Animal genetics market to grow to $8.7B by 2028
by Katie Pfaff
The global market for animal genetics is projected to reach a value of $8.7 billion by 2028, according to a report released by Valuates Reports, which offers in-depth market insights into various industries.
The sector is expected to grow at a Combined Annual Growth Rate (CAGR) of 7.8% over the period, according to a news release.
The projected growth is due to rising protein consumption, a growing worldwide population and quick urbanization. The animal genetics market is also expected to rise because of the growing emphasis on discovering better breeds, the increased acceptance of genetic services to prevent genetic illnesses and company loss and the increased adoption of cutting-edge genetic technology.
New research and development projects undertaken by scientists aim to create better milk and food products from farmed animals through genetic modification.
At the same time, there is an increased emphasis on finding superior disease-resistant breeds. Animal geneticists have identified characteristics in genes that support an animal's growth, health and capacity for nourishment.
These genetic advances increase productivity while reducing environmental impact. A billion people or more around the world depend on livestock and animals for food security and means of subsistence, and they produce around 40% of all agricultural output globally. Understanding animal genetics to find and create disease-resistant breeds is essential for the world's expanding population, according to the company.
Learn more about the report on Valuates Reports’ website.
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