Global Animal Genetics Market Set to Reach $8.94 Billion by 2028: Surge in Demand for High-Performance Breeds Drives Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Animal Genetics Market Forecast to 2028 – Global Analysis by Type, Animal, Genetic Material, and Geography” report has been added to ResearchAndMarkets.com’s offering.
The global animal genetics market, which was valued at USD 6,132.64 million in 2022, is projected to reach USD 8,941.90 million by 2028, registering a steady CAGR of 6.5% from 2022 to 2028. This market growth is primarily attributed to the rising preference for animal-derived food products and the widespread adoption of progressive genetic practices in the animal husbandry industry.
Market Dynamics:
Drivers:
- Growing Preference for Animal-Derived Food Products
- Rising Adoption of Progressive Genetic Practices
Restraints:
- Lack of Skilled Professionals in Veterinary Research
- Stringent Government Regulations for Animal Genetics
Opportunities:
- Innovations in Phenotyping Services
Trends:
- Building Gene Banks and Investments in Animal Genetics
Animal genetics is a field of study that delves into the inheritance of genes and genetic variations in companion, domestic, and wild animals. It encompasses a range of genetic practices, including genetic trait testing, DNA testing, and genetic disease testing. The market for animal genetics is set to flourish in the coming years.
One of the key focal points of animal genetics is to understand and manipulate gene variations in animals. This science is put into commercial use for various purposes such as testing genetic disorders, analyzing genetic traits, and determining DNA types.
Furthermore, advanced animal breeds are being developed through genetic engineering techniques to achieve large-scale production of modified breeds with desirable traits. Practices such as artificial insemination (AI), embryo transfer, and cytological studies are employed for hybridization, leading to the creation of superior animal breeds. AI, for instance, offers benefits such as risk reduction in animal breeding and prevention of disease transmission.
It has been observed that female cattle born through AI tend to produce more milk than those born through natural breeding. The use of AI also involves the utilization of antibiotic-containing semen extenders, which contributes to a more hygienic process compared to natural mating.
Key players in the animal genetics market are actively engaging in partnerships, collaborations, and acquisitions to develop genetically modified breeds and strengthen their market presence. For instance, in August 2020, Cogent and AB Europe joined forces to launch a novel sexed semen service for sheep producers in the UK.
Similarly, in April 2023, VikingGenetics strategically collaborated with the Indian distributor Bulls-n-more to supply future-friendly genetics in India. Such collaborations aim to empower farmers with advanced technologies for enhancing the genetics of their herds. These technologies also offer benefits such as improved record-keeping, maintenance of breed and calving records, and prevention of disease transmission.
Genetic Material-Based Insights:
Based on genetic material, the animal genetics market is segmented into semen and embryo. In 2022, the embryo segment held the larger market share. Preimplantation genetic testing has emerged as an early prenatal genetic diagnosis method that allows the identification of abnormal embryos, enabling the transfer of genetically normal embryos. DNA testing of horse embryos, for example, allows the selection of embryos with desired traits such as sex, coat color variants, or freedom from known genetic diseases, thereby optimizing the outcome of the embryo transfer process.
While the embryo segment is poised to maintain its dominance, the semen segment is expected to exhibit a higher CAGR during the forecast period. Accurate prediction of male fertility holds significant economic importance in the animal breeding industry. Semen DNA tests are conducted to analyze the genotype on semen-stained specimens, aiding in animal breeding. Sperm concentration, a crucial factor affecting fertility, is analyzed routinely in most farm animals produced through artificial insemination (AI). The quality of semen significantly impacts the efficiency of AI, making semen testing an essential practice in commercial farms.
Companies Mentioned:
- Neogen Corp
- Genus Plc
- Topigs Norsvin Nederland B.V.
- Zoetis Inc.
- Hendrix Genetics B.V.
- Inotiv Inc.
- Animal Genetics Inc.
- Alta Genetics Inc.
- Groupe Grimaud LA Corbiere
- Charles River Laboratories International Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 199 |
| Forecast Period | 2022 – 2028 |
| Estimated Market Value (USD) in 2022 | $6.13 billion |
| Forecasted Market Value (USD) by 2028 | $8.94 billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/srtzx2
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