Number of pages: 100 | Report Format: PDF | Published date: October 12, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global animal genetics market was pegged at US$ 5.9 billion in 2021 and is expected to witness a CAGR of 5.5% during the forecast period.
The study of inheritance and genetic variations in domestic and wild animals is known as animal genetics. This science is used commercially for services such as genetic disease testing, genetic trait testing, and DNA typing. To define genetic hybridizations, this practise employs ontogenetic, hybrid population, and cytological studies. Additionally, the animal genetics industry is searching for new ways to combat animal disease and suffering. These include the use of data and health-driven reproductive indicators, as well as research into cutting-edge techniques such as gene editing and immunogenetics.
The market is expected to be driven in the near future by increased adoption of advanced genetic technologies and the implementation of animal welfare regulations. Similarly, an increase in livestock population and awareness about animal genetic disorders are fueling growth in order to meet unmet demand for animal proteins. However, strict regulations regarding animal genetic engineering, the high cost of animal testing, and a shortage of skilled professionals limit market growth.
The global animal genetics market has been analysed from five perspectives by animal, genetic material, services, end user and region.
Animal Genetics Market by Animal
Based on animal, the global animal genetics market has been segmented into Poultry, Porcine, Bovine, Canine and Others. The porcine segment is expected to grow rapidly during the forecast period, owing to increased demand for porcine meat in major countries such as the United States and most European countries. As a result of this factor, massive amounts of pork have been produced, which is expected to benefit this segment during the forecast period.
Animal Genetics Market by Genetic Material
Based on genetic material, the global animal genetics market has been segmented into embryo and semen. The embryo segment held the largest market share, and this is expected to continue throughout the forecast period. The high segment revenue can be attributed to the embryo's higher efficiency when compared to sperm. Embryo transfer in cattle is done primarily to increase reproduction rates. Importing embryos is often less expensive than importing sperm or postnatal animals, and embryos allow you to change the breed of an entire herd within a single generation.
Animal Genetics Market by Services
Based on services, the global animal genetics market has been segmented into DNA typing, and Genetic Trait Tests. During the forecast period, the genetic traits testing segment is expected to grow at the fastest rate. In the case of farm owners, this growth can be attributed to the increasing adoption of genomic tests to prevent financial losses and loss of live animal productivity. Animal genetic companies' most common service is DNA typing and parentage testing.
Animal Genetics Market by End User
Based on end user, the global animal genetics market has been segmented into veterinary hospitals & clinics, research centers & institutes and diagnostics centers. The veterinary hospitals & clinics segment dominate the market during forecast period.
Animal Genetics Market by Region
Based on region, the global animal genetics market has been segmented into North America, Europe, Asia Pacific and Rest of the World. North America is the largest shareholder in the animal genetics market, owing to extensive animal genetics research and industry players' adoption of strategic activities such as acquisitions. For example, in 2018, Neogen completed the acquisition of Livestock Genetic Services, a company that specialises in data management and genetic evaluations for cattle breeding organizations. The acquisition aided the company's efforts to broaden its genetic evaluation capabilities.
Europe was the second-largest market for animal genetics, owing primarily to increased awareness of animal welfare and expenditure on veterinary services. According to a 2017 publication by the European Pet Food Industry Federation, more than 75 million households in the region own a pet.
Some of the prominent players in the global animal genetics market include
The Europe and Asia Pacific are the key growth region in the global animal genetics market.
The rising adoption of advanced genetic technologies and increase in the implementation of animal welfare acts are the driving factors of the global animal genetics market.
The global animal genetics market is expected to clock US$ 9.56 billion by 2030.
The global animal genetics market was pegged is expected to witness a CAGR of 5.5% during the forecast period.
The porcine segment is expected to grow rapidly during the forecast period.
*Insights on financial performance is subject to availability of information in public domain