Animal Genetics Market to Grow at a CAGR of 6.24% During the Forecast Period 2019-2024


Posted April 30, 2020 by bisrsrch

The report further takes into consideration the market dynamics and the competitive landscape, along with the detailed financial and product contributions of the key players operating in the market

 
Farm animals have become one of the essential economic sources for global producers and consumers. With the advancing biotechnology industry, producers intend to maximize their profitability with the rigorous implementation of technologies to enhance the production of farm animals and thus cater to the rising food demand. Conventional technologies and biotechnologies have largely contributed to increasing livestock productivity in developed regions. As an effort to alleviate poverty, hunger, reduce threats of diseases and to ensure environmental sustainability, developing regions of the world have depicted an adoption of technologies in almost every animal science discipline, i.e., animal reproduction, genetics and breeding, animal nutrition, production, and animal health.

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The livestock industry contributes more than 40% of the global value of agricultural output and supports food security and the livelihood of a billion people across the globe. Advancements in the animal breeding, genetics, and genomics are supporting the growth of the animal genetics industry, leading to significant companies expanding their businesses. Genetic improvement and evaluation programs are driving the growth of high-performance breeding stock, which is helping farmers to take advantage of the advanced animal breeding technologies to produce a better quality of livestock.

Lack of knowledge among consumers regarding the breed of livestock which has produced eggs, milk, and other animal products offered at supermarkets affects the operating companies due to unaware consumers trending to buy products from non-preferred species of animals. This resulted in the onset of demand for uniform animals as a safer alternative to attain profitable returns. Surging demand for genetically engineered animals led the companies to find a single source destination in order to fill the supply chain gaps, targeting a mutually beneficial business alliance.

The global animal genetics market comprises companies dealing with commercial poultry breeding, porcine breeding, cattle genetics, and aquaculture genetics. The industry favors genetic traits that speed growth, eliminate the disease, facilitate containment and processing, and meet consumer preference. The companies operating in the animal genetics market are capitalizing on opportunities to produce and sell more genetically bred animals and related products to a broader target group. This has driven the sales of animal genetics solutions across each region of the globe, driving the global animal genetics industry. The need for standard animal genetic resources has led the major manufacturers to invest in animal genetics services too.

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Key players in the animal genetics market are coming up with business expansion and contracts to grow and sustain in the competition by retaining present customers along with attracting new ones. This is done either by expanding the product and services portfolio or by entering into new contracts to attract better prospects. This strategy has been widely adopted by the players in this market. The key players include PHW-Gruppe/LOHMANN & CO. AG, Hendrix Genetics BV, Cobb-Vantress, Aviagen Group, Samwell Genetics, and Hubbard.

Tyson Foods subsidiary, Cobb-Vantress, is one of the leading poultry breeding suppliers across the globe. Cobb-Vantress is engaged in poultry research and development. The company is a fully vertically-integrated business, and its focus lies on producing a wide range of fresh, value-added, frozen, and refrigerated food products. Cobb-Vantress is engaged in the production and sale of broiler breeding stock with a distribution network spread across several countries worldwide.
Key Questions Answered in this Report:

• What is the global animal genetics market size in terms of revenue, and what is the expected growth rate during the forecast period 2019-2024?
• What are the traditional and emerging technologies in the animal genetics market?
• What does the industry profitability by region in the animal genetics market signify?
• What is the supply chain analysis of the animal genetics market?
• What is the expected growth and market size for the animal genetics market based on different solutions?
• What is the revenue generated by animal genetics in different product type such as live animals and genetic materials at a global and regional level?
• What is the market size and opportunities of the animal genetics market across different regions?
• What are the major forces that are expected to increase the demand for the global animal genetics market during the forecast period?
• What are the key trends and opportunities in the market pertaining to global animal genetics?
• What are the major challenges inhibiting the growth of the global animal genetics market?
• What is the competitive strength of the key players in the animal genetics market on the basis of analysis of their recent developments, product offerings, and regional presence?

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Issued By BIS Research
Country United States
Categories Agriculture , News , Research
Tags animal genetics
Last Updated April 30, 2020