Animal genetics involves selective breeding techniques and technologies used to improve desirable traits in domesticated animals. Genetic products associated with this market include genetics testing equipment, animal identification products, pregnancy testing equipment, embryo transfer equipment, semen collection equipment, and other genetic laboratory equipment. Demand for animal genetics is driven by the need to produce animals with high milk and meat yields through crossbreeding, reproductive and genetic technologies.
The global animal genetics market is estimated to be valued at US$ 6.6 Bn in 2023 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 the growing adoption of advanced genetic technologies like genome editing and genetic fingerprinting. Genome editing techniques like CRISPR are being used to improve traits like disease resistance and feed efficiency in livestock. Genetic fingerprinting techniques are also increasingly being utilized for parentage verification and genetic quality control purposes. Another major trend is the rising focus on animal welfare and sustainable breeding practices. There is growing demand for animal genetics products that can help reduce stress, disease incidence and mortality rates in farm animals. Breeding techniques emphasizing the overall well-being of animals are gaining traction. Researchers are also exploring animal genetics solutions to reduce the environmental footprint of livestock production systems.
Porter’s Analysis
Threat of new entrants: The animal genetics market has moderate threat from new entrants due to high R&D costs and technical expertise required.
Bargaining power of buyers: Buyers have low bargaining power due to limited product availability from suppliers and branding of existing players.
Bargaining power of suppliers: A few large multinational companies dominate the supply side providing genetic testing, sexed semen, and other products. This gives them strong bargaining power over buyers.
Threat of new substitutes: There are limited substitutes for animal genetics as it provides breeding solutions critical for livestock production.
Competitive rivalry: The market has high competition due to presence of global key players offering varied animal genetics products and services.
Key Takeaways
The global animal genetics market is expected to witness high growth driven by rising demand for animal protein and adoption of advanced genetic technologies. The global animal genetics market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
North America dominates the market currently due to high consumption of protein diets and advanced livestock farming practices in countries like US and Canada. Europe is also a major market for animal genetics assisted by increasing consumption of dairy and meat products and supportive government policies for livestock development. On the other hand, Asia Pacific region is expected to grow at fastest pace during the forecast period. This can be attributed to growing population, rise in disposable incomes, and infrastructure investments in countries like China and India.
Key players operating in the animal genetics market are BS Global, Groupe Grimaud, Zoetis, Hendrix Genetics, Topigs Norsvin, CRV Holding, and Neogen. The companies are focusing on expanding their product portfolio and geographical footprint through strategic collaborations and acquisitions. For instance, Hendrix Genetics acquired 100% stake in Dutch genetics company CRV to strengthen its poultry operations globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.