Press release
Animal Genetics Market Trends, Segment and Future Growth to 2023 - Major Key Players are Genus Plc, Hendrix Genetics BV, Alta Genetics, CRV Holding B.V., Neogen Corporation, VetGen, Animal Genetics Inc., and Zoetis.
Animal genetics is a branch of genetics, which deals with the study of inheritance and genetic variation, primarily in domestic and the wild animals. Animal genetics is based on the general principles of heredity. It encompasses areas such as animal breeding, gene expression, and physical trait genetics such as coat colour. Animal genetics uses hybrid, population, cytological, mathematical-statistical, ontogenetic, and twin methods of the general genetics. At the commercial level, animal genetics is used for the services such as genetic trait testing, DNA typing, and genetic disease testing.
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The Global Animal Genetics Market is anticipated to witness healthy growth during the forecast period, owing to steep rise in demand for and consumption of animal proteins and rapidly escalating urban population all over the world. In order to meet the rising global demand for animal products, producers are getting tending toward animal genetics so as to breed high-quality livestock and secure large-scale production. swift increase in the number of animal diseases, rising trend of possessing companion animals, and high prevalence of zoonotic diseases have fuelled the demand for high-end diagnostic methods, such as genetic testing. Moreover, increasing investments in the research and development of novel drugs and vaccines by private and government bodies are projected to propel the animal genetics market in the near future. However, low returns on research and development (R&D), high cost in animal testing, stringent regulatory framework, and growing concerns about negative effects of using these animal genetic engineering on animals are some of the restraints of the global animal genetics market.
Animal Genetics Market Forecast Report (2018-2023)
Global Animal Genetics Market worth was USD 4.32 billion in 2018 and estimated to be growing at a CAGR of 8.4%, to reach USD 6.47 billion by 2023.
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Animal Genetics Market Segmentation
The Global market for Animal Genetics is largely categorized into Animal genetics products and testing service. Animal genetics product is further divided into live animals (Poultry, Porcine, Bovines and Canine) and Genetic material. Genetic material is further divided into Embryos (Bovine and Equine) and Semen (Bovine, Porcine, Canine and Equine). The live animals segment accounted for the largest share of the market. The animal genetics market for live animals is mainly driven by the increasing adoption of advanced genetic technologies, for larger-scale production and quality breeds and growing awareness about veterinary genetic diseases and disorders. It is further divided into DNA typing, Genetic trait tests and Genetic disease tests. On the basis of geography, the market is analysed under different regions namely North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Europe is the largest regional segment of global animal genetics market followed by the North America. The major share of this region can be attributed to the growing demand of animal-derived products, highly developed animal healthcare system, and presence of a huge number of animal breeding and genetic testing companies in this region. However, the Asia-Pacific region represents the fastest-growing market for animal genetics, primarily due to the raising in population, rapid urbanization, increasing demand of animal products, increased awareness towards animal welfare in developing countries, and in adoption of advanced animal genetic testing services.
Key Developments in the Market
In March 2018 – the FDA released for public comment draft revised Guidance for Industry (GFI) #187, “Regulation of Intentionally Altered Genomic DNA in Animals”
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Major Players:
Key players operating in the animal genetics market are
Genus Plc
Hendrix Genetics BV
Alta Genetics
CRV Holding B.V.
Neogen Corporation
VetGen
Animal Genetics Inc.
Zoetis
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