(PharmaNewsWire.Com, December 11, 2021 ) The Research Report on “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 Traits Testing)) – Global Forecast to 2026“, 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 live animals segment accounted for the largest market share during the forecast period.
Based on products and services, the animal genetics market has been segmented into live animals, genetics materials, and animal genetic testing services. The factors attributing to the large revenue of the live animals segment include high demand for live animals for breeding purposes. The introduction of disease-resistant animals has further boosted the demand for live animals, as they are economically viable for owners and increase their profitability.
Poultry accounted for the largest market share in the live animals segment during the forecast period.
In the live animals segment, poultry accounted for the largest market share during the forecast period. This can be attributed to the strong demand for poultry and eggs in developed countries. Additionally, due to the growing population and rapid urbanization in developed countries, the demand coming from these regions is also increasing significantly.
In the segment of the genetic material, semen accounted for the largest market share during the forecast period.
Under the segment of the genetic material, semen held the largest share, most of which came from bovine semen during the forecast period. Growth in this market is mainly driven by the increasing need for raising highly productive animals to meet the growing demand for meat and other animal-derived products.
The major players in the global animal genetics market include 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), Animal Genetics (US), 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), and Eurogene AI Services (Ireland).
Genus (UK) is the largest player in the global animal genetics products market. The company has a strong product portfolio of live bovines as well as bovine semen. The company has a strong geographic footprint and a base of more than 50,000 customers, including world-leading milk and meat producers. The company continuously focuses on organic and inorganic growth strategies, like product launches, acquisitions, and partnerships, to create new opportunities for market growth. For instance, the company recently collaborated with Otrada (Russia), Beijing Capital Agribusiness (China), and Møllevang (Denmark) to extend its reach.
Geographical Analysis in Detailed:
The Europe accounted for the largest share of the animal genetics market in 2020. Better accessibility to technologies and well-established distribution channels, the growing demand for livestock food products, high intake of animal-derived proteins, and increasing animal welfare activities are the major factor contributing to this.
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