Animal genetics are used for improving animal health, production, and reproduction efficiency. Genetic selection methods and genetic markers are used to identify desired traits in livestock. This helps in developing high-quality disease-resistant breeds to meet the growing demand for meat and dairy products.
The global Animal Genetics Market is estimated to be valued at US$ 6.6 Bn in 2024 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 increasing focus on livestock development is accelerating the growth of the global animal genetics market. Various government policies and initiatives are encouraging farmers and breeders to enhance the genetic makeup of livestock. As a result, companies are developing customized breeding programs and genomic solutions to produce high-yielding livestock breeds for dairy and meat production. They are utilizing advanced genetic tools like DNA marker-assisted selection and genome selection to select favorable traits for growth rate, disease resistance, and meat or milk quality. This is boosting the adoption of various animal genetics technologies and services among farmers globally.
Segment Analysis
The global animal genetics market is dominated by livestock segment, especially swine and bovines/cattle. Livestock segment accounts for more than 60% share as majority of animal breeding companies are focusing on developing high quality genetics to improve production and yield of livestock animals. This is primarily due to growing demand for proteinaceous food from livestock and their products. Within livestock, swine genetics segment has the highest share as pig breeding companies are offering advanced genomics services and high health pigs with superior production performance to farmers.
Key Takeaways
The global animal genetics market is expected to witness high growth driven by growing population and rising consumption of animal protein. The global Animal Genetics Market is estimated to be valued at US$ 6.6 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regional analysis revealed that North America dominates the global animal genetics market currently. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to increasing meat consumption, rising living standards and growing focus of regional players on development of high yield genetics.
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). BS Global (US) offers wide range of bovine, swine and poultry genetics along with genomic testing services to farmers globally. Groupe Grimaud (France) provides turkey, chicken and rabbit genetics with emphasis on genetic improvement, animal welfare and sustainability.
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