Animal Genetics Market to Grow at a CAGR of 6.7% from 2022-2031, reaching US$ 9.1 Billion: As per TMR Study

Posted on 2024-03-06 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-06 — /EPR Network/ — Transparency Market Research Inc. –

The global animal genetics market, valued at US$ 4.9 billion in 2021, is projected to grow at a CAGR of 6.7% from 2022 to 2031, reaching over US$ 9.1 billion by 2031.

Analysts attribute this growth to several factors, including the adoption of new technology to combat animal diseases, increased meat consumption, rising demand for high-quality proteins, and the growing ownership of companion animals. Partnerships among cattle genetics companies, such as Brown Swiss Assoc. collaborating with Neogen Genomics, are driving market expansion. Additionally, advancements in synthetic biology, metabolic engineering, and genome editing, alongside livestock sequencing projects, are creating lucrative opportunities in the food & agriculture industry. The rise of mammalian synthetic biology and the utilization of engineered nucleases for genome editing further contribute to the growth of the animal genetics market.

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Animal genetics is crucial for livestock development, covering a broad spectrum from characterization and conservation to genetic enhancement on local, national, regional, and global scales. The industry is exploring innovative solutions to combat animal diseases and enhance welfare, such as utilizing data-driven reproductive indicators and pioneering techniques like gene editing and immunogenetics. Gene editing holds significant promise for revolutionizing agriculture and improving animal welfare. Adoption of advanced technologies like semen sexing and IVF is rapidly rising among dairy farmers to selectively breed stronger offspring, accelerating genetic progress. Molecular genetics techniques, including genome manipulation, are utilized primarily in dairy animals to introduce new traits through traditional breeding methods. These advancements are pivotal in empowering farmers to enhance the genetic quality of their herds efficiently.

Key Players:

Genus plc, CRV Holding B.V., Neogen Corporation, Zoetis, Inc., Groupe Grimaud, Topigs Norsvin, VetGen, Animal Genetics, Inc., and Hendrix Genetics BV.

Market Segmentation:

Product Type
- Live Animals
  - Bovine
  - Porcine
  - Poultry
  - Canine
  - Piscine
  - Other
- Genetic Material
  - Semen
  - Embryo
  - Other
- Genetic Testing

Key Developments:

In January 2021, ABS Global announced a partnership with Bair Ranch in order to demonstrate the potential impact of the cow-calf management system for the utilization of the sex-skewed semen and the terminal genetics
In October 2020, Solidaridad announced a collaboration with Hendrix Genetics for a sustainable poultry program in Mozambique and Zambia
In January 2020, Neogen announced a partnership with Gencove to develop advanced animal genomics

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Regional Outlook:

North America led the global animal genetics market in 2021, with the region expected to sustain faster growth through 2031. The U.S., hosting numerous advanced animal breeding organizations and headquarters of key market players, plays a pivotal role in this dominance.

Asia Pacific emerged as the second-largest market in 2021, poised for substantial revenue growth with a high CAGR projected until 2031. Factors such as increasing disposable income and growing consumption of animal products propel market expansion across well-established markets like Japan, high-growth economies such as China and India, and key Pacific countries including Australia and New Zealand.

Market Drivers and Challenges:

Drivers: Technological advancements, increasing demand for high-quality animal products, rising awareness about animal health and welfare.
Challenges: Regulatory constraints, ethical concerns regarding genetic engineering, high costs associated with advanced genetic services.

Market Trends:

Adoption of genomic selection in livestock breeding.
Growing popularity of gene editing techniques.
Increasing focus on precision breeding for disease resistance and resilience.

Future Outlook:

The future outlook for the animal genetics market is promising, with continued advancements in genetic technologies and increasing investments in research and development. The market is expected to witness further expansion, driven by emerging trends such as personalized medicine for animals and the integration of artificial intelligence in genetic analysis.

Key Market Study Points:

Market size and growth projections.
Regional analysis and market dynamics.
Market segmentation by service type, sourcing type, application, industry vertical, and region.
Competitive landscape and recent developments.
Market drivers, challenges, and trends shaping the industry.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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