Animal Genetics Market Growing at a CAGR of 7.1% – Geographical Analysis and Leading Key Players

PUNE, India, 2021-Jun-17 — /EPR Network/ — 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 Traits Testing)) – Global Forecast to 2026″ published by MarketsandMarkets™, the market witnessed healthy growth during the last decade and is projected $7.7 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 7.1% during the forecast period.

Market Size Estimation;

The total size of the animal genetics market was arrived at after data triangulation from two different approaches, as mentioned below.

Approach to calculate the revenue of different players in the market. The size of the global animal genetics market was obtained from annual reports, SEC filings, online publications, and extensive primary interviews. A percentage split was applied to arrive at the size of market segments. Further splits were applied to arrive at the size for each sub-segment. These percentage splits were validated by primary participants. The country-level market sizes obtained from the annual reports, SEC filings, online publications, and extensive primary interviews were added up to reach the total market size for regions. By adding up the market sizes for all the regions, the global animal genetics market was derived.

Approach to derive the market size and estimate market growth. The market size and market growth were estimated through primary interviews on a regional and global level. All responses were collated, and a weighted average was taken to derive a probabilistic estimate of the market size and growth rate.

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By product type,

Among the product segment, the live animals segment accounted for the largest market share in 2020. The large share of this segment is attributed to the large demand for poultry meat and eggs in developed countries, and simultaneously increasing demand for the same in developing countries due to the growing population and rapid urbanization in these regions. Additionally, changing diet patterns and increasing disposable income also contribute to a shift towards increased consumption of animal protein.

In the live animals segment, poultry accounted for the largest market share during the forecast period. This can be attributed majorly to the strong demand for poultry and eggs in developed countries. Additionally, in developing countries, the growing population and rapid urbanization is contributing to the rising global demand for poultry.

Under the segment of the genetic material, semen held the largest share, mostly attributed to bovine semen which held the largest share in animal 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.

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Geographically; The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional Animal Genetics Market can be attributed to the established livestock sector, growing porcine industry, increasing population and urbanization, rising per capita incomes and increasing per capita spending on animal care, and increasing awareness about technologically advanced animal genetic products and services in this region.

Key Market Players;

The major players in the global 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), Hendix Genetics (Netherlands), and Animal Genetics (US). Some other players in the market include 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), Eurogene AI Services (Ireland).