The Global Animal Genetic Products Market is forecast to reach USD 7.84 Billion by 2028, according to a new report by Reports and Data. The market is forecasted to witness an increase in demand due to increase in consumption of animal proteins and rapid increase in urbanization across the globe.
The Global Animal Genetic Products Market is forecast to reach USD 7.84 Billion by 2028, according to a new report by Reports and Data. The market is forecasted to witness an increase in demand due to increase in consumption of animal proteins and rapid increase 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, increasing the prevalence of zoonotic diseases and a rise 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 product. This is mainly due to the presence of a large number 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 forecasted to drive the market in the region.
Further key findings from the report suggest
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- Genetic Disease Tests dominate the market with 27% of the 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.
- Increase in concern of animal health and increase in a number of genomic diseases testing to prevent loss of large-scale production is forecasted to provide lucrative opportunities.
- Increase in the number of various animal genetic disease 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 forecasted to grow with an annual CAGR of 6.0% throughout the forecast period.
- Increasing adoption of artificial insemination especially in cattle, sheep, pigs, and goats fuel the further growth of the market.
- Porcine holds the largest market share of 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 forecasted 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.
- Increase in adoption of pets, advanced healthcare system and availability of latest diagnostic technologies make North America the largest market shareholder. It accounts for 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.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Genus Plc, Hendrix Genetics BV, Alta Genetics, CRV Holdings B.V., Neogen Corporation, VatGen, Animal Genetics Inc., Zoetis, Urus, and Envigo among
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Animal Genetic Products Market Segmentation:
Live Animals Outlook (Revenue, USD Billion; 2018-2028)
- Porcine
- Poultry
- Canine
- Bovine
- Others
Genetic Material Outlook (Revenue, USD Billion; 2018-2028)
- Embryo
- Semen
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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