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Animal Genetics Market worth over $6.4bn by 2027
- Published Date: February 23, 2021
Animal Genetics Market size is set to surpass USD 6.4 billion by 2027, according to a new research report by Global Market Insights Inc.
Rising consumption of livestock and dairy products in several countries of Europe will accelerate the market growth. In addition, growing focus on identifying superior breeds and increased adoption of advanced animal genetics technologies will prove beneficial for the market expansion. Increasing shortage of meat and dairy product supplies owing to the COVID-19 lockdown will impede the market progression.
Rise in consumption and demand for animal proteins will escalate the market demand
Growing preference for animal-derived protein will positively influence the animal genetics market revenue in the coming years. Increase in livestock population and increase in awareness regarding animal genetic disorders to accomplish the unmet demands for animal proteins among the consumers will stimulate the market value. Amino acid obtainable from animal derived proteins plays a vital role in immunity, adaptability to environment, growth, and other biological functions, thereby surging its preference. Several manufacturers operating in this market are getting inclined towards animal genetics to breed high-quality livestock to meet rising demand for animal products. A steep rise in number of animal disorders along with increasing occurrence of zoonotic diseases will propel the demand for diagnostic methods such as animal genetics testing.
Increasing consumption of pork especially in developed countries will create significant growth opportunities
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The porcine segment is anticipated to witness around 6% growth rate till 2027. Surging meat consumption throughout the world, particularly in major economies, including the U.S. and European countries will secure the market position. Large consumer base of pork and pork products, along with rising penetration of advanced animal genetics research will favor the industry growth.
Browse key industry insights spread across 110 pages with 130 market data tables & 12 figures & charts from the report, “Animal Genetics Market Size By Animals (Canine, Porcine, Poultry, Bovine), By Service Type (DNA Typing, Genetic Trait Testing, Genetic Disease Tests), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing acceptance of genomic disease tests will favor the industry expansion
The genetic disease tests segment accounted for 30% of the animal genetics market share in 2020. Rising adoption of genomic disease tests to prevent financial and productivity loss of farm owners, will create substantial growth opportunities. Presence of several market participants offering novel genetic disease tests to measure the immune system's response to a specific disease-causing organism, will boost the market growth. For instance, Animal Genetics Inc. offers wide variety of genetic disease tests for avian, canine, and equine animals. Increasing genetic disease tests in livestock animals will surge its industry revenue over the coming years.
Rising research on animal genetics across several European countries will fuel the market expansion
Europe animal genetics market is poised to expand at more than 6% CAGR through 2027 on account of increasing acceptance of latest technologies in animal genetics. Growing demand for animal protein will create robust market demand for animal genetics testing. Additionally, several European countries in collaboration or independently are carrying out active work on animal genetic resources (AnGR) that will augment the usage of animal genetics. Rising research activities across Europe on farm animal genetics and breeding such as management of variation, sustainable utilization and others will prove beneficial for the market value.
Adoption of several growth initiatives assists major industry leaders to maintain their market share
Some of the leading companies operating in the market include Genus, Neogen, Animal Genetics, Zoetis, VetGen, CRV Ambreed, Envigo, Hendrix Genetics and others. These industry participants undertake several growth strategies to maintain strong foothold in animal genetics business.