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The Animal Genetics Market has experienced substantial growth in recent years owing to advancements in genetic technologies such as artificial insemination, embryo transfer and genetic screening. Genetic companies are offering veterinary practices, breeding operations and livestock owners genetic tests as well as performance recording services to improve production traits, disease resistance and reproductive efficiency in cattle, swine, poultry and sheep. Genomic selection has revolutionized livestock industries by allowing producers to use genomic data for the selection of genetically higher yielding animals at a young age. This helps in faster genetic progress per generation. The global Animal Genetics Market is estimated to be valued at US$ 6.6 billion 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.
Market Dynamics:
One of the major drivers for the growth of the Animal Genetics Market is the increasing demand for genetically enhanced livestock from commercial meat and dairy producers. Livestock farmers are showing high inclination towards genomic technologies due to their potential to increase production rates and improve animal health. Genetically modified animals with desirable attributes fetch higher prices in the global meat market. Additionally, consumers are willing to pay more for high-quality meat and dairy products obtained from healthy livestock with superior genetic traits. These factors have triggered extensive research activities and commercial applications of advanced genetic tools among leading animal breeding companies. Technological advancements are also enabling genomics-based selection of locally adapted breeds with traits aligned to customer preferences in different geographic regions. This is expected to open new avenues for genome-editing applications and animal genetics market expansion over the forecast period.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/animal-genetics-market-2607
Segment Analysis
The global animal genetics market can be segmented based on product type, animal type, and geography. The animal type segment is further divided into poultry, porcine, bovine, canine, and other animals. Among these, the poultry sub-segment dominates the market owing to the huge demand for meat across the world. Poultry is one of the highly consumed meats globally, thus driving the demand for high-quality and productive poultry breeds.
PEST Analysis
Political: Governments across many countries are focusing on controlling disease outbreaks in livestock through genetic identification and selection programs. This is driving market growth.
Economic: Rising disposable incomes in developing nations have increased the demand for animal protein. This has encouraged farmers and breeders to invest in high quality genetics to boost production.
Social: Changing dietary patterns and demand for alternative protein sources are fueling the adoption of new animal breeds with superior traits. Consumers are also increasingly conscious about food safety and quality.
Technological: Advanced genetic technologies like genome sequencing, gene editing, and AI are being used to develop animals with higher yields, disease resistance, and environmental adaptability. This is positively impacting the market.
Key Takeaways
The global animal genetics market is expected to witness high growth over the forecast period due to rising demand for animal protein across the globe. Regionally, Asia Pacific dominates the market currently due to large bovine and poultry populations in countries like China and India. China has the world’s largest population of pigs and produces the most pork. Bovine genetics also have a sizeable demand here due to rising dairy consumption.
Key players operating in the animal genetics market are BS Global (US), Groupe Grimaud (France), Zoetis (US), Hendrix Genetics (Netherlands), and Topigs Norsvin (Netherlands). Hendrix Genetics and Topigs Norsvin are global leaders in porcine genetics while Zoetis has a strong presence across major farm animal segments. Innovation and portfolio expansion remain top priorities for key companies to strengthen their position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- 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.
