(PharmaNewsWire.Com, May 07, 2020 ) [241 Pages Report] The animal genetic market is projected to reach $5.8 billion by 2023 from $4.2 billion in 2018, at a CAGR of 6.5 % during the forecast period.
The study involved four major activities to estimate the current market size for animal genetics products and services. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
Secondary Research:
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, trade directories, and databases such as D&B Hoovers and Bloomberg Businessweek were referred to identify and collect information for this study.
Primary Research:
The animal genetics market comprises several stakeholders such as animal genetics companies, meat processors, and animal breeders. Primary sources from the supply side include CEOs, vice presidents, marketing and sales directors, business development managers, and innovation directors of animal genetic product and services companies have been considered.
Live porcine is expected to grow at the fastest CAGR 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.
The semen segment is expected to grow at the fastest CAGR during the forecast period.
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.
The genetic disease test segment is expected to grow at the highest CAGR during the forecast period.
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.
North America dominated the animal genetics market in 2017; this trend is expected to continue during the forecast period.
Geographically, animal genetic market has been studies for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the animal genetics market during the forecast period. This is attributed to the presence of a large number of leading players of the animal genetics market in this regions, along with the high adoption of the latest technologies in animal genetics. Besides, the establised livestock sector, and the growing demand for animal protien is expecetd to drive the North American animal genetics market.
Key Market Players:
The prominent players in the 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), Hendrix Genetics (Netherlands), Animal Genetics (US), and vetGen (US).
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