Animal Genetics Market Drivers, Restraints and opportunities 2027
The Animal Genetics Market was valued at US$ 4,778.67 million in 2019 and is projected to reach US$ 7,705.23 million by 2027; it is expected to grow at a CAGR of 6.3% from 2020 to 2027.
The branch of genetics that deals with the study of gene variation and inheritance in companion, domestic and wild animals is called as animal genetics. Animal genetics are used for genetic trait testing, DNA testing, and genetic disease treatment. Animal genetics is one of the best mainstays of livestock development (alongside animal nutrition, animal health, and husbandry concerns such as housing). According to the Food and Agriculture Organization of the United Nations, it is a wide field, ranging from characterization to maintenance to genetic improvement, and involves activities at local, national, regional, and global scales.
The scope of the animal genetics market includes product, genetic material, services, and region. The market is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the animal genetics market emphasizing on various parameters, such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the globe.
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Key finding from the Animal Genetics Market
- Based on product, the animal genetics market is segmented into poultry, porcine, bovine, canine, and others. In 2019, the porcine segment accounted for the highest share of the market. Growth of this segment is attributed to rise in production of porcine and increase in pork consumption across the globe. The same segment is likely to register highest CAGR in the global animal genetics market during the forecast period.
- In terms of genetic material, the animal genetics market is segmented into embryo and semen. The embryo segment held the largest share of the market in 2019, whereas the semen segment is anticipated to register the highest CAGR of 7.0% in the market during the forecast period.
- Based on services, the animal genetics market is segmented into DNA typing, genetic trait tests, genetic disease tests, and others. The DNA typing segment held the largest share of the market in 2019, whereas the genetic disease tests segment is anticipated to register the highest CAGR of 7.2% in the market during the forecast period
- NEOGEN Corporation, HENDRIX GENETICS BV, Zoetis Inc., Genus, TOPIGS NORSVIN, Envigo, VetGen, ANIMAL GENETICS INC., ALTA GENETICS INC., and Groupe Grimaud are among the leading companies operating in the animal genetics market.
COVID-19 pandemic has become the most significant challenge across the world. This challenge would be frightening, especially in developing countries across the globe, as it may lead to reducing imports due to disruptions in global trade, which further increases the shortages of meat and dairy product supplies, resulting in a considerable price increase. Asian countries such as China, South Korea, and India are severely affected due to COVID-19 outbreak.
Growing Preference for Animal-Derived Protein Supplements and Food Products
Increase population and rapid urbanization across the world have resulted in growing preference for animal-derived food products, such as dairy products and meat, which contain high protein. According to the study published by Meat and Livestock Australia in 2015, genetically modified cows can produce more milk and are less susceptible to various common cattle diseases, such as bovine respiratory disease complex and clostridia disease, which has benefited the cattle farmers in overall aspects. Moreover, increase in livestock population and rise in awareness about animal genetic disorders in order to fulfill the unmet demands for animal proteins among the consumers is further propelling the market growth. As proteins play an important role in nutrition, the consumption of meat and meat products has increased among the population. Animal-derived proteins assist synthesis of body tissues for repair and faster growth. Moreover, amino acid profile offered by animal derived proteins plays a significant role in growth, immunity, adaptability to environment, and other biological functions. For instance, genetically modified poultry, such as broilers, have high amount of proteins and are easily digestible. All these factors would propel the demand for animal-derived proteins and food products, thereby driving the animal genetics market.
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