High susceptibility of animal-borne disease transmission to humans has pushed the animal genetics market to surpass ~ US$ 8 Billion by 2026
09 Aug 2022
Vaccine
Embryos, on account of their high efficiency & lower cost, are expected to witness a CAGR of ~6% over the forecast period.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global animal genetics market is expected to witness a CAGR of x% to reach ~US $ 8 Billion by the year 2026. The development of progressive genetic modification is leading to high production of animals with modified breeds, thereby attracting significant investments from end users.
Moreover, Livestock farmers are getting meat production by leveraging animal genetic technology. Through strategic breeding, livestock farmers are able to achieve higher profits, which is anticipated to boost the end-user base of the animal genetics market.
In addition to this, the high prevalence of animal-borne disease transmission to humans has been a growth driver for the animal health industry from central authorities to formulate effective therapeutics for animals. Following the influence, the rapid rise of animal genetics is expected to boost the growth of animal testing.
Besides this, financial aid offered by government authorities to support the development of advanced healthcare technologies, is further anticipated to boost the reliance of livestock farmers on animal genetics. Moreover, rapid rise in the demand for poultry products, given the influence of drivers such as urbanization and growing population density is expected to push the growth of the market further
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Also, the animal healthcare ecosystem has been progressing, which is offering lucrative opportunities for key players in the animal genetics market.
In addition to this, various genetic methods such as embryos are preferred over semen. This technique eliminates the possible transmission of diseases during the mating of animals, thereby further pushing the growth of the market.
Key Takeaways:
North America is projected to remain dominant in the global animal genetics market during the forecast period, due to high demand for beef and poultry food products in the region.
Meanwhile Asia Pacific is expected to grow at a fastest pace due to its influential position in the food industry.
By sub-segment, embryo remains a leading genetic material and is expected to record a CAGR of 6% during the forecast period.
Growth Drivers:
Various macroeconomic and microeconomic aspects are expected to push the growth of the animal genetics market. Moreover, factors such as urban sprawl and high population density are pushing food producers to meet nutritional demand by increasing the production rate of livestock animals.
Moreover, livestock farmers have witnessed high milk and meat production by utilizing animal genetic technology. They are able to achieve relatively higher gains, which is projected to boost the penetration of animal genetics.
Rise in reproduction rate among bovine animals, thereby indirectly boosting the growth of animal genetics market.
Multi-dimensional aspects of poultry animals such as by-products of poultry are used in manure are creating robust economic value for livestock farmers.
Various animal genetics sub-segments such as embryo comprise of low import cost, which further increase its preference for genetic modification procedures.
Restraints:
The high cost of animal testing, coupled with lack of skilled resources, could act as a restraint to the steady growth rate of the animal genetics market.
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Competitive Landscape:
Key players that are competent in the market are attracting major license agreements from other key players to gain an advantage in the animal genetics market.
More Valuable Insights on Animal Genetics Market:
By Product:
Live Animals
Bovine
Porcine
Poultry
Canine
Piscine
Others
Genetic Material
Semen
Embryo
Others
Genetic Testing
By Geography:
North America
US
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
Australia and New Zealand
Japan
China
India
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East and Africa
GCC
South Africa
Rest of MEA
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