPR-based therapies, and biosecurity and disease surveillance.
Global Animal Biotechnology Market Key Driver
The growing awareness regarding animal health and welfare is expected to propel the animal biotechnology market going forward. Animal health and welfare are concerned with how people interact with animals and their responsibility to ensure that the animals in their care are handled appropriately and compassionately. In animal health and welfare, animal biotechnology helps in improving animal productivity via increasing growth, reproduction quality, nutrition, feed utilization, food safety, and others for more efficient utilization of resources. For instance, according to American Pet Products Association (APPA), a US-based trade association in the pet industry, approximately $123.6 billion was spent on pet products by United States citizens in 2021 and products include supplies, OTC medicine, veterinary care, and others. Additionally, in July 2021, the Department of Animal Husbandry and Dairying, the India-based official department for livestock, allocated a budget of INR 54,618 crores ($106.83 million) for the development of animal husbandry and dairying across the country for the next 5 years. The schemes include livestock health and disease control, the national program for dairy development, national livestock mission, and others. Therefore, the growing awareness regarding animal health and welfare is driving the growth of the animal biotechnology market. In 2023, the market size for animal biotechnology is valued at X, and it is projected to reach Y by 2028.
Get A Free Sample Of The Global Animal Biotechnology Market ReportGlobal Animal Biotechnology Market Segments
The global animal biotechnology market covered in this report is segmented –
1) By Product Type: Diagnostics Tests, Vaccines, Drugs, Reproductive And Genetic, Feed Additives
2) By Animal Type: Companion, Livestock
3) By Application: Diagnosis Of Animal Diseases, Treatment Of Animal Diseases, Preventive Care Of Animals, Drug Development, Other Applications
4) By End-Use: Laboratories, Point-Of-Care Testing/In-house Testing, Veterinary Hospitals And Clinics, Other End-Uses
By Geography: The regions covered in the animal biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the animal biotechnology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the animal biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Animal Biotechnology Industry Players
Zoetis Inc., Boehringer Ingelheim International GmbH, Biogenesis Bago SA, Merck & Co Inc., Virbac, Elanco Animal Health Incorporated, Randox Laboratories Ltd., Santa Cruz Biotechnology Inc., IDEXX Laboratories Inc., IDVet, Heska Corporation, INDICAL BIOSCIENCE GmbH, BioChek BV, Ceva Santé Animale, Dalan Animal Health, Vetigenics, Vetoquinol S.A., Neogen Corporation, AniCura AB, VCA Inc., Abaxis Inc., Henry Schein Animal Health, Patterson Companies Inc., Covetrus Inc., Phibro Animal Health Corporation, Novartis Animal Health, Bayer AG, Biogénesis Bagó, Bioniche Life Sciences Inc., Bio-Rad Laboratories Inc., Biovet JSC, Bovogen Biologicals Pty Ltd.
Get The Full Global Animal Biotechnology Market ReportAnimal Biotechnology Market Overview
Animal biotechnology refers to the use of science and engineering techniques by which living organisms are modified to benefit humans and other animals. Animal biotechnology is used to modify the genome of animals, known as genetic engineering, to improve their suitability in pharmaceuticals, industrial, and agriculture applications.
Animal Biotechnology Global Market Report 2023 provides data on the global animal biotechnology market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The animal biotechnology market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.