Animal Genetics Market worth $9.5 billion | MarketsandMarkets

CHICAGO, Aug. 10, 2023 /PRNewswire/ -- In the near future, the animal genetics industry is poised to undergo a transformative revolution, driven by rapid advancements in genomics, biotechnology, and data analytics. This industry will witness the emergence of cutting-edge techniques such as precision breeding, gene editing, and synthetic biology, enabling the tailored enhancement of livestock traits for improved productivity, disease resistance, and environmental sustainability. Ethical considerations and regulatory frameworks will play a pivotal role in shaping the direction of this industry, ensuring that breakthroughs are balanced with responsible practices. As genetic insights continue to unravel, the animal genetics sector will likely foster collaborations between biotech companies, research institutions, and agricultural stakeholders to create a more resilient and efficient global food supply chain.

Animal Genetics Market in terms of revenue was estimated to be worth $6.6 billion in 2023 and is poised to reach $9.5 billion by 2028, growing at a CAGR of 7.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as better accessibility to technologies and well-established distribution channels drive growth in the developed markets across Europe and North America. Moreover, the growing demand for livestock food products has driven the need for genetic materials and live animals, as breeders and the animal food products industry seek higher productivity standards.

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Animal Genetics Market Scope:

Live animals segment accounted for the largest share of the animal genetics market.

The animal genetic products segment is categorized into live animals and genetic materials. In 2022, the live animals segment commanded the largest share of the animal genetics market. This is attributed to the high demand for live animals to breed generations with high-productivity traits, high maternity ability, high growth rates, and feed efficiencies. Also, growing demand for animal proteins, the rising awareness of the benefits of genetic improvement in livestock, and the technological advancements in animal breeding are further boosting the market growth. The key players in the live animal genetics market are Genus plc, EW Group, , Cobb-Vantress, Topigs Norsvin, and Hendrix Genetics.

The poultry segment accounted for the largest share of the animal genetics market.

The live animal segment is segmented into canine, poultry, porcine, bovine, and other live animals. The poultry segment accounted for largest share of the live animal market in 2022. The high demand for poultry meat and eggs in developed countries and the increasing demand for the same in developing countries due to the growing population and rapid urbanization drive the growth of the poultry segment.

Europe accounted for the largest share of the animal genetics market.

The global animal genetics market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, Europe accounted for the largest share of the animal genetics market, followed by North America and Asia Pacific. Market growth is driven by the need to improve livestock productivity, growing demand for animal food products, and the high intake of animal-derived proteins.

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Animal Genetics Market Dynamics:

Drivers:

1.  Growing global population and rapid urbanization

Restraints:

1.  The emergence of alternative such as lab-based meat

Opportunities:

1.  Innovations in phenotyping services

Challenges:

1.   Economic sustainability in local breeds

Key Market Players:

Some of the major market players in the animal genetics market include Neogen Corporation (US), Genus (Uk), Urus (US), EW Group Gmbh (Germany), Groupe Grimaud (France).

Recent Developments:

• In March 2023, URUS Group collaborated with Genetics Australia. The JV will be 60 percent owned by URUS and 40 percent owned by Genetics Australia (GA). It will have access to the full suite of GENEX products and access to the PEAK program.
• In January 2023, Zoetis collaborated with VAS to give farmers better compatibility crossover between Vas's PULSE platform, a broad farm management cloud-based software, and DairyComp, a herd health system with Zoetis's CLARIFIDE genetic and fertility testing.

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Animal Genetics Market Advantages:

• Improved Productivity: Animal genetics advancements enable the breeding of livestock with enhanced traits such as faster growth rates, increased milk or egg production, and efficient feed conversion, leading to higher overall agricultural productivity.
• Disease Resistance: Selective breeding and genetic engineering allow for the development of animals with increased resistance to diseases, reducing the need for antibiotics and minimizing disease-related economic losses.
• Quality Enhancement: Genetic improvements can lead to better meat quality, improved taste, tenderness, and nutritional content, meeting consumer demands for high-quality and nutritious products.
• Environmental Sustainability: By breeding animals that require fewer resources, produce less waste, and emit fewer greenhouse gases, the industry contributes to more sustainable and eco-friendly farming practices.
• Resource Efficiency: Animal genetics helps optimize resource utilization by minimizing inputs such as feed, water, and land while maximizing outputs, thus reducing the overall environmental impact of agriculture.
• Biodiversity Preservation: Focused breeding programs can help conserve and protect endangered or rare animal breeds, maintaining biodiversity within livestock populations.
• Reduced Food Insecurity: Enhanced genetics lead to increased food production, helping to address global food security challenges and ensuring a stable supply of animal-derived products.
• Economic Benefits: Farmers can benefit from increased profitability due to improved yields, reduced mortality rates, and access to premium markets willing to pay for genetically superior products.
• Human Health Research: Studying animal genetics can provide insights into human genetics and diseases, contributing to advancements in medicine and biotechnology.
• Innovation and Technological Progress: The animal genetics market drives technological innovation, fostering collaborations between biotech firms, researchers, and agricultural stakeholders to develop cutting-edge solutions.
• Customization: Advances in gene editing and synthetic biology enable the customization of animal genetics to meet specific market demands and consumer preferences.
• Ethical Considerations: Ethical practices within the industry, such as ensuring animal welfare and addressing potential concerns, help create a more responsible and transparent approach to genetic enhancements.

In summary, the animal genetics market offers a range of advantages that encompass improved agricultural productivity, environmental sustainability, economic growth, and ethical considerations, ultimately contributing to the development of a more resilient and responsible global food system.

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