Animal Genetics Market Worth $5.8 billion by 2023 | Growing Global Population and Rapid Urbanization

PUNE, India, 2020-May-27 — /EPR Network/ —

[241 Pages Report] The Animal Genetics Market is projected to reach USD 5.8 billion by 2023 from USD 4.2 billion in 2018, at a CAGR of 6.5 % during the forecast period.

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.

Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the animal genetics market. These methods were also used extensively to estimate the size of various sub-segments in the market. The research methodology used to estimate the market size includes the following:

• The key players in the industry and markets have been identified through extensive secondary research.
• The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
• All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

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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.

The semen segment is expected to grow at the fastest CAGR during the forecast period.

Based on genetic material type, the semen segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the growing adoption of artificial insemination (AI) and semen sexing in the breeding of cattle, pigs, sheep, goats.

The genetic disease test segment is expected to grow at the highest CAGR during the forecast period.

Based on animal genetic services, the genetic disease test segment is expected to grow at the highest CAGR during the forecast period. This is attributed to the increasing adoption of genomic disease tests to prevent economic losses and loss of productivity of farm owners.

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North America dominated the animal genetics market in 2017; this trend is expected to continue during the forecast period.

Geographically, 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 protein is expected to drive the North American market.

Key Market Players:

The prominent players in the animal genetics market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Hendrix Genetics (Netherlands), Animal Genetics (US), and vetGen (US).