The increasing global population and the growing worldwide demand for animal products such as meat, milk, and eggs are expected to drive the growth of this market during the forecast period. The worldwide market is a fragmented market. However, each product and service segment are dominated by two to three leading players.
The Animal Genetics Market is projected to reach USD 5.8 billion by 2023 from USD 4.2 billion in 2018, at a CAGR of 6.5 % during the forecast period.
Market growth is driven primarily by the rising consumption of animal-derived protein, the growing global population, and rapid urbanization across the globe. However, a shortage of skilled professionals and technicians for performing advanced genetic services is hampering the growth of the market.
Animal Genetics Market segmentation:
• based on product & services
• based on genetic material
• based on live animal
• based on animal genetic services
• based on regions.
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The Major Players Operating in the Animal Genetics Market:
Key players in the industry includes 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).
Genus held the leading position in the animal genetics market for porcine segment in 2017 and is also one of the leading players in the bovine animal genetics market. The company has a strong product portfolio of live porcine and bovine as well as animal 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’s international sales accounted for approximately 84% of its total sales in 2017.
Recent Developments in the 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.
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Objectives of the Study:
• To define, describe, and forecast the animal genetics market by product & service and region
• To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, challenges, and industry trends)
• To strategically analyze various segments and subsegments covered in the study with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze market opportunities in the market for stakeholders and provide details of the competitive landscape for key players
Geographical Detailed Analysis for Animal Genetics Market:
Geographically, the market has been studies for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is expected to dominate the market during the forecast period. This is attributed to the presence of many leading players of the market in this region, along with the high adoption of the latest technologies in animal genetics. Besides, the established livestock sector, and the growing demand for animal protein is expected to drive the North American market
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