Veterinary Artificial Insemination Market Size, Share & Trends Analysis Report By Animal Type (Cattle, Swine, Sheep, Canine, Equine), By Product (Normal Semen, Sexed Semen), By End Use, And Segment Forecasts, 2021 - 2028
New York, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Artificial Insemination Market Size, Share & Trends Analysis Report By Animal Type, By Product, By End Use And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06025372/?utm_source=GNW
Veterinary Artificial Insemination Market Growth & Trends
The global veterinary artificial insemination market size is expected to reach USD 6.24 billion by 2028. It is expected to expand at a CAGR of 5.94% from 2021 to 2028. The market for veterinary artificial insemination is anticipated to witness a rise in demand owing to increasing consumption of animal protein and growing demand for high cattle productivity and milk yield. To fulfill the continuously increasing demand, market players are adopting artificial insemination to breed high-quality livestock and enhance production. For example, in August 2020, Cogent with AB Europe has launched a novel sexed semen service for sheep producers in the U.K. The demand has increased over the years owing to the rising prevalence of various animal diseases, such as zoonotic diseases, and the growing adoption of companion animals.
According to the Food and Agriculture Organization (FAO) publication 2019, livestock contributed almost 40% of the global value of agricultural output in developed countries and 20% in the developing ones, and it provides food security and livelihood to more than 1.3 billion people worldwide. Favorable government regulations intended to improve productivity are also leading to growth. For instance, the Indian government approved an Agriculture Export Policy in 2018 to enhance agricultural economic growth in the nation. The new policy is aimed at boosting India’s agricultural output to USD 60 billion by 2022 and USD 100 billion with a predictable foreign policy framework in the next few years.
The market follows the standards set by the International Society of Artificial Insemination (ISAG) and leading animal research laboratories, such as The University of California Davis (U.C. Davis). The ISAG standard panel consists of 18 STR markers and any company in artificial insemination needs to follow the panel and standard set by the authority. However, the increasing population is expected to pose a continuous challenge to food availability and animal protein requirement, aiding the growth of the market.
Veterinary Artificial Insemination Market Report Highlights
• On the basis of animal type, the cattle segment was the largest revenue-generating segment in 2020 owing to the increasing consumption of milk and its products in Asian countries
• Based on product, the normal semen segment accounted for the largest revenue share in 2020 owing to the low cost of the procedure
• The sexed semen product segment is expected to witness the fastest growth during the forecast period. In 2016, ST Genetics produced 4 million X chromosome into an AI straw. The company sells sexed semen for five species of animals, including cattle, deer, sheep, horses, and goats. The rate of semen straws ranges between USD 65 and USD 250 for apiece as of 2018, depending on the quality, species, and use of the animal
• By end use, the animal husbandry segment accounted for the largest share in 2020 and is expected to maintain its lead throughout the forecast period. The growth can be attributed to a maximum number of semen collection procedures performed under these facilities
• The Asia Pacific accounted for the largest revenue share in 2020 mainly due to the large cattle population in the region
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