Biotech Updates

Report Forecasts 7% Annual Growth of Animal Biotechnology Market

September 20, 2023

A report published by Expert Market Research shows that the global animal biotechnology market size is expected to grow by 7% between 2023 and 2028. The high compound annual growth rate (CAGR) is due to increasing demand for animal-derived products, as well as the extensive applications of biotech in animal health and productivity.

The animal biotechnology market was segmented based on different factors, such as product type, application, and region. For the product type, they subdivided the market into reproductive and genetic products, diagnostic tests, drugs, and vaccines. For the application, they classified the market into food safety and drug development, development of animal pharmaceuticals, and other applications. The region was categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East, and Africa.

The report discussed the market dynamics, which includes Porter's Five Forces, SWOT, and key indicators for demand and price. The report also gave an analysis of the market structure, market shares, key players, industry trends, and other major developments of animal biotech companies.

For more information, read the report of Expert Market Research.

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