Animal Genetics Market
Animal Genetics Market (Product Type - Live Animals (Bovine, Porcine, Poultry, Canine, Piscine), Genetic Material (Semen, Embryo), Genetic Testing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Press Release :
Global Animal Genetics Market – Snapshot
Expansion of the economies of emerging markets, such as Asia Pacific and Latin America, is projected to offer considerable opportunity to the animal genetics market. The opportunity that these markets offers is attributable to the rise in affordability of the urban middle-class population in these markets, which boosts the per-capita meat consumption, thereby driving the demand for more efficient livestock production. Moreover, increase in awareness about the importance of healthy livestock, feed additives, and other supplies of companion animals along with increasing pet ownership are major factors that are expected to provide opportunities to animal breeders in emerging markets during the forecast period.
The global animal genetics market was valued at around US$ 4,740.5 Mn in 2017 and is anticipated to reach US$ 8,022.7 Mn by 2026, expanding at a CAGR of 6.0% from 2018 to 2026. High demand for animal products and increased focus toward genetic management of diseases in animals are anticipated to drive the market during the forecast period. Globalization and climate change led to outbreaks of animal diseases; some of these are transmissible to humans. According to International Federation for Animal Health (IFAH), rise in global temperature leads to the appearance of new diseases and helps other diseases to reappear. Most human infections with zoonoses come from livestock. Zoonotic diseases account for 61% of the total animal diseases. Rising prevalence of diseases among animals fuel the demand for genetically modified or genetically improved breed, which in turn is projected to drive the demand for animal genetics market.
Companion animal ownership is a rising trend in the animal health care market. The spending capacity on companion animals is also increasing. According to the American Pet Products Association’s 2011-2012 National Pet Owners Survey, 62% households in the U.S. owned a companion animal (excluding horses), equating to around 72.9 million homes with companion animals. Asia Pacific and Latin America are among the top regions with a high growth rate in terms of companion animal ownership and spending. According to Animal Health Alliance (Australia) Ltd., almost half, i.e., 48%, of the population of Australia would like to either own a pet or own another pet.
The global animal genetics market has been segmented based on product type and region. In terms of product type, the animal genetics market has been divided into live animals, genetic material and genetic testing. The live animals segment has been further divided into bovine, porcine, poultry, canine, piscine and others. The genetic material has been further sub-segmented into semen, embryo and others. The live animals segment accounted for a prominent share of the market, in terms of revenue, in 2017. The segment is also expected to expand at a CAGR of 6.1% during the forecast period.
In terms of region, North America, which is a cumulative market for the U.S. and Canada, held a major share of the global market in 2017, primarily due to high consumption of animal products such as meat and dairy products. Moreover, strong research and development activities in the region, promoting the development of livestock breeds, have contributed to the significant share held by the region in the global animal genetics market. The contribution of revenue from developed Western European economies, such as the U.K., Germany, France, and Italy, is responsible for the prominent share held by Europe in the global market. Increasing demand for well-bred animals with good quantitative genetic traits and rising domestic demand for livestock and poultry products is anticipated to drive the animal genetics market in Europe during the forecast period.
The report provides profiles of major players operating in the global animal genetics market. Major players include Genus plc, CRV Holding B.V., Neogen Corporation Zoetis, Inc., Groupe Grimaud, Topigs Norsvin, VetGen, Animal Genetics Inc., and Hendrix Genetics BV.
Increased Preference for Animal Protein to Boost Animal Genetics Market
The growth of the global animal genetics market is estimated to be influenced by growing preference for animal protein, rapid urbanization and expanding population base all over the world, augmented affordability, and rapid urbanization. Prevalence of advanced practices in genetics, such as embryo transfer, artificial insemination for high quality breeds and larger-scale production are likely to support growth of the global animal genetics market in the years to come.
Demand to Ride on the Back of Innovations and Advanced Technologies in Animal Genetic Engineering
The focus of animal genetics lies on genetic variations and inheritance domestic and wild animals. At commercial level, the science of animal genetics is utilized for various services, such as DNA typing, genetic trait testing, and genetic disease testing. This practice makes use of cytological, hybrid population, and ontogenetic studies for the purpose of defining genetic hybridizations. Such advancements in this field are estimated to widen the scope of growth of the global animal genetics market in the years to come.
In addition, implementation of regulations pertaining to animal welfare along with augmented adoption of various high-end genetic technologies is likely to play an important role in the development of the global animal genetics market in the forthcoming years. Likewise, burgeoning livestock population along with growing awareness about the genetic disorders in animals is anticipated to support drive the demand for animal genetics in the near future. On the other hand, dearth of skilled professionals, high cost animal testing, and strict rules and regulations pertaining to genetic engineering in animals is estimated to drive growth of the global animal genetics market in the forthcoming years.
The global animal genetics market is likely to be adversely influenced by the outbreak of Covid-19. With pay cuts, job losses, and diminished purchasing power of people, the market is anticipated to observe high growth in the years to come.
Global Animal Genetics Market: Overview
This report on the global animal genetics market analyzes the current and future prospects of the market. The report comprises a comprehensive executive summary, including a market snapshot that provides overall information of various segments. The research is a combination of primary and secondary research. Primary research formed the bulk of our research efforts along with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market value in terms of US$ Mn for each segment for the period from 2016 to 2026, considering the macro and micro environmental factors. Growth rates for each segment within the global animal genetics market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.
A detailed qualitative analysis of factors responsible for driving and restraining the market and future opportunities has been provided in the market overview section. The report also provides insights into the key trends of the animal genetics market. Market value in terms of US$ Mn for the period between 2016 and 2026 along with the compound annual growth rate (CAGR %) from 2018 to 2026 are provided for all the segments, considering 2017 as the base year. The year-on-year growth of the global animal genetics market for each segment is also reflected. Additionally, market-related factors such as increasing consumption of animal protein, rising population along with rapid urbanization, and adoption of new technology to combat animal diseases and historical year-on-year growth have been taken into consideration while estimating the market size.
Global Animal Genetics Market: Key Segments
The global animal genetics market has been segmented based on product type and region. In terms of product type, the animal genetics market has been divided into live animals, genetic material, and genetic testing. The live animals segment has been further sub-segmented into bovine, porcine, poultry, canine, piscine, and others. The genetic material segment has been further sub-segmented into semen, embryo, and others.
Global Animal Genetics Market: Regional Outlook
In terms of region, the global animal genetics market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Additionally, the regions have been further segmented into major countries in each of the regions. These include the U.S., Canada, the U.K., Germany, France, Italy, Spain, China, Australia & New Zealand, Japan, India, Brazil, GCC, South Africa, and Mexico.
Companies Mentioned in Report
The report also profiles major players in the animal genetics market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report include Zoetis, Inc., Genus plc, Neogen Corporation, CRV Holding B.V., Groupe Grimaud, Topigs Norsvin, VetGen
Animal Genetics Inc., and Hendrix Genetics BV.
The global animal genetics market has been segmented as follows: