DUBLIN--(BUSINESS WIRE)--The "Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Traits Testing)) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global animal genetics market is projected to reach USD 7.7 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 7.1% during the forecast period.
The growth in this market is driven by the increasing consumption of animal-derived protein, growing global population & rapid urbanization, growing focus on identifying superior breeds, increased adoption of genetic services to prevent genetic diseases & business loss, and increased adoption of advanced genetic technologies. On the other hand, the shortage of skilled professionals in veterinary research, and emergence of alternatives like lab-based meat are some factors restraining market growth.
The live animals accounted for the largest share of the animal genetics market in 2020.
Based on products and services, the animal genetics market has been segmented into live animals, genetics materials, and animal genetic testing services. The factors attributing to the large revenue of the live animals segment include the high demand for live animals for breeding purposes. The introduction of disease-resistant animals has further boosted the demand for live animals, as they are economically viable for owners and increase their profitability.
The market in Asia Pacific is projected to witness the highest growth rate during the forecast period (2021-2026).
Europe accounted for the largest share of the animal genetics market in 2020. Better accessibility to technologies and well-established distribution channels, the growing demand for livestock food products, high intake of animal-derived proteins, and increasing animal welfare activities in the developed countries of Europe and North America account for their larger market shares.
Market Dynamics
Drivers
- Increasing Consumption of Animal-Derived Protein and Dairy Products
- Growing Global Population and Rapid Urbanization
- Increasing Customer Awareness
- Increased Demand for Companion Animals
- Genetic Services to Prevent Genetic Diseases and Business Loss
- Increased Adoption of Advanced Genetic Technologies
Restraints
- The Emergence of Alternative Such as Lab-Based Meat
Opportunities
- Untapped Market Potential in Developing Countries
- Innovations in Phenotyping Services
- Significant Investments in R&D and Expansions by Key Players
Challenges
- Need for Specific Breeding Programs for Breeds with Inferior Economic Performance
- Economic Sustainability in Local Breeds
- African Swine Fever Outbreak in China and Further Spread
- Shortage of Skilled Professionals in Veterinary Research
Companies Mentioned
- Accelerated Genetics
- Agri-Gene
- Animal Genetics
- Cobb-Vantress
- Crv Holding
- Danbred
- Envigo
- Eurogene Ai Services
- Ew Group Gmbh
- Genetic Veterinary Sciences
- Genus
- Groupe Grimaud
- Hendrix Genetics
- Indical Bioscience
- Inguran LLC Dba St Genetics
- Milk Source
- Neogen Corporation
- Semex Alliance
- Topigs Norsvin
- Trans Ova Genetics
- Tropical Bovine Genetics
- Urus
- Vetgen
- Viking Genetics
- Zoetis
For more information about this report visit https://www.researchandmarkets.com/r/1outg9
