Dublin, February 7, 2024 (GLOBE NEWSWIRE) – The “Animal Genetics Market by Product (Live Animal (Poultry, Pig, Cattle, Canine) Genetic Material (Semen (Bovine, Pig, Equine), Embryo (Bovine, Equine) ) Genetic Testing Service (Diseases, Genetic Traits – Cattle, DNA Typing)) and Region – Global Forecast Report to 2028” has been added to ResearchAndMarkets.com’s offer.
The global animal genetics market is expected 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. Prominent players in the animal genetics market include Neogen Corporation (US), Genus (UK), Urus (US), EW Group GmbH (Germany), Groupe Grimaud (France).
The growing consumption of animal products, the adoption of advanced genetic testing methods, animal welfare activities and the demand for companion animals are fueling the growth of this market. To meet the growing demand for food products of animal origin, companies are increasingly focusing on developing superior bulls with good quantitative traits such as high milk production and meat quality, high genetic value, better meat production, high capacity maternity, high growth rates and better nutrition. 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 on 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 testing segment accounted for a larger share of the animal genetic testing services market
In 2021, genetic disease testing represented a larger share of the animal genetic testing services market. The global demand for testing for genetic diseases is primarily driven by the growing need to increase the productivity of livestock animals and prevent the occurrence of genetic diseases. Due to population growth and urbanization, the demand for food products of animal origin has increased in recent years. This escalation has drawn breeders’ attention to testing for genetic diseases 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 the most during the forecast period. The growing demand for food products of animal origin, especially dairy and meat products, is an important factor driving the adoption of genetic materials. Technological advances and the use of biotechnology in the transfer of genetic material 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 some 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. Increasing demand for livestock animals due to population growth, rising per capita income and rapid urbanization are key factors driving the growth of the Asia-Pacific animal genetics market. Furthermore, Southeast Asian countries are important exporters of livestock and animal products, thus indicating strong opportunities in the future. As of 2022, China accounts for a larger share of the animal genetics market in Asia-Pacific. Factors such as the increasing companion animal population, the growing prevalence of animal diseases and the growing awareness about genetic products and technologically advanced testing services are expected to drive demand for animal genetics in China.
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- Increased consumption of proteins of animal origin and dairy products
- Growing global population and rapid urbanization
- Growing awareness of animal health and the benefits of animal genetic testing and products
- Growing adoption of companion animals
- Preventing genetic diseases through advanced genetic services
- Development of Innovative Technologies Related to Animal Genetics
- Emergence of lab-based meat
- Untapped market potential in developing countries
- Innovations in phenotyping services
- Increasing investments in organic growth strategies and research and development
- Growing need for genetic improvement programs to improve economic performance
- Economic Sustainability in Local Breeds
- African swine fever outbreak in China
- Shortage of qualified professionals in veterinary research
- Government-led funding for research and development
- Increased research collaborations and partnerships
- Changing dynamics in the Chinese pork market
- Use of Artificial Intelligence in Animal Breeding and Testing
- Introduction of disease-resistant genetically modified animals
- Gene editing
- Precision Phenotyping
- Artificial intelligence
- Accelerated Genetics
- Animal Genetics
- Cobb Vantress
- CRV Holding
- Eurogene AI Services
- EW Group GmbH
- Grimaud Group
- Hendrix genetics
- Recommended Bioscience
- Inguran LLC DBA ST Genetics
- Source of milk
- Neogen Corporation
- Semex Alliance
- Higher Animal Genetics
- Topigs Norsvin
- Tropical Bovine Genetics
- Viking genetics
- Zoetis, Inc.
For more information about this report, visit https://www.researchandmarkets.com/r/aowt03
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Global Animal Genetics Market