Animal genetics involve selective breeding techniques that incorporate desirable traits like higher fertility, stronger immunity, improved meat and milk yield into livestock. Animal breeding companies offer livestock producers advanced products like customized embryos, semen doses and genomic testing services to accelerate genetic progress. This allows farmers to select sire of superior genetic merit and produce offspring with economically important attributes.
The global Animal Genetics Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for protein rich food to fulfill the nutritional requirements of growing global population has been a major driver of the animal genetics market over the past few years. Livestock producers are actively adopting advanced genetic technologies and practices to breed high performance dairy cows and meat producing animals to scale up production and meet the rising demand for animal proteins. This is expected to boost the revenues and growth of animal breeding companies in the forecast period.
Segment Analysis
The global animal genetics market is dominated by the poultry segment. Poultry accounts for over 40% share of the market owing to increasing demand for meat globally. There is a rise in demand for chicken and broiler products as consumers are shifting towards protein-rich diet. This has propelled animal genetics companies to focus on developing high-quality and high-yielding poultry breeds. The cattle segment follows poultry and holds around 30% share due to growing dairy consumption worldwide. Within cattle, dairy cattle accounts for the largest share as genetic improvement help dairy farmers increase milk production per animal.
Key Takeaways
The global animal genetics market is expected to witness high growth in the forecast period. The global Animal Genetics Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
North America currently dominates the market due to rapid adoption of advanced genetic technologies for livestock production in countries like US and Canada. However, Asia Pacific is expected to emerge as the fastest growing regional market. Countries like China and India are witnessing significant growth in meat consumption as protein intake increases among middle-class population. Rising disposable income and growing focus towards quality meat products will propel the demand for performance-improved animal breeds in Asia Pacific.
Key players operating in the animal genetics market are BS Global (US), Groupe Grimaud (France), Zoetis (US), Hendrix Genetics (Netherlands), Topigs Norsvin (Netherlands), CRV Holding (Netherlands), and Neogen (US). The market is highly competitive with top players focusing on development of high-yielding dairy and meat-producing breeds through extensive R&D activities and new product launches. Companies are also engaging in mergers and acquisitions to tap fast growing international markets. For instance, in 2018 Topigs Norsvin acquired Genesus to strengthen its global swine genetics network.
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