The Research Report on “Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Disease Testing)) – Forecast” published by MarketsandMarkets™, is projected to reach USD 5.8 billion, at a CAGR of 6.5 % during the forecast period.
The Factors such as growing population and rapid urbanization across the globe, increased affordability and preference for animal protein, increased adoption of genetic services and advanced genetic practices such as artificial insemination and embryo transfer for larger-scale production and quality breeds, and growing focus on identifying superior breeds are likely to boost the growth of the market.
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Live porcine is expected to grow at the fastest CAGR during the forecast period.
Based on live animal type, the porcine segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the large consumer base of pork and pork products, and the increasing penetration of advanced veterinary genetic research into this segment.
Geographical View in-detailed:
The Animal Genetic Market has been studies for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the animal genetics market during the forecast period. This is attributed to the presence of a large number of leading players of the market in this regions, along with the high adoption of the latest technologies in animal genetics. Besides, the establised livestock sector, and the growing demand for animal protien is expecetd to drive the North American market.
Global Key Leaders:
Some of the prominent players in the animal genetics market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), Zoetis (US), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Envigo (US), and Hendrix Genetics (Netherlands).
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Genus held the leading position in the market for porcine segment in 2017, and is also one of the leading players in the bovine animal genetics market. The company has a strong product portfolio of live porcine and bovine as well as animal semen. The company has a strong geographic footprint and a base of more than 50,000 customers including world leading milk and meat producers. The company’s international sales accounted for approximately 84% of its total sales in 2017. The company has a continuous focus on both organic and inorganic growth strategies like product launches, acquisitions, and partnerships to create new opportunities for market growth.
EW Group (Germany) holdings a leading position in the poultry genetics market in 2017. Aviagen (a subsidiary of EW Group) is a leader in the market for broilers and turkey genetics, whereas Lohmann Tierzucht and other subsidiaries of EW Group are leading the market in the white layers segment. With its four major subsidiaries, the company offers poultry products across the globe. Aviagen focuses on both organic and inorganic growth strategies. The company is also focusing on increasing its geographical presence through investments made in opening new hatchery in different countries.