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Animal genetics involves selective breeding techniques and genetic engineering methods to improve production, health, and appearance of farm animals. It helps in developing genetically superior livestock breeds with desirable traits such as higher fertility rate, increased milk production, better meat quality, and disease resistance. Genetically modified livestock breeds require less resources including feed and water while providing higher yields. The increasing demand for protein rich food along with growing meat consumption is driving the need for animal breeding programs globally.
The global animal genetics market is estimated to be valued at US$ 6.6 Billion in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for genetically superior livestock breeds from farmers and livestock breeders is a major driver fueling the growth of the animal genetics market. The genetically modified livestock has higher fertility rates and disease resistance which reduces production costs for farmers. Additionally, the growing concerns regarding food security is augmenting the adoption of animal genetics techniques globally. Developing nations in Asia Pacific and Latin America are witnessing increased meat consumption which is propelling the need for high-yielding livestock breeds in these regions. However, high development costs associated with animal breeding programs and ethical concerns regarding genetically modified organisms may restrain the market growth during the forecast period.
Segment Analysis
The global animal genetics market can be segmented based on products, animal type, services and geography. The products segment of animal genetics market is further divided into live animals, genes and semen. The major sub-segment dominating the market is the genes segment which holds more than 35% of market share. This is because genes segments provides DNA samples through advanced genomic selection programs which enhances selection accuracy and response to selection of superior animals.
PEST Analysis
Political: Governments worldwide are supporting innovations in animal genetics through funding programs and incentives for research activities which is positively impacting the market growth.
Economic: Rising disposable incomes in developing countries is increasing the demand for livestock products which is fueling the need for advanced genetic technologies to improve production efficiency of livestock.
Social: Growing focus on animal welfare and reluctance towards the use of antibiotics is augmenting the demand for genetically improved animal breeds with higher disease resistance.
Technological: Advancements in bioinformatics, genomics and reproductive techniques are enabling superior trait selection and production of disease resistant varieties at faster rates which is driving the market.
Key Takeaways
The global animal genetics market is expected to witness high growth at a CAGR of 7.4% during the forecast period of 2023 to 2030.
Regional analysis shows that North America dominates currently due to presence of major players and support for research activities in the region. The Asia Pacific region is projected to be the fastest growing market owing to rising meat consumption, increasing livestock production and growing awareness.
Key players operating in the animal genetics market are BS Global (US), Groupe Grimaud (France), Zoetis (US), Hendrix Genetics (Netherlands), Topigs Norsvin (Netherlands), CRV Holding (Netherlands), and Neogen (US). Key players like Zoetis and Hendrix Genetics are investing heavily in R&D to develop genetically improved animal breeds with superior production and disease resistance traits.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
