Veterinary artificial insemination market to exceed $7B
by Katie Pfaff
The worldwide market for artificial insemination in the veterinary sector is forecast to attain a value of $7.4 billion by the end of 2030, according to a report by Grand View Research, Inc. The valuation follows a 2021 market estimate of $4.2 billion. Growth during the forecast period of 2022 to 2030 was expected to reach a CAGR of 6/5%.
The market’s uptick is predicted based on increased rates of demand for animal protein, increased need for productivity among livestock, and increased use of sexed semen. The Food and Agriculture Organization pointed to livestock as 40% of the value of the industry in developed countries worldwide in 2019. In developing countries, livestock accounted for 20% of the market, according to the report. Artificial insemination is expected to help in meeting the demand for beef and dairy.
When viewing the market by segments, cattle took the largest share in 2021 based on high usage of dairy and beef. Moving forward, the segment for swine was expected to grow at the fastest rate. In 2021 by geography, North America held the largest part of the market while Asia Pacific was expected to overtake the share in the coming years of the report.
By type of semen, sexed is expected to grow at the fastest rate, replacing the normal semen segment that previously held the top spot based on accessibility and low cost. By user, the animal husbandry segment was forecast to retain its top spot for revenue as in 2021 due to the fact that most procedures are undertaken on individual farms.
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