The Global Animal Genetics Market is projected to reach USD 7.7 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 7.1% during the forecast period. The growth in the animal genetics market is mainly driven by the rising consumption of animal-derived protein and increasing global population & rapid urbanization. Additionally, growing focus on identifying superior breeds, increased adoption of genetic services to prevent genetic diseases & business loss, and increased adoption of advanced genetic technologies also contribute to the growth of the market.
Key Market Players:
Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Hendix Genetics (Netherlands), and Animal Genetics (US). Some other players in the market include VetGen (US), DanBred (Denmark), Tropical Bovine Genetics (India), Trans Ova Genetics (US), Inguran LLC dba ST Genetics (US), Semex Alliance (Canada), Genetic Veterinary Sciences (US), Cobb-Vantress (US), Milk Source (US), Eurogene AI Services (Ireland).
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=12462093
Animal genetics Industry Dynamics
Driver: Increasing consumption of animal-derived protein and dairy products
Livestock and poultry are major sources of protein and calcium for humans. Animal food products such as beef, veal, dairy products, and eggs are some of the most-consumed food products and are expected to see significant demand increases. The production of meat in developed countries is projected to increase significantly, mainly due to the high growth in Canada and the US. Over the next ten years, pork is set to account for a large share of the total increase in meat production, along with being the fastest-growing meat in terms of consumption. The global consumption of fresh dairy products is expected to rise significantly in the next decade due to rising population and income growth in India and Pakistan. In some regions that are not self-sufficient in terms of dairy products—like Africa, Southeast Asia, and the Middle East—consumption is expected to surpass production, which will lead to increased dairy imports. This increase is expected to be met with milk powders—cheaper to export than liquid milk.
Opportunity: Untapped market potential in developing countries
Rapid growth in the overall population and growing urbanisation in developing countries, such as China, India, and Brazil, are major factors driving the demand for animal products. Besides housing the largest populations, the economies of these countries are highly reliant on agriculture and animal husbandry. To preserve the stock and conserve their productivity, the adoption of technologies like artificial insemination, genetic disease tests, and genotyping is crucial in these countries. Governments in developing countries, such as India and China, are providing funds for improving the productivity of the livestock farming industry.
Restraint: The emergence of alternatives such as lab-based meat
The increase in per capita meat consumption is partially offset by the shift towards a demand for quality products. This includes a move toward lab-based or cultured meat. Changing consumer preferences and attitudes towards meat consumption concerning its impact on health, the environment, animal welfare, and global greenhouse gas (GHG) emissions could drive demand away from animal-based protein. This may negatively impact the demand for animal-based protein in the long run, which in turn would thwart the adoption of animal genetics.
Challenge: Need for specific breeding programs for breeds with inferior economic performance
Currently, improving the productivity parameters of such animal species while maintaining their genetic superiority for secondary traits is one of the key challenges faced by the animal genetics industry. Animals with inferior economic performance need special breeding programs to improve their economic performance by producing high milk and meat yields. These animals are increasingly losing their significance in the livestock industry, as farmers have not shown any interest in breeding these animals due to their poor economic performance. Owing to this, currently, there is a greater need to identify logical breeding objectives and strategies to achieve increased economic performance from such species.
Request Free Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=12462093
The live animal segment accounted for the largest share of the animal genetics market.
The live animal segment accounted for the largest share of this market. This can be attributed to the large demand for poultry meat and eggs in developed countries and the simultaneously increasing demand for the same in developing countries due to the growing population and rapid urbanisation in these regions.
Under the live animal segment, poultry occupied the largest market share during the forecast period. The drivers of the poultry market are the strong demand for poultry and eggs in developed countries. Additionally, in developing countries, the growing population and rapid urbanisation are contributing to the rising global demand for poultry.
Asia-Pacific is the fastest-growing market for animal genetics market during the forecast period.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The established livestock sector, growing porcine industry, increasing population and urbanization, rising per capita incomes and increasing per capita spending on animal care, and increasing awareness about technologically advanced animal genetic products and services in this region are contributing to the growth of the market in this region.
Objectives of the Study
- To define, describe, and forecast the global animal genetics market by products, services, and region
- To provide detailed information about the significant factors influencing market growth (such as drivers, restraints, opportunities, and challenges),
- to analyse micromarkets with respect to individual growth trends, prospects, and contributions to the overall animal genetics market.
- to analyse market opportunities for stakeholders and provide details of the competitive landscape for key players.
- To forecast the size of the animal genetics market in five major regions along with their respective key countries (Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa),
- To profile the key players in the global animal genetics market and comprehensively analyze their core competencies and market shares
- to track and analyse competitive developments such as product launches, expansions, and R&D activities of the leading players in the animal genetics market.
Frequently Asked Questions (FAQ):
- How big is the Animal Genetics Market?
- What is the growth rate of Animal Genetics Market?
- Which are the top industry players in the global animal genetics market?
- Which animal genetics products have been included in this report?
Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=12462093
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
Related Report:
Veterinary Equipment and Supplies Market
French (Français)
Spanish (Español)
Arabic
Portuguese (Português)
Deutsch
Turkish (Türk)
Dutch (Nederlands)
Italiano
Romaian (Română)
Português (Brasil)
Greek (Ελληνικά)
Russian (русский)