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.
For more information about this report visit https://www.researchandmarkets.com/r/aowt03
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
- Global Animal Genetics Market
