- Increased consumption of animal proteins is driving market growth.
- Stringent regulations and high costs involved may hold back the market growth.
- North America holds the largest revenue share for animal genetics.
The latest market report published by Credence Research, Inc. “Animal Genetics Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global animal genetics market was valued at $4.2 billion in 2017 and expected to reach $7.5 billion by 2026, expanding at a CAGR of 6.6% from 2018 to 2026.
The global animal genetics market is anticipated to witness prominent yet steady growth during the forecast period from 2018-2026. Increasing global population has led to increased consumption of animal proteins, this is turn has been assisting the growth of the global animal genetics market. Furthermore progress of the genetic technologies and applications and growing awareness about maintaining optimal animal health are some other factors driving the animal genetics market. Stringent regulations and high costs involved may hold back the market growth.
Based on the product types, the live animals segment shall be the major segment fueling the market growth. The demand for animal meat from cattle, pork and goats and increased urbanization support the demand for this segment. High costs and time involved in selective breeding also have led to emergence of live animal testing for animal genetics. Among the services, genetic disease testing shall be the major segment determining the market trends.
Growing awareness regarding animal health, and increasing genomic testing for prevention of loss from large scale breeding of such population drive this segment. Geographically, North America holds the largest revenue share for animal genetics. Increasing pet ownership, extensive animal husbandry and poultry industry and higher expenditure rates support the dominance of the region. On the other hand, due to the growing awareness, improving R&D facilities and increasing CRO activities are some of the key factors that drive the swift growth of Asia Pacific market.
Major players in the global animal genetics market are Zoetis, Inc., Animal Genetics, Inc., Hendrix Genetics, Grimaud Groupe, CRV Holding B.V., Envigo (Harlan Laboratories, Inc.), EW Group GmbH, Genus PLC, Neogen Corporation, Vetgen and Topigs Norsvin. The key players are engaged into several collaborations, agreements and merger activities for ensuring swift commercialization of their novel solutions while building their stronghold on the market. High entry barriers also restrict the entry of new players to a considerable extent.
Key Market Movements:
- Growing demand for safe, healthy and more nutritious protein sources and milk
- High risk of genetic diseases in cattle, horses and poultry
- Significant advancement in the field of veterinary genetics in determining disease risk
- The challenge of long time and cost consumption through traditional breeding methods