Animal Genetics Market
Animal Genetics Market Research Report Segmented By Product (Live Animals, Genetic Material, Genetic Testing), By Live Animals (Bovine, Porcine, Poultry, Canine, Piscine, Others), By Genetic Material (Semen, Embryo, Others), & By Region - Global Market Insights 2020 to 2026
Animal Healthcare Sector to Grow as Crucial End-use Industry in Animal Genetics Market
The development of progressive genetic modification practices is leading to the high production of animals with modified breeds, thereby attracting investments from end users.
Livestock farmers are achieving high milk- and meat-production by leveraging animal genetic technology. Through strategic breeding, livestock farmers are able to achieve relatively higher gains, which is projected to broaden the end-user base of the animal genetics market.
Besides this, the high susceptibility of animal-borne disease transmission to humans has been a push for the animal health industry from central authorities to formulate effective therapeutics for animals.
Following this influence, the prominence of animal genetics is on a perpetual rise for animal testing.
However, the cost-prohibitive nature of animal testing, coupled with lack of skilled professionals, could limit the otherwise steady growth rate of the animal genetics market. All-in-all, players can anticipate healthy movement of the animal genetics market, with an estimated value of ~US$ 8 Bn by the year 2026.
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Significance of Genetic Modification among Poultry Animals to Grow Exponentially
The popularity of genetic modification in bovine animals has been high, and is projected to continue through 2026, given the high sales of dairy products on a global level.
Besides this, the high susceptibility of cattle to respiratory diseases, alongside the financial cushion offered by central authorities to foster the development of healthcare technologies, is further anticipated to increase the reliance of livestock farmers on animal genetics.
However, recent times have recorded a massive increase in the demand for poultry products, given the influence of drivers such as urbanization and growing population density.
Poultry meat and eggs are gaining ground as crucial nutrition sources for humans, on account of which, livestock farmers are looking at increasing their production capacities.
In addition, the by-products of poultry are used as manure, while eggshells are fed to farm animals such as pigs. These multi-dimensional aspects of poultry animals are creating robust economic value for livestock farmers. On the backdrop of these influences, poultry animals are expected to account for the leading growth rate, i.e. 6.5%, in the animal genetics market during 2020-2026.
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Advancements in Artificial Insemination Techniques to Drive Opportunities
Embryos have been of paramount importance in the genetic modification of live animals, on account of their relatively high efficiency over semen.
Several livestock farmers have also noted a rise in the reproduction rate among bovine animals, thereby indirectly influencing their profitability.
Besides this, on the scale of cost of genetic materials, an embryo is found to have low import cost, which further increases its preference for genetic modification procedures.
On account of better outcomes and cost benefits, embryo remains a leading genetic material, with the sub-segment estimated to record a CAGR of ~6% over the forecast period.
With growing focus on hygiene in animal shelters, this technique eliminates the possible transmission of diseases during the mating of animals, thereby upgrading the quality of livestock.
Asia Pacific to Grow as a Goldilocks Region for Investment
Numerous macroeconomic and microeconomic aspects are boding exponential growth for the Asia Pacific animal genetics market. Macroeconomic factors such as urban sprawl and high population density are perpetually pressurizing food producers to meet nutritional demand by increasing the production rate of livestock animals.
On the other hand, the animal healthcare ecosystem has been on a progressive improvement track, which is unfolding opportunities for players in the animal genetics market to develop effective animal testing procedures.
Given the influential position of this region in the food industry, with innovation being the key strategy to survive in the competitive landscape, the demand for quality livestock is on the rise. On account of these aspects, Asia Pacific is considered as a goldilocks region for investment and geographical expansion.
However, North America is projected to retain its dominance in the global animal genetics market during the forecast period, on account of the high demand for beef and poultry food products in the region.
High technological competencies of players operating in this region are attracting numerous license agreements from other key players to gain a reciprocal advantage in the animal genetics market, which is a crucial revenue stream for the regional market.
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Animal Genetics Market – Assessment of Segmentation
The global animal genetics market is segmented based on product and geography.
This study on the global animal genetics market has product- and country-specific data, along with market size valuation and forecast price point assessment of the same. The price index and the impact analysis of key regional and country-wise dynamics, also mentioned in the report, have been obtained through quotes from stakeholders and experts in the global animal genetics market. An in-depth analysis on the Y-o-Y growth projections of the animal genetics market are also included in this report.