by Animal biotechnology involves genetic engineering and reproductive techniques to improve animal breeding and agriculture. Gene editing techniques allow farmers and researchers to alter animal traits like growth rate, disease resistance and milk production.
The global Animal Biotechnology Market is estimated to be valued at US$ 27.39 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Animal biotechnology makes use of genetic engineering techniques to modify animal traits for the benefit of agriculture and livestock production. Technologies such as gene editing allow desirable characteristics to be introduced while undesirable ones are removed. This helps meet the growing global demand for animal protein while enhancing sustainability. The global Animal Biotechnology Market offers products ranging from genetically engineered vaccines and diagnostic tests to reproductive technologies. These help improve animal health and productivity on farms. The global Animal Biotechnology Market is estimated to be valued at US$ 27.39 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Gene editing techniques allow modification of animal genomes with greater control and precision. One such technique, known as CRISPR-Cas9, has revolutionized genetic engineering due to its simplicity and affordability. It facilitates precise alterations to an animal’s DNA, enabling introduction of beneficial traits while removing undesirable ones. CRISPR-Cas9 is being applied across livestock to develop disease-resistant and fast-growing animal breeds. For instance, researchers used it to produce pigs resistant to Porcine Reproductive and Respiratory Syndrome (PRRS), a costly disease on pig farms. Such applications of gene editing are expected to drive significant growth of the global animal biotechnology market over the forecast period.
SWOT Analysis
Strength: The global animal biotechnology market size benefits from rising demand for animal proteins. Additionally, growing focus on development of disease resistant livestock supports market growth.
Weakness: High costs associated with R&D in animal biotechnology remain a challenge. Lack of expertise and infrastructure in developing regions also hinders market expansion.
Opportunity: Untapped potential in emerging economies of Asia Pacific and Latin America offer lucrative opportunities. Rising focus on genetic engineering and stem cell research presents scope for innovation.
Threats: Stringent regulations surrounding genetic engineering of animals pose a threat. Ethical concerns regarding animal testing may negatively impact the industry.
Key Takeaways
The global animal biotechnology market is expected to witness high growth over the forecast period of 2024 to 2031 supported by increasing meat consumption worldwide.
Regional analysis: The Asia Pacific region accounts for the largest share of the global animal biotechnology market and the trend is expected to continue during the forecast period. Countries such as China and India have witnessed a steep rise in meat consumption due to improving economic conditions and changing diets. Additionally, growing focus on high quality feed supplementation and disease resistance in livestock is driving the uptake of biotechnological solutions in the region.
Key players: Key players operating in the global 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 is fairly consolidated in nature with leading players investing heavily in R&D to launch new drug formulations and genetic tests for livestock.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
