Animal Genetics Market Size, Share, Growth, Trends, and Forecast 2016 - 2024
The global animal genetics market is anticipated to witness healthy growth during the forecast period, owing to steep rise in the demand for and consumption of animal proteins and rapidly increasing urban population all over the world. In order to meet the rising global demand for animal products, producers are getting inclined toward animal genetics so as to breed high-quality livestock and secure large-scale production. Rapid increase in the number of animal diseases, rising trend of possessing companion animals, and high prevalence of zoonotic diseases have fueled the demand for high-end diagnostic methods such as genetic testing.
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Moreover, increasing investments in 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. In addition, rise in the population of livestock animals, especially in developing countries, and development of innovative tools for animal genetic testing are driving this market. However, low returns on research and development (R&D), high cost of animal testing, stringent regulatory framework, and rising concerns about negative effects of using the animal genetic engineering on animals are some of the restraints for the global animal genetics market.
The global animal genetics market can be segmented on the basis of animal type, testing service, and region. Based on the animal type, the market can be segmented into canine, equine, poultry, porcine, bovine, and others. Increasing preference for technologically advanced services, product innovations, and the increasing number of animal and zoonotic diseases are factors anticipated to fuel the animal genetics market in the near future. Based on the testing service, the market can be segmented into DNA typing, genetic disease testing, and genetic trait testing.
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Geographically, the animal genetics market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is estimated to hold the maximum share of the global animal genetics market during the forecast period, due to presence of a superior animal health care base, increasing trend of pet ownership, strong regional economics, and greater focus on disease prevention and wellness by veterinarians and pet owners. The rapidly rising demand for animal food products is also expected to propel the market in the region. According to the Canadian Institute for Health Information, health care expenditure in the U.S. increased from US$ 23 Bn in 1988 to US$ 51 Bn in 2011. This trend has also reflected in other countries.
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The animal genetics market in Europe is anticipated to witness rapid growth, due to high consciousness about animal wellbeing coupled with increased expenditure on veterinary services in the region. According to a report by the European Pet Food Industry Federation, more than 75 million households in Europe own a pet. Countries in Asia Pacific such as China, Japan, and India are poised to be highly promising markets for animal genetics in the near future. Major factors for the positive outlook are large livestock population, extensive development of health care infrastructure, and growing focus on research and development activities in the animal health care sector. Key players operating in the global animal genetics market include Genus Plc, Hendrix Genetics BV, Alta Genetics, CRV Holding B.V., Neogen Corporation, VetGen, Animal Genetics Inc., and Zoetis.
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