Revenue Growth Opportunities: 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
Major Growth Boosting Factors: The Factors such as growing population and rapid urbanization across the globe, increased affordability and preference for animal protein, increased adoption of genetic services and advanced genetic practices such as artificial insemination and embryo transfer for larger-scale production and quality breeds, and growing focus on identifying superior breeds are likely to boost the growth of the market.
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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.
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.
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.
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Geographical Scenario:
The 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 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.
Global Leaders:
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).