Veterinary artificial reproduction market was valued at $1,349.4 million in 2020, and is estimated to reach $2,229.3 million by 2030, growing at a CAGR of 5.30%

PORTLAND, OREGON, UNITED STATES, September 2, 2022 /EINPresswire.com/ -- Growth of the global veterinary artificial reproduction market is attributed to increase in demand for genetically superior breed of animals, which, in turn, propels demand for artificial reproduction procedures in animals.

The industry is increasing improved efficiency through use of AI (artificial insemination) technology. Furthermore, female descendants born by artificial insemination are expected to produce milk than their normal descendants. Use of antibiotic-based semen expanders also prevents bacterial infections from being transmitted. Moreover, many livestock breeds are no longer sufficient for most farms as market conditions and farmers needs change. Yet for such species, artificial reproduction is a preferable form of reproduction and enables species to be continued in-situ.

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The global veterinary artificial reproduction market was valued at $1,349.4 million in 2020, and is estimated to reach $2,229.3 million by 2030, growing at a CAGR of 5.30% from 2021 to 2030.

Major determinants of the market growth

Rise in adoption of veterinary artificial insemination drives the growth of the global veterinary artificial reproduction market. However, semen contamination hinders the market growth. On the contrary, government support affecting animal health services is expected to open new opportunities for the market players in the future.

Covid-19 scenario:

The Covid-19 pandemic disrupted the supply chain and increased the prices of raw materials.
Moreover, the prolonged lockdown across several countries created a shortage of animal health products as nutritional feeds and vaccines across the globe.
The reagents and kits segment to manifest the highest CAGR through 2030

By product, the reagents and kits segment is expected to register the highest CAGR of 5.2% during the forecast period. In addition, the segment held the lion's share in 2020, accounting for nearly one-third of the market, due to growing infectious diseases in animals and rise in awareness regarding artificial insemination among people. The report includes an analysis of other segments such as equipment and others.

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The artificial insemination segment held the lion's share

By technique, the artificial insemination segment dominated the market in 2020, contributing to more than half of the market. Moreover, the segment is expected to register the highest CAGR of 5.2% during the forecast period, owing to rise in consumption of animal protein and surge in demand for high cattle productivity & milk yield. The report includes an analysis of other segments such as in vitro fertilization technology and others.

Europe, followed by North America, to contribute the highest revenue by 2030

By region, the market across Europe held the largest share in 2020, accounting for nearly two-fifths of the market, due to rise in healthcare awareness and increase in demand for fishery and animal husbandry products. However, the market across Asia-Pacific is projected to portray the highest CAGR of 6.9% during the forecast period, due to the presence of a large livestock population in the region and rise in demand for milk and animal-based protein along with government initiatives. On the other hand, North America held the second-largest share in 2020, contributing to nearly one-third of the market.

Major market players

Bovine Elite LLC
Agtech Inc.
KRUUSE
Zoetis Inc.
IMV Technologies
National Meditek
Neogen Corporation
Select Sires Inc.
Swine Genetics International
SEMEX

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