(Health-NewsWire.Net, July 31, 2020 ) The Factors such as growing population and rapid urbanization across the globe, increased affordability and preference for animal protein, increased adoption of genetic services and advanced genetic practices such as artificial insemination and embryo transfer for larger-scale production and quality breeds, and growing focus on identifying superior breeds are likely to boost the growth of the market.
How the Market Growth looks like and Industry Segmentation?
The Animal Genetics Market is projected to reach USD 5.8 billion, at a CAGR of 6.5 % during the forecast period.
Based on live animal type, the porcine segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the large consumer base of pork and pork products, and the increasing penetration of advanced veterinary genetic research into this segment.
Based on animal genetic services, the genetic disease test segment is expected to grow at the highest CAGR during the forecast period. This is attributed to the increasing adoption of genomic disease tests to prevent economic losses and loss of productivity of farm owners.
Based on genetic material type, the semen segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the growing adoption of artificial insemination (AI) and semen sexing in the breeding of cattle, pigs, sheep, goats.
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Recent Developments in Industry:
- In 2018, NOVOGEN, a subsidiary of the Grimaud Groupe, and Mahathath Almarae launched NOVOgen White commercial layers in Libya.
- In 2018, Hy-Line International inaugurated one of the world’s largest layer hatchery opened by its distributor, Huayu Agricultural Technology Co., Ltd.
- In 2018, Neogen acquired Livestock Genetic Services, an animal genetic firm that specializes in genetic evaluations and data management for cattle-breeding organizations. The acquisition enhances Neogen’s in-house genetic evaluation capabilities and expands the company’s global network of animal genomics laboratories.
- In 2017, Genus IntelliGen Technologies, a unit of Genus, announces a technology transfer and license agreement of its proprietary sexed genetics technology to Geno, the leading Norwegian bovine genetics producer. This will allow Geno to produce sexed Norwegian Red genetics using Genus’ technology.
Key Questions Addressed in the Report:
- Who are the top 10 players operating in the animal genetics market?
- What are the driving factors, restraints, opportunities, and challenges in the animal genetics market?
- What are the industry trends and current scenario of the animal genetics market?
- What are the growth trends in the animal genetics market at segmental and overall market levels?
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Geographical Regions Mapped in Report:
The animal genetics market in the APAC is expected to grow at the highest CAGR during the forecast period. APAC countries, particularly China, India, Japan, and Australia, offer significant growth opportunities for players in the market due to the growing population and increasing urbanization in these regions, growth in the animal health industry, and increasing per capita spending on animal care.
Major Key Players Mapped in Research Report:
Some of the prominent players in the animal genetics market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), Zoetis (US), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Envigo (US), and Hendrix Genetics (Netherlands).
Mr. Aashish Mehra