Animal Genetics Market Exhibits 7.2% CAGR to Reach USD 11.82 Billion by 2029
Fortune Business Insights
6 min read
Fortune Business Insights
As per the report by Fortune Business Insights, the global Animal Genetics Market size is projected to reach USD 11.82 Billion in 2029, at a CAGR of 7.2% during the forecast period. North America to Lead Market Share Due to Increasing Cases of Genetic Disorders
Pune, India, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Global Animal Genetics Market Size was valued at USD 6.80 billion in 2021. The market is projected to grow from USD 7.27 billion in 2022 to USD 11.82 billion by 2029, exhibiting a CAGR of 7.2% during the forecast period.
Animal genetics refers to the development of new and superior breeds of animals by altering their genetics. Genetics are used for various types of testing such as genetic trait testing, DNA typing, and genetic disease testing. The increasing population of livestock is projected to aid market development. Fortune Business Insights™ shares this information in its report titled “Animal Genetics Market, 2022-2029.”
Key Industry Development
June 2022- Zoetis acquired Basepaws, a petcare genetics company. This acquisition is set to enhance the company's portfolio in genetic testing and data analytics in advancing animal care.
In 2021, the North American market stood at USD 3.58 billion.
The animal type segment is expected to lead this market during the forecast period.
Growing consumption of animal-derived protein, growing population and rapid urbanization, and increasing focus of researchers to identify the superior breed are significant factors driving the growth of the market.
North America dominated the market in terms of share in 2021.
Genus plc, Hendrix Genetics BV, and Urus Group LP are some of the major players in the global market.
Drivers and Restraints
Introduction of New Products to Push Market Progress
The increasing introduction of new products is anticipated to drive the animal genetics market growth. The demand for animal-derived proteins, genetic testing, and genetic material has propelled many countries to launch government programs for the genetic improvement of bovine and other animals. Various companies have been focusing on launching many new genetic tests with more well-calibrated, safe, and efficient which have revolutionized the portfolio of genetic testing. The growing adoption of protein derived from animals is set to boost market growth.
However, a shortage of skilled professionals and limited infrastructure for veterinary are expected to limit the market growth.
Segments
Animal Type to Lead Due to Shift toward Animal Protein Consumption
On the basis of product & service, the market is divided into animal type, genetic material, and service type. The animal type segment held the largest share in 2021 due to shifting toward animal-protein consumption and government efforts to reduce environmental effects. The genetic material segment is set to have the highest CAGR due to the growing prevalence of several genetic disorders in livestock and companion animals.
Research Centers & Institutes to Lead the Segment Due to Growing Research Activities
As per end-user, the market is divided into veterinary hospitals & clinics, research centres & institutes, and others. Research centres & institutes segment to have a higher share due to growing research on the advancement of genetic material and growing adoption of animal breeding practices for the production of modified breeds. The veterinary hospitals & clinics segment is estimated to have a moderate CAGR in the coming years owing to an increase in livestock and companion animals and investments by governments.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
North America to Lead Market Share Due to Increasing Cases of Genetic Disorders
North America is expected to have a high animal genetics market share due to the increasing number of animals in the U.S. with genetic disorders. Factors such as R&D activities for improved breeding and reproduction are expected to propel market growth.
Europe holds the seconds largest position in the market due to the increasing prevalence of disease resistance among animals, particularly poultry and pigs.
Asia Pacific is projected to have the highest and strongest CAGR due to increasing awareness amongst the general population regarding animal health.
Competitive Landscape
Acquisition Strategies by Key Players to Propel Market Growth
The market has various players such as Genus, Hendrix Genetics BV, and Urus Group LP as primary animal genetics players. They have a moderate market share due to diverse product portfolios, strong R&D initiatives and activities, and strong geographical reach. In August 2022, URUS Group LP completed the acquisition of Trans Ova Genetics, a leading supplier of bovine reproductive technologies for the creation of sustainable, productive, and profitable cow herds.
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