Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Veterinary Artificial Insemination Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The Global Veterinary Artificial Insemination Market is predicted to grow at a CAGR of around 5.5% from 2021 to 2028 and to reach around US$ 6,780.5 Million by 2028.
Asia Pacific holds the dominant share; Latin America records considerable share for the veterinary artificial insemination market
Asia Pacific dominated the veterinary artificial insemination market in 2020, and this trend is expected to continue throughout the forecast period. In collaboration with the Joint FAO/IAEA Program of Nuclear Techniques in Food and Agriculture, the International Atomic Energy Agency (IAEA) and the Regional Cooperative Agreement for Asia and the Pacific Region (RCA) implemented a Technical Cooperation (TC) project aimed at improving animal productivity and reproductive efficiency. On the other hand, according to an FAO report, the majority of developing countries provide farmers with some opportunities to use AI, albeit on a limited scale at times. Such factors have a positive impact on the regional market, ultimately contributing to the overall market growth of the veterinary artificial insemination market during the study period.
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India is expected to account for the largest share of the market for veterinary artificial insemination among Asia Pacific provinces. Favorable policies, strong funding, and the implementation of new reforms aimed at conserving the local indigenous breed of cattle drive the veterinary artificial insemination market in India.
Apart from that, Latin America has had a significant share in the past and is expected to have a dominant share in the coming years. Brazil has one of the world's largest commercial cattle herds, with 238 million head, 43% dairy and 57% beef cattle. According to data released by the United States Department of Agriculture Foreign Agriculture Services, this figure is significantly higher than in the United States. Because of the high level of cattle production, there will be greater demand for technologically advanced procedures to maintain/conserve the local breed. Such factors create profitable opportunities for the regional market to grow, ultimately fueling the overall growth of the veterinary artificial insemination market.
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In the United States, on the other hand, artificial insemination is gaining traction and will continue to do so throughout the forecast period. Previously, the United States accounted for 80% of dairy animals bred using the artificial insemination (AI) technique. Higher adoption of AI techniques has made the United States one of the most prominent markets, accounting for 90% of the North American provinces' share, and this trend is expected to continue throughout the forecast period. Furthermore, the increasing number of veterinary breeding facilities, technological advancement for veterinary artificial insemination, and benefits associated with animal breeding with strong support from AI technique, as well as rising R&D expenses, fuel the growth of the overall veterinary artificial insemination market, which is expected to grow exponentially in the coming years.
Market Drivers
Because veterinary artificial insemination has been used commercially for over 60 years, it has been very effective in the dairy and cattle industries. One of the top impacting factors driving the global veterinary artificial insemination market is the various responsible factors involving artificial insemination reducing risk in animal breeding and disease transmission. Additionally, increasing animal and fish productivity through the use of AI technology boosts the overall market growth. Furthermore, the entire AI technology process is considered more sanitary, and natural mating propels the growth of the global veterinary artificial insemination market.
Segmental Outlook
The global veterinary artificial insemination market is segmented as animal type, product, and end-user. Based on animal type, the market is segmented as cattle, swine, sheep, canine, equine, and others. By product, the market is bifurcated into normal semen and sexed semen. Furthermore, end-user is segmented as veterinary hospitals, animal husbandry, and others
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Competitive Landscape
Some of the leading competitors are SWINE GENETICS INTERNATIONAL, Select Sires, Inc., SEMEX, GENEX Cooperative, Zoetis Inc., Genus plc, Xcell Breeding & Livestock Services Private Limited, and among others
Some of the key observations regarding the veterinary artificial insemination industry include:
- In March 2018, Select Sires announced the introduction of the "Elite Sexed Fertility" product line. With the introduction of Elite Sexed Fertility, Select Sires constantly monitors the efficiency of sex-sorted semen and as well as conventional semen through in-house fertility system analysis
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