Poultry Genetic Emerge Highly Sought-after in Animal Genetics Market, Registering Over 6.5% Growth: Fact MR Study
Subtitle: 170 Pages Market Research Survey by Fact .MR, A Market Research and Competitive Intelligence Provider, Highlights Key Factors Enabling Animal genetics Market Growth
The animal genetics market survey offers insights into chief growth drivers and restrains impacting the overall growth trajectory. The report also divulges compelling insights into animal genetics demand outlook in terms of product and region. It also studies key strategies adopted by vendors to increase sales in animal genetics market.
Fact.MR – A Market Research and Competitive Intelligence Provider: The animal genetics market revenue exceeded $5.3 Billion for 2020, according to Fact.MR. The overall animal genetics market is expected to surpass US$ 8 billion by 2031, growing at a CAGR of more than 6% for 2020- 31.
Increasing sales of dairy products is fueling the demand for genetic modification in bovine animals for milk. Rising susceptibility of bovine animals to respiratory ailments along with growing concerns of animal diseases transmission to humans will further accelerate the demand for animal genetics in upcoming years.
Leading market players are incorporating modern techniques like artificial intelligence with animal genetics to tackle the issue of high cost of animal testing and genetic modification
International Atomic Energy Agency, on 11th June 2021, launched a five year coordinated research project (CRP) on adopting nuclear and related genomic technologies to improve the effectiveness of national dairy cattle breeding programme. It also aims at making genetic improvement in dairy animals to improve productivity and adaptability of local genetic stock. Such initiatives are expected to bode well for the market.
Governments are working towards developing advance healthcare system for animals to promote artificial insemination using embryos. Higher reproduction rate among genetically modified bovine and porcine will positively influence the demand of porcine genetics.
“Extensive research for developing cost-effective DNA chips for genotyping along with advancement in early pregnancy diagnosis using genomic information and biomarkers will emerge as market drivers in the future”, said a Fact MR analyst.
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Key Takeaways from Animal genetics Market Research Report:
- Poultry genetic demand is anticipated is grow at more than 6.5% throughout the forecast period. Rising popularity of poultry meat and eggs for its high nutritional value along with multi-dimensional use of poultry products will be key drivers.
- Owing to its low cost and high efficacy, animal embryo genetics market is poised to exceed a growth rate of 6.5% CAGR over the assessment period.
- The demand of bovine genetics is predicted to skyrocket as bovines are responsible for catering the meat and milk demand. The bovine segment is expected to account for 25% market share by 2021.
- North America will generate highest demand of animal genetics owing to increasing consumption and export of animal meats in U.S. and Canada along with presence of modern animal disease testing laboratories in the region.
- Rapid advancement in animal healthcare industry along with the high consumption of meat in Europe will boost the market growth during the forecast period.
- Increasing animal meat consumption in due to population outburst and rise in purchasing power of people in emerging economies of Asia will drive demand for animal genetics throughout the forecast period.
- High poultry and pork consumption in North America will boost the demand of animal genetics for superior quality meat production.
- Surge in dairy product import in Middle East and Africa due to increasing consumption will positively influence the animal genetics market growth.
- Rising awareness regarding the impact of animal husbandry on greenhouse emission and increasing efforts towards animal welfare will hinder the sales of animal meat, subsequently limiting the adoption of animal genetics in long run.
- Shifting customer preference towards plant based protein will reduce the demand for animal meats, thus restricting the animal genetics market growth.
- Introduction of cultured meat to sustain the increasing demand for animal meat will negatively influence the animal genetics market.
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Leading players in animal genetics market are emphasizing on research and development of modern animal genetics to enhance the breeding of livestock to cater the rising demand of animal-based food products such as milk, meat and eggs.
Strategic merger and acquisition with regional market players is in the cards as they are looking towards exploiting high revenue opportunities offered by emerging markets.
Collaboration between market leaders and independent research centers along with licensing of technologies from independent laboratories is an emerging trend and is expected to grow throughout the forecast period.
For instance, Genus PLC partnered with Tropic Biosciences in September 2020, to jointly operate on the Gene Editing induced Gene Silencing (GEiGS) technology in porcine and bovine genetic applications.
Neogen Corporation acquired the Canadian animal genomics laboratory “Delta Genomics Centre” in January 2019 in an attempt to establish its market presence in Canadian animal genetics market.
Key players operating in the animal genetics market are
- Neogen Corporation
- EW Group
- Groupe Grimaud
- CRV Holding
- Topigs Norsvin
- Hendix Genetics
- Animal Genetics
More Insights on the Animal genetics Market:
Fact MR provides an unbiased analysis of the animal genetics market, presenting historical demand data (2020-2026) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global animal genetics market with a detailed segmentation on the basis of:
- Live Animals
- Genetic Material
- Genetic Testing
- North America
- Rest of Europe
- Asia Pacific
- Australia and New Zealand
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East and Africa
- South Africa
- Rest of MEA
Key Questions Covered In the Animal genetics Market Report
- The report offers insight into animal genetics demand outlook for 2021-2031
- The market study also highlights projected sales growth for animal genetics market between 2021 and 2031
- Animal genetics market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Animal genetics market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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