Animal Biotechnology Market Outlook
According to the report by Expert Market Research (EMR), the global animal biotechnology market Growth is projected to grow at a CAGR of 7.0% between 2023 and 2028. Aided by the growing demand for animal-derived products and the expanding applications of biotechnology in animal health and productivity, the market is expected to grow significantly by 2028.
Animal biotechnology encompasses a broad range of techniques for modifying living organisms, such as genetic engineering, cloning, and tissue culture, to enhance animal health, improve livestock productivity, and produce animal-based products. It plays a significant role in disease detection and prevention, enhancing nutritional content, improving animal welfare, and producing novel pharmaceuticals.
A key driver of the global animal biotechnology market growth is the increasing demand for animal-derived products, including meat, milk, and eggs. The consumption of these products has greatly increased due to the growing global population and rising living standards. The adoption of biotechnology techniques to improve cattle productivity and health has been driven by this rise in demand, fuelling the expansion of the market.
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Further, the escalating prevalence of animal diseases and the growing awareness of animal health and welfare are bolstering the animal biotechnology market expansion. Genetic engineering and DNA sequencing are two biotechnological approaches that are widely used to find disease-causing genes, create breeds that are resistant to illness, and improve disease diagnosis and prevention strategies. These improvements in animal health are essential for assuring a steady supply of wholesome animal-derived goods.
The development of innovative medications is greatly aided by animal biotechnology. By using methods like transgenic animal creation, it is now possible to create animals that can manufacture therapeutic proteins, opening up new possibilities for drug discovery and development. This has further spurred the growth of the animal biotechnology market.
The continuous rise in demand for products derived from animals, improvements in biotechnological methods, and increased focus on animal health and welfare are anticipated to propel the global market. Additionally, the potential for animal biotechnology to aid in the creation of breakthrough drugs and improve human health is expected to further boost the animal biotechnology market development. Furthermore, it is anticipated that the development of cutting-edge technologies like CRISPR and gene editing would revolutionise the field of animal biotechnology, creating new opportunities for enhancing animal health and production.
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Animal Biotechnology Market Segmentation
The market can be divided based on product type, application, and region.
Market Breakup by Product Type
- Reproductive and Genetic Products
- Diagnostic Tests
- Drugs
- Vaccines
Market Breakup by Application
- Food Safety and Drug Development
- Development of Animal Pharmaceuticals
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global animal biotechnology companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Bayer AG
- Boehringer Ingelheim International GmbH
- Zoetis Inc
- Afton Chemical Corporation
- Virbac Group
- Santa Cruz Biotechnology, Inc.
- Others
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