Animal genetics is the technology of genetic improvement of farm animals. It involves scientific techniques like artificial insemination, embryo transfer and genomic selection. With the growing human population, there is significant increase in demand for animal protein sourced from livestock such as cattle, poultry and pigs. Genetic technologies help in developing breeds that can efficiently convert feed into high quality meat and dairy products. This helps meet the rising food demand in a sustainable manner. 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:
The increasing demand for animal protein is one of the major factors driving the growth of the global animal genetics market. As per the United Nations’ Food and Agriculture Organization (FAO), global meat consumption is projected to grow by over 40% by 2050 due to rising population, urbanization and higher incomes in developing countries. Animal genetics technologies help increase livestock yield and productivity to cater to this growing demand for meat and dairy products. Genetic improvement through practices like artificial insemination and embryo transfer aids in developing high quality, disease resistant and higher yielding cattle, poultry and pig breeds. This is expected to significantly support the market growth over the forecast period.
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SWOT Analysis
Strength: The animal genetics market has strong potential for growth owing to rising demand for animal protein. The market players are focusing on development of high quality and high production animal breeds through animal breeding programs and genetic engineering techniques.
Weakness: High costs associated with research and development for introduction of new animal genetics products. Regulatory challenges and longer product approval timelines.
Opportunity: Increasing global meat consumption and demand for dairy and animal-derived food products present significant opportunities. Advancements in areas like gene editing and other biotechnologies offer scope for development of new solutions.
Threats: stringent regulations associated with genetically modified organisms and transparency in labelling. Threat from alternative protein sources like plant-based meat.
Key Takeaways
The global animal genetics market is expected to witness high growth over the forecast period supported by growing demand for animal-derived food products across major regions. The market in North America holds the largest share currently due to advanced production facilities and widespread acceptance of advanced animal breeding technologies in the region. Europe is also a major regional market supported by developed livestock farming industry and stringent livestock management practices.
Key players operating in the animal genetics market are focusing expansion of their geographic presence and genetic portfolio through strategic collaborations and acquisitions. For instance, BS Global (US) acquired Genus (UK) in 2019 to strengthen its global leadership in pork and dairy genetics. Groupe Grimaud (France) offers a comprehensive portfolio of poultry, pig and rabbit genetics solutions.
The market players are investing in development of high performance livestock breeds through latest genetic techniques like genomic selection, CRISPR, and animal cloning. For example, Zoetis is working on developing genetically improved farmed species focusing on key species like cattle, pigs, chicken and fish. Topigs Norsvin offers pig genetics with emphasis on traits like robustness, fertility and efficiency.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it