(PharmaNewsWire.Com, October 02, 2020 ) According to the new market research report “Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Disease Testing)) – Forecast” published by MarketsandMarkets™.
The Animal Genetics Market is projected to reach USD 5.8 billion, at a CAGR of 6.5 % during the forecast period.
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.
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.
Geographically, 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 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 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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