Animal biotechnology is a broad field that deals with the use of molecular biology, genetics, and other related technologies to improve the health and productivity of animals, as well as to enhance the quality and safety of food and other products derived from animals. The animal biotechnology market is expected to grow significantly over the next few years, driven by several factors, including increasing demand for animal-derived products, rising investments in research and development activities, and advances in gene editing and cloning technologies.
Market Size and Growth
The global animal biotechnology market size reached a value of about USD 24.64 billion in 2021. The market is growing at a rapid rate and is likely to register a CAGR of about 7.4% in the forecast period of 2023-2028. The market is likely to attain a value of 36.22 billion by 2027.. The market growth is primarily attributed to the increasing demand for animal-derived products, such as meat, milk, and eggs, which is driven by the rising global population and changing dietary habits. Moreover, the growing awareness regarding the benefits of animal biotechnology, including improved animal health, increased productivity, and reduced environmental impact, is further driving the market growth.
Product Segmentation
The animal biotechnology market can be segmented into three major product categories: genetic engineering, cloning, and stem cell therapy. Genetic engineering is the largest segment and is expected to continue to dominate the market over the forecast period. This is primarily attributed to the increasing use of genetic engineering techniques, such as gene editing and transgenic technology, to develop animals with desirable traits, including disease resistance, increased productivity, and improved meat quality.
Cloning is the second-largest segment and is expected to grow at a significant rate over the forecast period. This is primarily attributed to the increasing use of cloning techniques to preserve rare and endangered animal species, as well as to produce genetically identical animals for research and other purposes. Stem cell therapy is the smallest segment and is expected to grow at a moderate rate over the forecast period. This is primarily attributed to the increasing use of stem cell therapy to treat various animal diseases, including arthritis, spinal cord injuries, and bone fractures.
Application Segmentation
The animal biotechnology market can be segmented into six major application categories: livestock improvement, animal models, pet diagnostics and therapeutics, biopharmaceuticals, animal nutrition, and environmental biotechnology. Livestock improvement is the largest segment and is expected to continue to dominate the market over the forecast period. This is primarily attributed to the increasing demand for animal-derived products, such as meat, milk, and eggs, which is driving the need for improved animal health and productivity.
Animal models are the second-largest segment and are expected to grow at a significant rate over the forecast period. This is primarily attributed to the increasing use of animal models in biomedical research to study human diseases and develop new treatments and therapies. Pet diagnostics and therapeutics are the third-largest segment and are expected to grow at a moderate rate over the forecast period. This is primarily attributed to the increasing demand for advanced diagnostics and therapeutics for pets, driven by the growing pet population and increasing pet ownership.
Biopharmaceuticals are the fourth-largest segment and are expected to grow at a significant rate over the forecast period. This is primarily attributed to the increasing use of animal-based biopharmaceuticals, such as antibodies and hormones, in the treatment of various human diseases. Animal nutrition is the fifth-largest segment and is expected to grow at a moderate rate over the forecast period. This is primarily attributed to the increasing demand for high-quality animal feed, driven by the growing global population and changing dietary habits. Environmental biotechnology is the smallest segment and is expected to grow at a slow rate over the forecast period. This is primarily attributed to the limited application of environmental biotechnology in animal biotechnology.
Conclusion
The market is expected to witness significant growth in Asia-Pacific due to the increasing demand for animal-derived products and rising investments in research and development activities in the region. Overall, the animal biotechnology market presents significant opportunities for growth and innovation in the coming years, as the need for improved animal health, productivity, and sustainability continues to drive the industry forward.