Press release
Animal Genetics Market - Know the Revenue and Profit-Sources of the Industry
Animal Genetics Market Outlook 2031The global animal genetics market was valued at US$ 4.9 Bn in 2021
The global market is projected to grow at a CAGR of 6.7% from 2022 to 2031
The global animal genetics market is anticipated to reach more than US$ 9.1 Bn by the end of 2031
Animal Genetics Market Introduction
Animal genetics is one of the pillars of livestock development. It covers wide areas, from characterization and conservation to genetic improvement, including local, national, regional, and global behavior. The animal genetics industry is seeking alternative solutions in the fight against animal disease and suffering. These include the usage of data and health-driven reproductive indicators and research in breakthrough techniques, including gene editing and immunogenetics.
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Gene editing is likely to significantly affect agriculture and animal welfare. Adoption of semen sexing technology and IVF (in vitro fertilization) is rapidly increasing in dairy cows and herds to allow for a more targeted selection of breeding stock to breed the stronger next generation. Possession or availability of such techniques plays an important role in helping farmers accelerate the genetic progress of their herds.
Molecular genetics includes various techniques to generate tailor-made bacterial cultures. One of the techniques is the manipulation of an organism's genome. MG techniques are primarily used in dairy animals in order to achieve new traits through standard breeding strategies.
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Increase in Meat Consumption and Rise in Demand for High-quality Proteins to Drive Global Animal Genetics Market
The global population is anticipated to reach 9.1 billion by 2050. According to the FAO of the United Nations, the food output needs to be doubled to feed this population. Therefore, safe, high-quality animal protein must be produced at a low cost. Natural resource depletion, increase in emphasis on food safety, and rise in demand for better nutrition (especially animal protein) are influencing the relevance of livestock treatments and diagnostics. This is expected to drive the demand for high-quality proteins across the globe.
Rise in Pet Ownership and Spending on Companion Animals to Propel Market
The animal healthcare market is witnessing a rise in the ownership of companion animals. The ability to spend money on pets is also rising. According to the American Pet Products Association's 2011-2012 National Pet Owners Survey, 72.9 million households (or 62% of all households) in the U.S. (excluding those with horses) had a companion animal. In terms of spending on companion animals, Asia Pacific and Latin America are the major regions, with a strong growth rate.
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Growth in Demand for Animal Proteins to Augment Live Animals Segment
In terms of product type, the global animal genetics market has been classified into live animals (bovine, porcine, poultry, canine, piscine, and others), genetic material (semen, embryo, and others), and genetic testing. The live animals segment accounted for major share of the global market in 2021. The segment is expected to grow at a rapid pace from 2022 to 2031. Steep rise in demand & consumption of animal proteins and rapid growth in urban population across the world are likely to drive the segment in the near future.
Regional Outlook of Global Animal Genetics Market
North America dominated the global animal genetics market in 2021. The market in the region is projected to grow at a faster CAGR from 2022 to 2031. High penetration of animal genetic companies with advanced technologies also contributed to the region's large market share. The U.S. is a hub for animal breeding organizations, which include startups. Furthermore, key players in the market have headquarters in the U.S. Thus, the U.S. is a prominent market for animal genetics in North America.
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Asia Pacific held the second largest share of the global market in 2021. In terms of revenue, the market in the region is likely to grow at a high CAGR from 2022 to 2031. Increase in disposable income and rise in consumption of animal products are driving the market in the region. The region includes well-developed markets such as Japan; high economic growth markets such as China and India; other key countries such as Singapore, Malaysia, Indonesia, South Korea, Thailand, and Taiwan; and key Pacific countries such as Australia and New Zealand.
Analysis of Key Players in Global Animal Genetics Market
The global animal genetics market is fragmented, with the presence of large number of manufacturers that control majority of the share. Mergers and acquisitions and development in product portfolios are key strategies adopted by key players. Leading players operating in the market are Genus plc, CRV Holding B.V., Neogen Corporation, Zoetis, Inc., Groupe Grimaud, Topigs Norsvin, VetGen, Animal Genetics, Inc., and Hendrix Genetics BV.
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