According to the new market research report "Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, E...View MoreAccording to the new market research report "Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Traits Testing)) (2022 - 2026)", 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.
Browse in-depth TOC on "Animal Genetics Market"
269- Tables
36- Figures
296- Pages
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The growth in the animal genetics market is mainly driven primarily by the increasing consumption of animal-derived protein. In addition to this, growing global population & rapid urbanization, 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 drive the animal genetics market. Market growth is hindered due to the emergence of alternatives to meat (such as lab-grown meat) and a shortage of professionals in veterinary research.
The animal genetics market has been segmented on the basis of product and services and region. Based on products and services, the animal genetics market has been segmented into live animals, genetics materials, and animal genetic testing services. The live animals segment accounted for the largest share of the global Animal Genetics market in 2020. The large share of this segment is attributed to the high demand for live animals for breeding purposes. The introduction of disease-resistant animals has further boosted the demand for live animals, as they are economically viable for owners and increase their profitability.
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Furthermore, poultry accounted for the largest share in the live animals segment. The high demand for poultry meat and eggs in developed countries and the increasing demand for the same in developing countries owing to the growing population and rapid urbanization are driving the growth of the poultry segment.
In the genetic testing services segment, the largest contribution was genetic disease testing. The growth of this segment is driven by the growing need to increase the productivity of livestock animals and prevent the occurrence of genetic diseases. Moreover, genetic diseases impose a huge cost on the breeders, in terms of loss of business. As a result, breeders are adopting genetic testing services to prevent the spread of such diseases.
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Geographical Growth Scenario:
Europe accounted for the largest share of the Animal Genetics market in 2020. This can be attributed to better accessibility to technologies and well-established distribution channels, the growing demand for livestock food products, high intake of animal-derived proteins, and increasing animal welfare activities. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to 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.
Key Players:
Genus (UK), EW Group (Germany) and Hendrix Genetics (Netherlands) were the top 3 players in the animal genetics market during the forecast period. Other major players in the market include Neogen Corporation (US), URUS (US), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Animal Genetics (US), 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).