The valuation for Animal Genetic Products Market was USD 4.81 Billion in 2020, and it is forecast to reach USD 7.84 Billion by 2030, growing at a CAGR of 6.3%, according to a new report by Reports and Data. Market growth is fueled by factors such as rising consumption of animal-derived protein, growing global population, focus on identifying superior breeds, and adoption of genetic services to prevent genetic diseases and business loss.
High demand for animal products and rising demand towards the management of genetic diseases in animals is propelling the market growth. It is a rising concern as the outbreak of some diseases were caused due to globalization and climate change that are also transmissible to humans.
Advanced practices of artificial insemination and embryo transfer for quality breeds and large-scale production is forecast to fuel the market growth. The rising adoption of advanced genetic technologies and the increasing implementation of animal welfare is driving market growth. The rise in awareness of veterinary genetic diseases and an increase in livestock to meet the demand of the rising population is driving the market.
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Porcine holds the largest market share of 24% in the year 2020. Rising demand for pork and pork products, along with the penetration of advanced veterinary genetic research, is driving the segment. The rising need to produce high yielding cattle to cater to the increasing demand is fueling market growth. With trade regulations being opened globally, a huge amount of bovine semen is being traded for artificial insemination of cows, hence pushing the product growth.
Bovine is forecast to grow with the highest CAGR of 7.1% through the forecast period, owing to the increase in demand for milk and meat across the globe. Poultry is forecasted to grow with an annual growth rate of 6.9% throughout the forecast period. Canine holds a market share of 20% in the year 2020 and is forecasted to grow with a CAGR of 5.7% throughout the forecast period.
The bovine embryo is popular among seedstock and beef producers for the rapid multiplication of genetically elite animals. Semen sexing and acceptance and practice of artificial insemination makes the segment dominate the market with 57% of the share in the year 2020. Semen sexing is done in the breeding of pigs, cattle, goats, and sheep.
On the basis of testing services, the market is segmented into Genetic Diseases tests, Genetic Trait Tests, DNA Typing, and Others. Genetic Trait Tests is forecast to grow with an annual growth rate of 6.8% throughout the forecast period, while DNA Typing is forecast to hold a market share of 23% in the year 2030.
Asia Pacific is forecast to grow with the highest CAGR. It provides opportunities for the growth of the animal genetics market owing to the growth in demand for animal-derived products, the development of animal welfare acts, and an increase in the animal population in the region. Asia Pacific is predicted to grow with the highest CAGR of 7% during the forecast period. Countries like India, China, Japan, and Australia offer ample growth opportunities for players in the market. Growth in North America is due to the contribution from the markets of the U.S. and Canada. Strong research and development teams in the region propel market growth. Contribution from developed western economies, such as Germany, the U.K., France, and Italy, are responsible for shares from Europe.
Genus Plc, Hendrix Genetics BV, Alta Genetics, CRV Holdings B.V., Neogen Corporation, VatGen, Animal Genetics Inc., Zoetis, Urus, and Envigo are some of the prominent players in the market. The companies have adopted various strategies, which include mergers, acquisitions, and partnerships to maintain ongoing trends and introduce new developments in the market.
Segments Covered in The Report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends from 2017 to 2030. For analysis, Reports and Data has segmented the Global Animal Genetic Products Market on the basis of live animals, genetic material, testing services, and region:
By Live Animals (Revenue, USD Billion; 2022-2030)
By Genetic Material (Revenue, USD Billion; 2022-2030)
By Testing Services (Revenue, USD Billion; 2022-2030)
- Genetic Diseases tests
- Genetic Trait Tests
- DNA Typing
By Region (Revenue, USD Billion; 2022-2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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