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Animal Genetics Market worth $9.5 billion | MarketsandMarkets

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CHICAGO, Aug. 10, 2023 /PRNewswire/ — In the near future, the animal genetics industry is poised to undergo a transformative revolution, driven by rapid advancements in genomics, biotechnology, and data analytics. This industry will witness the emergence of cutting-edge techniques such as precision breeding, gene editing, and synthetic biology, enabling the tailored enhancement of livestock traits for improved productivity, disease resistance, and environmental sustainability. Ethical considerations and regulatory frameworks will play a pivotal role in shaping the direction of this industry, ensuring that breakthroughs are balanced with responsible practices. As genetic insights continue to unravel, the animal genetics sector will likely foster collaborations between biotech companies, research institutions, and agricultural stakeholders to create a more resilient and efficient global food supply chain.

Animal Genetics Market in terms of revenue was estimated to be worth $6.6 billion in 2023 and is poised to reach $9.5 billion by 2028, growing at a CAGR of 7.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as better accessibility to technologies and well-established distribution channels drive growth in the developed markets across Europe and North America. Moreover, the growing demand for livestock food products has driven the need for genetic materials and live animals, as breeders and the animal food products industry seek higher productivity standards.

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Browse in-depth TOC on “Animal Genetics Market”

283 – Tables
77 – Figures
168 – Pages

Animal Genetics Market Scope:

Report Coverage

Details

Market Revenue in 2023

$6.6 billion

Estimated Value by 2028

$9.5 billion

Growth Rate

Poised to grow at a CAGR of 7.4%

Market Size Available for

2021–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By product & service

Geographies Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Innovations in phenotyping services

Key Market Drivers

Growing global population and rapid urbanization

 

Live animals segment accounted for the largest share of the animal genetics market.

The animal genetic products segment is categorized into live animals and genetic materials. In 2022, the live animals segment commanded the largest share of the animal genetics market. This is attributed to the high demand for live animals to breed generations with high-productivity traits, high maternity ability, high growth rates, and feed efficiencies. Also, growing demand for animal proteins, the rising awareness of the benefits of genetic improvement in livestock, and the technological advancements in animal breeding are further boosting the market growth. The key players in the live animal genetics market are Genus plc, EW Group, , Cobb-Vantress, Topigs Norsvin, and Hendrix Genetics.

The poultry segment accounted for the largest share of the animal genetics market.

The live animal segment is segmented into canine, poultry, porcine, bovine, and other live animals. The poultry segment accounted for largest share of the live animal market in 2022. The high demand for poultry meat and eggs in developed countries and the increasing demand for the same in developing countries due to the growing population and rapid urbanization drive the growth of the poultry segment.

Europe accounted for the largest share of the animal genetics market.

The global animal genetics market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, Europe accounted for the largest share of the animal genetics market, followed by North America and Asia Pacific. Market growth is driven by the need to improve livestock productivity, growing demand for animal food products, and the high intake of animal-derived proteins.

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Animal Genetics Market Dynamics:

Drivers:

  1.  Growing global population and rapid urbanization

Restraints:

  1.  The emergence of alternative such as lab-based meat

Opportunities:

  1.  Innovations in phenotyping services

Challenges:

  1.   Economic sustainability in local breeds

Key Market Players:

Some of the major market players in the animal genetics market include Neogen Corporation (US), Genus (Uk), Urus (US), EW Group Gmbh (Germany), Groupe Grimaud (France).

Recent Developments:

  • In March 2023, URUS Group collaborated with Genetics Australia. The JV will be 60 percent owned by URUS and 40 percent owned by Genetics Australia (GA). It will have access to the full suite of GENEX products and access to the PEAK program.
  • In January 2023, Zoetis collaborated with VAS to give farmers better compatibility crossover between Vas’s PULSE platform, a broad farm management cloud-based software, and DairyComp, a herd health system with Zoetis’s CLARIFIDE genetic and fertility testing.

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Animal Genetics Market Advantages:

  • Improved Productivity: Animal genetics advancements enable the breeding of livestock with enhanced traits such as faster growth rates, increased milk or egg production, and efficient feed conversion, leading to higher overall agricultural productivity.
  • Disease Resistance: Selective breeding and genetic engineering allow for the development of animals with increased resistance to diseases, reducing the need for antibiotics and minimizing disease-related economic losses.
  • Quality Enhancement: Genetic improvements can lead to better meat quality, improved taste, tenderness, and nutritional content, meeting consumer demands for high-quality and nutritious products.
  • Environmental Sustainability: By breeding animals that require fewer resources, produce less waste, and emit fewer greenhouse gases, the industry contributes to more sustainable and eco-friendly farming practices.
  • Resource Efficiency: Animal genetics helps optimize resource utilization by minimizing inputs such as feed, water, and land while maximizing outputs, thus reducing the overall environmental impact of agriculture.
  • Biodiversity Preservation: Focused breeding programs can help conserve and protect endangered or rare animal breeds, maintaining biodiversity within livestock populations.
  • Reduced Food Insecurity: Enhanced genetics lead to increased food production, helping to address global food security challenges and ensuring a stable supply of animal-derived products.
  • Economic Benefits: Farmers can benefit from increased profitability due to improved yields, reduced mortality rates, and access to premium markets willing to pay for genetically superior products.
  • Human Health Research: Studying animal genetics can provide insights into human genetics and diseases, contributing to advancements in medicine and biotechnology.
  • Innovation and Technological Progress: The animal genetics market drives technological innovation, fostering collaborations between biotech firms, researchers, and agricultural stakeholders to develop cutting-edge solutions.
  • Customization: Advances in gene editing and synthetic biology enable the customization of animal genetics to meet specific market demands and consumer preferences.
  • Ethical Considerations: Ethical practices within the industry, such as ensuring animal welfare and addressing potential concerns, help create a more responsible and transparent approach to genetic enhancements.

In summary, the animal genetics market offers a range of advantages that encompass improved agricultural productivity, environmental sustainability, economic growth, and ethical considerations, ultimately contributing to the development of a more resilient and responsible global food system.

Related Reports:

Veterinary Equipment Market – Global Forecasts to 2027

Veterinary Diagnostics Market – Global Forecasts to 2027

Veterinary Reference Laboratory Market – Global Forecasts to 2027

Companion Animal Pharmaceuticals Market – Global Forecasts to 2027

Next Generation Sequencing Market – Global Forecasts to 2027

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
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Blockchain Press Releases

Flash News: OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

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SINGAPORE, March 2, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for March 2, 2024.

OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

OKX today announced the launch of its ‘Babylon Pioneer Pass Event,’ giving users who access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC) the opportunity to claim Babylon’s Bitcoin Pioneer Pass NFT. To qualify for a spot, users must access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC).

The event kicks off on February 28 and continues until March 6. Following the event, starting from March 7, participants who have been whitelisted will have the ability to mint their Bitcoin Pioneer Pass NFT using the OKX Wallet and their whitelisted address.

The process of participating in this event is straightforward and involves the following steps:

  1. Firstly, users will need to prepare by setting up their OKX and Keplr Wallets. These wallets will be crucial for interacting with the Babylon Testnet and the subsequent claiming of sBTC and BBN.
  2. Following the wallet setup, users can then claim the sBTC and BBN on Babylon’s Official Discord. These tokens will be needed for staking in the Babylon Testnet.
  3. Finally, users will need to access Babylon’s official website, where users can actively engage, stake their tokens and claim their whitelist spots.

Participation in the event offers a multitude of benefits. Users can engage actively with the Babylon Testnet, which in turn enhances their understanding of the Babylon protocol and its functionalities. Furthermore, participants contribute to the development and evolution of the Babylon protocol by being active users.

The ‘Babylon Pioneer Pass Event‘ is a result of OKX’s partnership with Babylon, a trustless Bitcoin staking protocol. The Bitcoin Pioneer Pass, Babylon’s first commemorative Non-Fungible Token (NFT), is a highlight of this event, representing a significant milestone for both OKX and Babylon.

For more information, please visit the OKX Support Center.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
  • DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
  • NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
  • Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

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Blockchain Press Releases

Bitget Wallet now supports the Blast Mainnet, pioneering full ecosystem support as a Web3 wallet

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VICTORIA, Seychelles, March 1, 2024 /PRNewswire/ — The globally leading Web3 trading wallet Bitget Wallet has now integrated support for the Blast Mainnet, making it the first all-in-one Web3 wallet for the Blast ecosystem. Users can effortlessly add and switch mainnets within the wallet with just one click, without the need for manual configuration. This integration enables users to manage, transfer, swap, and interact on one of the largest L2 launches in 2024.

Bitget Wallet has aggregated liquidity from mainstream DEXs within the Blast ecosystem, such as BlasterSwap and MonoSwap, into its Swap feature. This allows for mainnet token Swap transactions, providing users with convenient services for trading assets on the Blast blockchain.

During the Blast testnet phase, Bitget Wallet was among the first to offer support, unveiled a dedicated zone in its DApp page for Blast. This section featured over 40 elite projects from Blast’s Big Bang incentive program, enabling users to easily explore, interact, and potentially receive future airdrops in the Blast ecosystem. Following the launch of the Blast mainnet, Bitget Wallet plans to continue integrating popular projects from the Blast ecosystem, offering users extensive asset management features and a comprehensive ecosystem experience.

Bitget Wallet’s COO, Alvin Kan, highlights Blast as a Layer 2 solution with staking at its core, gaining market attention since launch. He says, “We’re committed to cutting-edge tech, lowering Web3 engagement barriers. Collaborating with quality mainnets like Blast, we aim to drive Web3 ecosystem growth.”

This week, Bitget Wallet engages with popular Blast ecosystem projects, exploring market traction, “Stake Layer 2” narrative, TVL enhancement strategies by staking and earning points, notable projects, and effective ways for users to participate in the Blast ecosystem upon mainnet launch. This provides users with valuable insights for meaningful ecosystem engagement.

Additionally, Bitget Wallet is organizing major events to support the Blast ecosystem, providing users with opportunities for discovering new assets.

About Bitget Wallet

Bitget Wallet stands as Asia’s largest and one of the world’s top non-custodial Web3 wallets, boasting over 19 million users globally. Featuring a comprehensive array of features including asset management, intelligent market data, swap functionality, launchpad, inscribing, DApp browsing, and more, Bitget Wallet promises users an unmatched multi-chain Web3 experience. Currently, Bitget Wallet supports over 100 blockchains, hundreds of EVM-compatible chains, and more than 250,000 cryptocurrencies. By aggregating liquidity across hundreds of leading DEXs and cross-chain bridges, Bitget Wallet is able to facilitate seamless and efficient trades on 40+ blockchains.

For more information, visit: Website | Twitter | Telegram | Discord

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Blockchain Press Releases

Cashback and Crypto: Bybit’s Monthly Bonanza

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DUBAI, UAE, March 1, 2024 /PRNewswire/ —Bybit, one of the world’s top three crypto exchanges by volume, now unveils March’s Fiat Cashback Splash for both fresh and seasoned users who make fiat deposits.

This effort celebrates both new and familiar faces within the Bybit fold. The “Fiat Cashback Splash” is part of Bybit’s pledge to be the world’s Crypto Ark, leading the way to the new financial system, and offering straightforward chances for anyone to get involved. Indeed, any crypto users, including newcomers, will be able to walk the crypto path with Bybit as a reliable ally.

“We aim to always offer more to our users, and the Fiat Cashback Splash is our latest move to improve their journey,” said Ben Zhou, Bybit’s co-founder and CEO. “The Fiat Cashback Splash is our way of saying thank you to our community, both old and new, for their trust and support.”

This event spans the first week of every month and any one of Bybit’s 20 million users who bring fiat to the table will see rewards. Newcomers putting down $100 through fiat or a single click buy will get up to $10 back on fees. Those already with Bybit, depositing $500 or more, will see $5 returned.

For the heavy hitters depositing over $5,000, Bybit adds a $30 Buy Crypto Coupon into the mix, widening the horizon for investment.

#Bybit / #TheCryptoArk

About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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