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Animal genetics is the scientific study of genes, hereditary traits and genetic material of farm animal breeds. Some of the most common breeding objectives include higher milk production, better growth rates and carcass traits, disease resistance and heat/cold tolerance. Animal genetics aims at improving economic productivity by introducing desirable genetic traits. Techniques like artificial insemination, embryo transfer and genomic selection help producers identify genetically superior animals for breeding purposes. This has advantages like increased yields, faster growth rates and better disease resistance in the offspring herds. The global Animal Genetics Market accounts for livestock production industries like dairy, beef and poultry breeding programs focused on developing higher quality and productive breeds.
The global Animal Genetics Market is estimated to be valued at US$ 6.6 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends in the animal genetics market is increasing adoption of advanced reproductive techniques. Embryo transfer and artificial insemination are widely used techniques to introduce desired genetic materials into recipient animal herds. This helps bypass natural mating barriers and speed up genetic advancement. Emerging gene editing technologies like CRISPR are also being explored to enhance livestock productivity. Genome sequencing is another area gaining traction, as it allows more accurate genetic selection and identification of trait-carrying variants in the genome. Overall, technological advancement in reproductive science, genomics and precision breeding are projected to significantly impact the animal genetics industry over the coming years.
Porter’s Analysis
Threat of new entrants: New companies can find it difficult to enter this market as it requires huge investments in R&D, production facilities and branding to gain customers’ trust.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players providing a variety of animal genetics products.
Bargaining power of suppliers: Suppliers have low bargaining power as raw materials required are common and industry players can choose from multiple supplier options.
Threat of new substitutes: Threat of substitution is low as there are limited alternatives available for animal genetics products.
Competitive rivalry: The global animal genetics market is highly fragmented with presence of numerous international and regional players.
Key Takeaways
The global animal genetics market is expected to witness high growth. The market size is projected to reach US$ 6.6 Bn by 2024, growing at a CAGR of 7.4% during the forecast period.
Regional analysis: North America dominates the global animal genetics market currently owing to large livestock farming in the US. Europe follows behind and is expected to grow at a significant rate owing to increasing meat consumption in countries like Germany, UK and Italy. Asia Pacific is projected to be the fastest growing region on back of rising meat demand in China and India.
Key players: Key players operating in the animal genetics market are BS Global (US), Groupe Grimaud (France), Zoetis (US), Hendrix Genetics (Netherlands), Topigs Norsvin (Netherlands), CRV Holding (Netherlands), and Neogen (US). These companies are focusing on new product launches and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
