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(Health-NewsWire.Net, November 25, 2021 ) Research Report’s View on Revenue Impact ?
The Global Animal Genetics Market 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.
Factors Responsible for Growth and In-Depth Analysis?
The growth in the animal genetics market is mainly driven by the rising consumption of animal-derived protein and increasing global population & rapid urbanization. Additionally, 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 contribute to the growth of the market.
Recent Developments:
- In January 2021, Genus ABS and The Bair Ranch collaborated to use sex-skewed semen and terminal genetics to demonstrate the impact of a cow-calf management system.
- In February 2020, Neogen partnered with Gencove, a genetic testing company, to develop Neogen’s next generation of animal genomic tests.
- In October 2020, Hendrix Genetics and Solidaridad partnered to provide sustainable poultry in Mozambique and Zambia, Africa.
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Leading Key Players and Analysis:
The major players in the global animal genetics market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Hendix Genetics (Netherlands), and Animal Genetics (US). Some other players in the market include 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).
Neogen Corporation (US) was the largest player in the animal genetics services market in 2020. The company’s major strength is its vast product portfolio of genomic services catering to a wide range of animal categories. The company focuses on constant innovation and development to launch new services that are cost efficient and at par with the latest genomic technologies. The company also focuses on upgrading its existing product lines to match the current market standards and requirements. Along with product launches and upgrades, the company also adopted strategies like geographical expansions, acquisitions and partnerships & collaborations with government and private organizations to expand its global presence. For instance, the company acquired Livestock Genetic Services (US) in September 2018, Delta Genomics (Canada) in January 2019, and Cell BioSciences (Australia) in March 2020.
Geographical Analysis in Detailed?
The Asia Pacific Animal Genetics 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 capital incomes and increasing per capital spending on animal care, and increasing awareness about technologically advanced animal genetic products and services in this region.
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Industry Segmentation:
The live animals segment accounted for the largest market share in 2020
By product segment, the live animals segment accounted for the largest Animal Genetics Market share in 2020. The large share of this segment is attributed to the large demand for poultry meat and eggs in developed countries, and simultaneously increasing demand for the same in developing countries due to the growing population and rapid urbanization in these regions. Additionally, changing diet patterns and increasing disposable income also contribute to a shift towards increased consumption of animal protein.
In the live animals segment, poultry accounted for the largest market share during the forecast period. This can be attributed majorly to the strong demand for poultry and eggs in developed countries. Additionally, in developing countries, the growing population and rapid urbanization is contributing to the rising global demand for poultry.
Under the segment of the genetic material, semen held the largest share, mostly attributed to bovine semen which held the largest share in animal semen during the forecast period. Growth in this Animal Genetics Market is mainly driven by the increasing need for raising highly productive animals to meet the growing demand for meat and other animal-derived products.
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MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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