by Animal biotechnology refers to the application of biotechnology tools and techniques to pharmaceutical development, genetic engineering, and reproductive management of livestock and companion animals. It helps in developing animal models for human diseases, genetic testing of livestock, and the production of pharmaceuticals from transgenic animals.
The global animal biotechnology market is estimated to be valued at US$45.70 billion in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period of 2024 to 2031.
Key Takeaways
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. Key players focus on the research and development of new products and services to cater to the rising demand from livestock and pet owners.
The Global Animal Biotechnology Market Demand for animal protein is growing, along with rising focus on livestock health management, which is driving the growth of the Global Animal Biotechnology market. Increased awareness about zoonotic diseases and emergence of diseases like African swine fever are also propelling the demand for vaccines and diagnostics.
The Global Animal Biotechnology market is witnessing expansion into emerging economies of Asia Pacific and Latin America due to rising meat consumption, growing pet ownership and increasing focus on livestock modernization in these regions. Countries like China, Brazil, and India are expected to offer significant growth opportunities to market players over the forecast period.
Market Key Trends
Artificial insemination is one of the key trends being observed in the Global Animal Biotechnology Market. It is being widely used for genetic improvement and reproductive management of livestock. According to estimates, over 95% of the dairy cows in developed countries are bred through artificial insemination, which is driving the demand for sexed semen—semen sorted for a specific gender. Other key trends include increased research on animal cloning, growth in animal disease diagnostics and adoption of precision livestock farming.
Porter’s Analysis
Threat of new entrants: High capital required for R&D and getting regulatory approval pose barriers for new entrants. Bargaining power of buyers: Buyers have medium to high bargaining power due to availability of substitutes. Bargaining power of suppliers: Suppliers have medium bargaining power as there are many suppliers in this market. Threat of new substitutes: Threat is medium as substitutes are available but switching cost are involved. Competitive rivalry: is high as market is growing and competition is also growing.
The geographical region where the market is concentrated in terms of value is North America. Factors such as increasing animal healthcare spending, growing awareness about animal health, and presence of key market players in the region drive the market growth.
Asia-Pacific is projected to grow at the fastest CAGR during the forecast period. Factors such as rising meat consumption and pet ownership, growing veterinary healthcare industry and rise in per capita animal health expenditure contribute to market growth in this region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
