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Animal genetics involves selective animal breeding to improve desirable traits such as nutritional values, size, disease resistance. Products derived from animal genetics include semen, embryos, and live animals. Pork, poultry and cattle are key targets for animal genetics with increasing demand for animal protein globally. Pork and poultry farmers use genetic testing services pre-breeding to select genetically superior animals for desirable production traits like growth rate and feed efficiency.
The global animal genetics market is estimated to be valued at US$ 6.6 Bn in 2023 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.
The global animal genetics market is driven by increasing global demand for animal protein. Pork and poultry industries make extensive use of genetic technologies to rapidly and efficiently breed animals that are highly productive. Genetic testing and selection allows farmers to gain over 1% increase in annual growth rates and feed conversion rates. This translates to substantial savings and higher returns for animal agricultural industries. Rising incomes in developing countries is propelling demand for meat and dairy products. Rapid urbanization is also driving preference towards protein-rich diets. Technological advancements in genomics are enabling more precise genetic selection of superior traits at lower costs. This is encouraging greater adoption of advanced animal breeding techniques globally.
Market Dynamics:
Increasing global demand for animal protein is one of the key drivers of growth in the animal genetics market. Rising incomes and expanding middle class populations in developing Asian countries are fueling meat consumption. Pork and poultry meat are preferred sources of affordable animal protein. Advancements in genomics and precision breeding technologies allow for selection of enhanced production traits like growth rate and feed efficiency in swine and poultry. This is boosting productivity and farm profitability. For example, genetic selection can achieve over 1% annual increases in growth rate and feed conversion rates for pigs. Such improvements translate to substantial savings for pork producers. Sufficient availability of superior genetically selected breeding stock then drives greater demand for animal genetics and breeding technologies globally over the forecast period.
Segment Analysis
The global animal genetics market is dominated by the poultry segment which accounts for nearly half of the market share. Poultry genetics addresses the demand for meat and eggs globally. Selective breeding helps enhance production efficiency and disease resistance in poultry. Within the poultry segment, broiler genetics is the largest sub-segment owing to rising demand for affordable meat sources around the world.
PEST Analysis
Political: Regulations regarding animal welfare and use of genetic technologies in livestock vary across countries and regions. This impacts market investments and new product developments.
Economic: Rising incomes and growing global population increase demand for meat and dairy. However, geopolitical issues can impact international trade and regional market growth.
Social: Consumer awareness about ethical farming practices and food quality/safety influences breeding practices and new product launches. Urbanization also alters consumption patterns.
Technological: Advancements in gene editing, genomic selection, and bioinformatics help enhance breeding efficiency and produce site-specific farm animals. This drives demand for advanced animal genetics products and services.
Key Takeaways
The global animal genetics market is expected to witness high growth over the forecast period driven by rising global demand for meat and dairy. The global animal genetics market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
The Asia Pacific region is the fastest growing market for animal genetics globally led by China and India. Large livestock numbers, rising meat consumption with economic growth, and government support for commercially oriented farming and breeding drives regional market growth.
Key players: 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). These companies offer a range of breeding stocks, genomic services, and genetic disease tests for major livestock.
*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.
