Animal genetics refers to the selection and breeding of livestock and poultry for desired traits. Genetic testing helps eliminate genetic disorders and improves animal health, welfare, and productivity. There is growing demand for meat products globally due to increasing population and rise in disposable income levels. This is propelling the adoption of advanced animal genetics technologies by farmers and breeders.
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:
Genetic selection is a key trend in the animal genetics market. It involves analyzing an animal’s genetics and selecting it for breeding based on the presence or absence of specific genes. Livestock and poultry breeders are increasingly opting for genetic selection techniques such as genetic testing, selective breeding, and genome sequencing to produce animals with desired traits like high fertility, improved meat or milk yield, disease resistance, and fast growth rates. This is helping farmers enhance productivity and maximize profits from operations. Advancements in genetic technologies are making selection processes more efficient, affordable and widespread.
SWOT Analysis
Strength: The animal genetics market focuses on breeding high-quality livestock through genetics selection to meet the increasing demand for meat and dairy. This is improving global food security.
Weakness: The high costs associated with R&D, production, and application of animal genetics technologies is limiting its widespread adoption, especially in developing nations.
Opportunity: Growing global population is raising the demand for animal-sourced food products. This opens opportunities to develop high-yielding animal breeds through advanced genetic techniques.
Threats: Stringent regulations surrounding genetic engineering of animals and environmental concerns related to livestock farming pose threats to the animal genetics market.
Key Takeaways
The global animal genetics market is expected to witness high growth over the forecast period owing to growing global demand for meat and dairy. 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 reveals North America dominates currently due to early adoption of advanced animal genetics technologies in the region. However, Asia Pacific is expected to grow at fastest pace due to rising meat consumption in China and India.
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). These companies are focusing on developing high-yielding livestock breeds through genetic selection and reproductive techniques to cater to the increasing demand for animal-sourced food products globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it