Development in Genomic Technology to Underpin Animal Genetics Market Growth: Fact.MR
Significant advancements in the animal healthcare industry is compelling the market players to invest more in the development of quality breed poultry animals
Fact.MR, New York: Award winning market research company Fact.MR has conducted a study on the global animal genetics market. Remarkable improvements in the production and efficiency of animal and livestock poultry production are necessitating dietary protein across the globe. This is fuelling the demand for animal genetics. Increasing initiatives in animal genomic technologies to develop genetic code for food-producing animals is creating growth opportunities for key players.
The advent of advanced genetic technologies for larger scale production and better quality breeds will give tailwinds to the growth in the coming years. Focus on improving yields of bovine and poultry animals among livestock farmers is compelling the market players to increase the research & development (R&D) activities for developing genetically modified livestock animals. Hence, aiding the growth of animal genetics.
“The integration of artificial intelligence and animal genetics will aid R&D activities undertaken by market players. It will assist artificial insemination to enhance the quality of poultry animals,” says the Fact.MR analyst.
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Key Takeaways from Fact.MR’s Animal genetics Market
- In terms of product, sub-segment embryo is leading the market with 6% CAGR through 2021
- Bovine is likely to register highest growth accounting for 1/4th of total market share
- Poultry animals are expected to register a growth of 6.5% CAGR due to the increased adoption of livestock animals among farmers
- United States and Canada will collectively lead the North American animal genetics market on account of high demand for beef and poultry food products
- Progressive animal healthcare ecosystem & rising production rate of livestock animals are anticipated to drive animal genetics market in India and Japan
- China is expected to single-handedly lead the Asia Pacific animal genetics market through 2021 & beyond
Animal genetics Market- Prominent Drivers
- Rising consumption of animal derived protein will accelerate the animal genetics demand
- Surging adoption of genetic services to prevent genetic diseases will propel the growth of animal genetics market
- Adoption of advanced technology and increased research & development activities in the field of animal genetics
Animal genetics Market- Key Restraints
- Dearth of skilled professionals in veterinary research will likely act as a restraint for the market
- Surging demand for specific and elite breeding programs for breeds with inferior economic performance is expected to create challenge for market players
Discover more about the animal genetics market with figures, data tables and the table of contents.
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Competitive Landscape
Prominent animal genetics solutions providers include Zoetis Inc., Genus PLC, Neogen Corporation, CRV Holding B.V., Groupe Grimaud, Topigs Norsvin, VetGen, Animal Genetics Inc., and Hendrix Genetics BV among others. Recent technological advancements in genomic technology and artificial insemination techniques are providing growth opportunities for the market players. Key players are developing strategies such as strategic collaborations, product launches and investment in research and development activities to maintain their position in the industry.
For instance, on 17th March 2021, Porcus Vitalis, Serbian swine producer, has signed a long term distribution agreement with Hendrix Genetics, global multi-species, animal breeding company, to distribute and produce Hypor swine genetics in Serbia.
In September 2020, Genus PLC, entered into a definitive agreement with Tropic Bio Sciences to work on Gene Silencing (GEiGS) technology developed by Tropic Bio Sciences in bovine and porcine genetic applications.
Also, in August 2020, GenoMar Genetics Group, announced the initiation of new Tilapia Breeding and Genetics Center in Brazil.
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More Insights on the Animal Genetics Market
In its latest report, Fact.MR offers unbiased analysis of the global animal genetics market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (live animals (bovine, porcine, poultry, canine, piscine, and others), genetic material (semen, embryo, and others), and genetic testing) across seven major regions (North America, Asia Pacific, Europe, Latin America and Middle East & Africa).
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Source: Fact.MR