Animal Genetics Market - Industry-Specific Challenges and Trends Affecting the Growth

2022-06-03 13:38:31 UTC | Healthcare & Pharmaceuticals
Animal Genetics Market - Industry-Specific Challenges and Trends Affecting the Growth
MarketsandMarkets™ Research Report's View on Revenue Impact?

The global animal genetics market is projected to reach USD 7.7 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 7.1% during the forecast period.

Factors Responsible for Growth and In-Depth Analysis?

Increasing consumption of animal-derived protein and dairy products;

Livestock and poultry are major sources of protein and calcium for humans. Animal food products such as beef, veal, dairy products, and eggs are some of the most-consumed food products and are expected to see significant demand increases. The production of meat in developed countries is projected to increase significantly, mainly due to the high growth in Canada and the US. Over the next ten years, pork is set to account for a large share of the total increase in meat production, along with being the fastest-growing meat in terms of consumption. The global consumption of fresh dairy products is expected to rise significantly in the next decade due to rising population and income growth in India and Pakistan. In some regions that are not self-sufficient in terms of dairy products—like Africa, Southeast Asia, and the Middle East—consumption is expected to surpass production, which will lead to increased dairy imports. This increase is expected to be met with milk powders—cheaper to export than liquid milk.

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Leading Key Players and Analysis:

The major players in the global animal genetics market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Hendix Genetics (Netherlands), and Animal Genetics (US). Some other players in the market include VetGen (US), DanBred (Denmark), Tropical Bovine Genetics (India), Trans Ova Genetics (US), Inguran LLC dba ST Genetics (US), Semex Alliance (Canada), Genetic Veterinary Sciences (US), Cobb-Vantress (US), Milk Source (US), Eurogene AI Services (Ireland).

Geographical Analysis in Detailed?

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The established livestock sector, growing porcine industry, increasing population and urbanization, rising per capita incomes and increasing per capita spending on animal care, and increasing awareness about technologically advanced animal genetic products and services in this region are contributing to the growth of the market in this region.

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Industry Segmentation:

The live animals segment accounted for the largest share of the animal genetics market in 2020

In 2020, the live animals segment accounted for the largest share of the animal genetics market. This can be attributed to the large demand for poultry meat and eggs in developed countries, and simultaneously increasing demand for the same in developing countries due to the growing population and rapid urbanization in these regions.

Under the live animals segment, poultry occupied the largest market share during the forecast period. The drivers of the poultry market are the strong demand for poultry and eggs in developed countries. Additionally, in developing countries, the growing population and rapid urbanization is contributing to the rising global demand for poultry.

Under genetic material, semen held the largest share, mostly attributed to bovine semen which held the largest share in animal semen during the forecast period. The increasing need for raising highly productive animals to meet the growing demand for meat and other animal-derived products drive the market forward.

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