Animal genetics involve selective breeding and genetic engineering processes aimed at improving production and reproduction rates in livestock. Advancements in reproductive and genomic technologies have enabled optimization of genetic traits in animals for desirable characteristics such as growth rate, meat yield, disease resistance, and milk production.
The global Animal Genetics Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing adoption of genetic technologies such as genomics, gene editing, artificial insemination, and embryo transfer in livestock breeding programs has been a major driver of the animal genetics market growth over the years. Genetic technologies allow the selection of desired traits in livestock to optimize production rates and enhance disease resistance. These technologies help increase productivity and maximize farm returns for livestock producers. With continuous innovations, genetic technologies are expected to play a key role in sustainably meeting the growing global demand for animal protein in the coming years.
SWOT Analysis
Strength: The animal genetics market has a wide variety of applications in livestock production, disease diagnosis, veterinary science research, which is enhancing the growth of this market.
Weakness: High initial investments and lengthy product development and approval timelines are some of the challenges faced by market players in this industry.
Opportunity: Growing focus on livestock management, rising consumption of animal-derived food products, and increasing global population are offering opportunities for market expansion.
Threats: stringent regulations pertaining to genetic engineering and challenges related to intellectual property rights management can hamper the growth of animal genetics market.
Key Takeaways
The global animal genetics market is expected to witness high growth in the forecast period due to increasing demand for meat and dairy products owing to rising population. The global Animal Genetics Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regional analysis comprises:
North America is currently dominating the animal genetics market due to robust research infrastructure for animal research and early adoption of advanced genomic technologies for livestock management in countries like US and Canada. Asia Pacific region is expected to witness fastest growth in the forecast period attributed to rising meat consumption, growing livestock population, and increasing focus of countries like India and China on livestock management and productivity.
Key players related content comprises:
Key players operating in the animal genetics market are BS Global (US), Groupe Grimaud (France), Zoetis (US), Hendrix Genetics (Netherlands), Topigs Norsvin (Netherlands), CRV Holding (Netherlands), and Neogen (US). Some of these players are focusing on expansion in Asia Pacific and Latin America to tap the lucrative opportunities in these emerging markets. Companies are also investing in development of sexed and transgenic semen and genomic selection techniques to strengthen their product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
