(PharmaNewsWire.Com, September 10, 2021 ) According to the new market research report "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 Traits Testing)) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 7.7 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 7.1% during the forecast period.
The growth of this market is majorly attributed to the increasing consumption of animal-derived protein, growing global population & rapid urbanization, growing focus on identifying superior breeds, increased adoption of genetic services to prevent genetic diseases & business loss, and increased adoption of advanced genetic technologies. On the other hand, the shortage of skilled professionals in veterinary research is a key factor restraining Live animals market growth.
By product type segment, the live animals segment accounted for the largest market share during the forecast period.
Based on products and services, the animal genetics market has been segmented into live animals, genetics materials, and animal genetic testing services. The factors attributing to the large revenue of the live animals segment include high demand for live animals for breeding purposes. The introduction of disease-resistant animals has further boosted the demand for live animals, as they are economically viable for owners and increase their profitability.
Poultry accounted for the largest animal genetics market share in the live animals segment during the forecast period.
In the live animals segment, poultry accounted for the largest market share during the forecast period. This can be attributed to the strong demand for poultry and eggs in developed countries. Additionally, due to the growing population and rapid urbanization in developed countries, the demand coming from these regions is also increasing significantly.
In the segment of the genetic material, semen accounted for the largest market share during the forecast period.
Under the segment of the genetic material, semen held the largest share, most of which came from bovine semen during the forecast period. Growth in this market is mainly driven by the increasing need for raising highly productive animals to meet the growing demand for meat and other animal-derived products.
Europe dominates the Animal Genetics market during the forecast period.
Europe accounted for the largest share of the Live animals market in 2020. Better accessibility to technologies and well-established distribution channels, the growing demand for livestock food products, high intake of animal-derived proteins, and increasing animal welfare activities are the major factor contributing to this.
The major players in the global animal genetics market include Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Hendix Genetics (Netherlands), Animal Genetics (US), VetGen (US), DanBred (Denmark), Tropical Bovine Genetics (India), Trans Ova Genetics (US), Inguran LLC dba ST Genetics (US), Semex Alliance (Canada), Genetic Veterinary Sciences (US), Cobb-Vantress (US), Milk Source (US), and Eurogene AI Services (Ireland).
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