The Global Animal Genetic Products Market is forecast to reach USD 7.57 Billion by 2027, according to a new report by Reports and Data. The market is forecast to witness growth in demand due to an increase in the consumption of animal proteins and rapid growth in urbanization across the globe. To fulfill the rising demand, producers have inclined towards animal genetics to breed high-quality livestock and secure large-scale production. The demand for genetic testing has increased over the years due to the rise in animal diseases, the increasing prevalence of zoonotic diseases, and an increase in the trend of companion animals.
Increasing investment in research and development of new drugs and vaccines by both government and private companies is expected to propel the market. The high cost of animal testing, low returns on R&D, and concerns about the adverse effect of genetic engineering on animals are some of the restraints limiting the growth of the market.
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North America dominates the market for animal genetics products. This is mainly due to the presence of a high concentration of leading players in the region, along with high and easy adoption and acceptance of the latest technologies. The growing demand for animal protein is further forecast to drive the market in the region.
Further key findings from the report suggest
- Genetic Disease Tests dominate the market with 27% market share in the year 2019 as there is an increase in the adoption of genomic diseases to prevent economic losses and loss of productivity of farm owners.
- An increase in concern of animal health and the rising number of genomic diseases testing to prevent loss of large-scale production is forecast to provide lucrative opportunities.
- An increase in the number of various animal genetic diseases and the rise in prevalence of the zoonotic disease is further driving the market for genetic traits test and diagnostic testing.
- The market is segmented into embryo and semen on the basis of type. The embryo market can further be categorized into the equine embryo, bovine embryo, and other animal embryo (sheep, goat, and pigs).
- Embryo is estimated to grow with an annual CAGR of 6.0% through the forecast period.
- Increasing adoption of artificial insemination, especially in cattle, sheep, pigs, and goats, fuel the further growth of the market.
- Porcine held the largest market share of over 24% in the year 2019. Rising demand for pork across the globe and pork products, along with the penetration of advanced veterinary genetic research, is driving the segment.
- Bovine is forecast to grow with the highest CAGR of 7.1% throughout the forecast period owing to the increase in demand for milk and meat across the globe.
- An increase in the adoption of pets, advanced healthcare systems, and the availability of the latest diagnostic technologies make North America the largest market shareholder. It accounted for approximately 26% of the market share in 2019.
- Concern for animal safety and safe livestock production, high level of investment in research and development is propelling the market growth in the North American region.
- Key participants include Genus Plc, Hendrix Genetics BV, Alta Genetics, CRV Holdings B.V., Neogen Corporation, VatGen, Animal Genetics Inc., Zoetis, Urus, and Envigo, among others.
- In 2018, Livestock Genetic Services was acquired by Neogen. Neogen’s in-house genetic evaluations and cattle-breeding organization’s data management was enhanced as an outcome of this acquisition. The company also got the resources to expand globally.
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For the purpose of this report, Reports and Data segments the Global Animal Genetic Product Market on the basis of Live Animals, Genetic Material, Testing Services, and Region:
Live Animals Outlook (Revenue, USD Billion; 2017-2027)
Genetic Material Outlook (Revenue, USD Billion; 2017-2027)
Testing Services Outlook (Revenue, USD Billion; 2017-2027)
- Genetic Diseases tests
- Genetic Trait Tests
- DNA Typing
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/animal-genetic-products-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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