Animal Genetics Market Growing at a CAGR of 6.5% - Increased Adoption of Advanced Genetic Technologies

(IT-NEWSWIRE.COM, April 06, 2021 ) The study involved four major activities to estimate the current Animal Genetics Market size and Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Thereafter market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

According to the new market research report "Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Disease Testing)) - Forecast" published by MarketsandMarkets™.

The Animal Genetics Market is projected to reach USD 5.8 billion by 2023 from USD 4.2 billion in 2018, at a CAGR of 6.5 % during the forecast period.

Recent Developments;

- In 2018, NOVOGEN, a subsidiary of the Grimaud Groupe, and Mahathath Almarae launched NOVOgen White commercial layers in Libya.

- In 2018, Hy-Line International inaugurated one of the world’s largest layer hatchery opened by its distributor, Huayu Agricultural Technology Co., Ltd.

- In 2018, Neogen acquired Livestock Genetic Services, an animal genetic firm that specializes in genetic evaluations and data management for cattle-breeding organizations. The acquisition enhances Neogen’s in-house genetic evaluation capabilities and expands the company’s global network of animal genomics laboratories.

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The Factors such as growing population and rapid urbanization across the globe, increased affordability and preference for animal protein, increased adoption of genetic services and advanced genetic practices such as artificial insemination and embryo transfer for larger-scale production and quality breeds, and growing focus on identifying superior breeds are likely to boost the growth of the market.

Geographical Scenario in Depth:

The animal genetic market has been studies for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the animal genetics market during the forecast period. This is attributed to the presence of a large number of leading players of the market in this regions, along with the high adoption of the latest technologies in animal genetics. Besides, the establised livestock sector, and the growing demand for animal protien is expecetd to drive the North American market.

Leading Key-Players:

Some of the prominent players in the animal genetics market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), Zoetis (US), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Envigo (US), and Hendrix Genetics (Netherlands).

Genus held the leading position in the market for porcine segment in 2017, and is also one of the leading players in the bovine animal genetics market. The company has a strong product portfolio of live porcine and bovine as well as animal semen. The company has a strong geographic footprint and a base of more than 50,000 customers including world leading milk and meat producers. The company’s international sales accounted for approximately 84% of its total sales in 2017. The company has a continuous focus on both organic and inorganic growth strategies like product launches, acquisitions, and partnerships to create new opportunities for market growth. Genus acquired Hermitage Genetics (Ireland) in 2017, St. Jacobs Animal Breeding Corp. (Canada) in 2016, In Vitro Brasil S.A. (Brazil) in 2015.

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Animal Genetics Market Growing at a CAGR of 6.5% - Increased Adoption of Advanced Genetic Technologies