Animal Genetics Market Forecasted at $9.5 Billion by 2028: Dominated by Neogen Corporation, Genus, Urus, EW Group, and Groupe Grimaud
Global Animal Genetics Market
Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Animal Genetics Market by Product (Live Animal (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine, Equine), Embryo (Bovine, Equine)) Genetic Testing Service (Disease, Genetic Traits - Bovine, DNA Typing)) & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global animal genetics market is projected to reach USD 9.5 billion by 2028 from USD 6.6 billion in 2023, at a CAGR of 7.4% during the forecast period. The prominent players in the animal genetics market include Neogen Corporation (US), Genus (UK), Urus (US), EW Group GmbH (Germany), Groupe Grimaud (France).
The increasing consumption of animal products, adoption of advanced genetic testing methods, animal welfare activities, and demand for companion animals are fueling the growth of this market. To meet the growing demand for animal food products, companies are increasingly focusing on developing superior sires with good quantitative traits such as high milk yields and meat quality, high genetic value, improved meat production, high maternity ability, high growth rates, and better feed efficiencies.
The report analyzes the animal genetics market and aims to estimate the market size and future growth potential of this market based on segments such as product & service and region. The report also includes a product portfolio matrix of various animal genetics products available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
The genetic disease tests segment accounted for a larger share of the animal genetic testing services market
In 2022, genetic disease tests accounted for a larger share of the animal genetic testing services market. The overall demand for genetic disease tests is mainly driven by the growing need to increase the productivity of livestock animals and prevent the occurrence of genetic diseases. Due to the growing population and urbanization, the demand for animal food products has increased in recent years. This escalation has drawn the attention of breeders towards genetic disease testing to ensure better animal productivity.
The genetic materials segment will grow at the highest CAGR during the forecast period
The genetic materials segment is estimated to grow at the highest during the forecast period. The growing demand for animal food products, especially dairy and meat products, is a major factor driving the adoption of genetic materials. Technological advancements and the use of biotechnology in genetic material transfer also contribute to the growth of this market. However, strict government regulations on genetically modified animals and foods in EU countries are expected to restrict the growth of the animal genetic materials market to a certain extent. Some of the major players operating in this market are Genus (UK), URUS (US), CRV Holding (Netherlands), Semex (Canada), LIC (New Zealand), and Accelerated Genetics (US)
Asia Pacific will grow at the highest CAGR during the forecast period
In 2022, Asia Pacific will grow at the highest CAGR during the forecast period. The rising demand for livestock animals due to the growth in population, rising per capita income, and rapid urbanization are key factors driving the Asia Pacific animal genetics market growth. Moreover, Southeast Asian countries are important exporters of livestock and animal products, thus indicating strong opportunities in the future. In 2022, China accounted for a larger share of the animal genetics market in the Asia Pacific. Factors such as the increasing companion animal population, growing prevalence of animal diseases and increasing awareness about technologically advanced genetic products and testing services are expected to drive the demand for animal genetics in China.
Key Attributes
Report Attribute | Details |
No. of Pages | 326 |
Forecast Period | 2023-2028 |
Estimated Market Value (USD) in 2023 | $6.6 Billion |
Forecasted Market Value (USD) by 2028 | $9.5 Billion |
Compound Annual Growth Rate | 7.4% |
Regions Covered | Global |
Market Dynamics
Drivers
Increasing Consumption of Animal-Derived Protein and Dairy Products
Growing Global Population and Rapid Urbanization
Growing Awareness Regarding Animal Health and Benefits of Animal Genetic Tests and Products
Rising Adoption of Companion Animals
Prevention of Genetic Diseases Through Advanced Genetic Services
Development of Innovative Technologies Related to Animal Genetics
Restraints
Emergence of Lab-based Meat
Opportunities
Untapped Market Potential in Developing Countries
Innovations in Phenotyping Services
Increasing Investments in Organic Growth Strategies and Research & Development
Challenges
Growing Need for Breeding Programs to Improve Economic Performance
Economic Sustainability in Local Breeds
Outbreak of African Swine Fever in China
Shortage of Skilled Professionals in Veterinary Research
Industry Trends
Government-Led Funding for Research & Development
Rising Research Collaborations and Partnerships
Changing Dynamics in Chinese Porcine Market
Use of Artificial Intelligence in Animal Breeding and Testing
Introduction of Genetically Modified Disease-Resistant Animals
Technology Analysis
Gene Editing
Precision Phenotyping
Artificial Intelligence
Companies Profiled
Accelerated Genetics
Agri-Gene
Animal Genetics
Cobb-Vantress
CRV Holding
Danbred
Easydna
Envigo
Eurogene AI Services
EW Group GmbH
Genus
Groupe Grimaud
Hendrix Genetics
Indical Bioscience
Inguran LLC DBA ST Genetics
Milk Source
Neogen Corporation
Semex Alliance
Superior Animal Genetics
Topigs Norsvin
Tropical Bovine Genetics
Urus
Vetgen
Viking Genetics
Zoetis, Inc.
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