(PharmaNewsWire.Com, August 31, 2021 ) The Key Growth Elements in Detailed?
The Growth of Animal Genetics Market is majorly attributed to the increasing consumption of animal-derived protein, growing global population & rapid urbanization, growing focus on identifying superior breeds, increased adoption of genetic services to prevent genetic diseases & business loss, and increased adoption of advanced genetic technologies. On the other hand, the shortage of skilled professionals in veterinary research is a key factor restraining market growth.
Worldwide Growth Opportunities in Terms of Revenue:
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.
Growth Driver: Increasing consumption of animal-derived protein and dairy products;
Livestock and poultry are major sources of protein and calcium for humans. Animal food products such as beef, veal, dairy products, and eggs are some of the most-consumed food products and are expected to see significant demand increases. The production of meat in developed countries is projected to increase significantly, mainly due to the high growth in Canada and the US. Over the next ten years, pork is set to account for a large share of the total increase in meat production, along with being the fastest-growing meat in terms of consumption. The global consumption of fresh dairy products is expected to rise significantly in the next decade due to rising population and income growth in India and Pakistan. In some regions that are not self-sufficient in terms of dairy products—like Africa, Southeast Asia, and the Middle East—consumption is expected to surpass production, which will lead to increased dairy imports. This increase is expected to be met with milk powders—cheaper to export than liquid milk.
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 capita incomes and increasing per capita spending on animal care, and increasing awareness about technologically advanced animal genetic products and services in this region.
Major Key Players Mentioned in the research report are:
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).
- 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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