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.
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.
- 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.
Browse 229 market data Tables and 31 Figures spread through 241 Pages and in-depth TOC – Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=12462093
Market Segmentation in Depth:
The semen segment is expected to grow at the fastest CAGR during the forecast period.
Based on genetic material type, the semen segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the growing adoption of artificial insemination (AI) and semen sexing in the breeding of cattle, pigs, sheep, goats.
The genetic disease test segment is expected to grow at the highest CAGR during the forecast period.
Based on animal genetic services, the genetic disease test segment is expected to grow at the highest CAGR during the forecast period. This is attributed to the increasing adoption of genomic disease tests to prevent economic losses and loss of productivity of farm owners.
Market Growth Drivers:
- Increasing Consumption of Animal-Derived Protein
- Growing Global Population and Rapid Urbanization
- Growing Focus on Identifying Superior Breeds
- Increased Adoption of Genetic Services to Prevent Genetic Diseases and Business Loss
- Increased Adoption of Advanced Genetic Technologies
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=12462093
Geographical Regions Mapped in Report:
The animal genetics market in the APAC is expected to grow at the highest CAGR during the forecast period. APAC countries, particularly China, India, Japan, and Australia, offer significant growth opportunities for players in the market due to the growing population and increasing urbanization in these regions, growth in the animal health industry, and increasing per capita spending on animal care.
Major Key Players Mentioned in the research report are:
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).