Asia Pacific is anticipated to grow the fastest in the coming years
The global veterinary artificial insemination market size is anticipated to reach USD$7.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a compound annual growth rate of 6.5% from 2022 to 2030.
Key factors driving the market growth include increasing consumption of animal protein, growing demand for livestock productivity, and adoption of sexed semen. In September 2021, LIC- an agritech co-operative based in New Zealand launched a sexed semen lab in the country to meet the growing demand. This boosted the co-operative’s capabilities to artificially inseminate about 4.5 million cattle between Spring mating season of September to December 2021.
The market was valued at $4.2 billion in 2021 and is expected to expand at a compound annual growth rate of 6.5% during the forecast period.
By animal type, the cattle segment held the largest share of the market in 2021 owing to rising consumption of beef, milk, and milk products.
The swine segment is projected to grow the fastest owing to the rising adoption of AI techniques and growing consumption of pork in key markets.
The normal semen segment accounted for the largest revenue share in the products segment in 2021, owing to the low cost of the product compared to sexed semen and wide availability.
The sexed semen segment is expected to show the fastest growth during the forecast period. In 2016, ST Genetics produced 4 million X chromosomes 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 $65 and $250 for apiece as of 2018, depending on the quality, species, and use of the animal.
The animal husbandry segment accounted for the largest revenue share in 2021 and is expected to maintain its dominance throughout the forecast period. The growth can be attributed to most semen collection as well as artificial insemination procedures performed on-site on farms.
North America dominated the market in 2021 while Asia Pacific is anticipated to grow the fastest in the coming years.
Source: thedairysite.com
