Animal genetics market is estimated to value over USD 7.8 billion with a CAGR of over 6.1% from 2019 to 2026 forecast period.
Animal genetics deals with animal breeding, gene expression, passing the traits, etc. Since the past few years, the focus on animal genetics for superior breeding, animal protein, genetic testing and so on has shown remarkable animal genetics market growth.
The genetic materials like bovine semen, porcine semen, equine semen, canine semen, etc. are estimated to be the prominent factors driving the growth of the animal genetics market. The rise in demand for animal semen for the process of artificial insemination into an embryo to obtain genetically superior breeds has spurred the market growth. The increase in the number of animal adoption across the globe is the key factor for this rise in demand. Furthermore, the embryo transfer amongst the animals has gained popularity with feedstock and beef products. Hence, the demand for embryos and transfer technology has shown a notable rise in animal genetics market growth and is influencing the CAGR positively.
Based on products & services, the animal genetic testing services segment is expected to showcase significant rise over the forecast period. The diagnostic tests to identify genetic diseases and better treatment options is the key factor for segment growth.
North America is estimated to hold a large share in the animal genetics market. The adoption of advanced genetic testing methods is an integral driving factor for animal genetics market growth. Moreover, the increased preference for animal products and meat in daily diets is responsible for the animal genetics market to grow in North America. The increased population and consumption of meat and dairy products coupled with the demand for livestock products are the drivers for the animal genetics market growth in the Asia Pacific.
The key market players are Genus, Neogen Corporation, Animal Genetics, Urus, and so on. Neogen Corporation is estimated to be one of the major competitors in the animal genetics market. It has a variety of animal genetics products like veterinary diagnostics, dairy products, BeadChips, DNA testing, etc. this range of advanced veterinary products is the key feature.
Competitive Landscape:
? Neogen Corporation is the point of contact for the purchase and processing of DNA tests for sheep breeders
? Neogen Corporation has two different tests to detect the presence of MAP (Mycobacterium avium subspecies paratuberculosis ) for Bovine Johne’s Disease
FutureWise Key Takeaways:
? Incorporation of advanced animal genetics testing products
? Collaborations with animal genetics research organizations
? Focus on artificial insemination and embryo transfer techniques
Global Animal Genetics Market Segmentation:
By Product and Services:
? Animal genetic products
? Live animals
? Genetic materials
? Animal genetic testing services
By Region:
? Europe
? North America
? Asia Pacific
? Latin America
? Middle East and Africa
Objectives of the Study:
? To provide with an exhaustive analysis on the animal genetics market by product and services, and by region
? To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
? To evaluate and forecast micro-markets and the overall market
? To predict the market size, in key regions (along with countries)— North America, Asia Pacific, Europe, Latin America, Middle East and Africa.
? To record evaluate and competitive landscape mapping-product launches, technological advancements, mergers and expansions
? Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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