New York, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Animal Genetics Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Animal Genetics Market Size:
The global animal genetics market is estimated to garner a revenue of ~USD 10067 Million by the end of 2033 by growing at a CAGR of ~6% over the forecast period. Additionally, the market generated a revenue of ~USD 5407.0 Million in the year 2022. The soaring animal livestock population around the world is the main factor predicted to contribute to the market's expansion over the ensuing years. It has been noted that the number of cattle increased from over 900 million in 2018 to approximately 1000 million in 2022.
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Further, the trends in the global animal genetics market including the explosive rise of animal genetic companies, the rising number of malnourished people worldwide, and the considerable increase in beef consumption are anticipated to favorably impact the market's growth over the forecast period. For instance, the production of beef and veal was estimated to be around 55 million metric tons in 2022 across the globe. In addition to this, animal genetics, or the study of genes and how they affect animals, is an important aspect of the growth of livestock. For better production of goods obtained from animals, including eggs, meat, milk, fiber, and others, animal genetics becomes crucial. As a result, each of these variables is anticipated to contribute to the market's expansion throughout the upcoming years.
Global Animal Genetics Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Porcine segment to dominate the revenue graph
- Genetic trait sub-segment remains prominent in the genetic testing segment
Growing Prevalence of Animal Infectious Diseases and Higher Inclination Toward Pet Ownership to Boost Market Growth
Understanding the source of some diseases is very useful in developing a better treatment. Animals also transmit a wide range of illnesses, including hookworms, ringworms, salmonella, parrot fever, Lyme disease, and others. Therefore, understanding animal genetics is helpful to prevent such severe medical diseases. Further, the growing prevalence of these animal infectious diseases across the globe is estimated to boost market growth. Based on the report released by the Centers for Disease Control and Prevention, it was stated that 6 out of 10 infectious diseases are spread from animals to people. Furthermore, nearly 450,000 illnesses are caused by animals annually.
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The growth of the market can be attributed to the increase in the population of pets all around the globe. In 2021-22, almost 65% of the households in the USA were noticed to own a pet summing up to nearly 85 million families. Further, the global market is further expected to be propelled by other factors, mainly, the rapid urbanization & increasing disposable incomes, the growing number of pet owners, and an upsurge in demand for veterinary services over the forecast period.
Global Animal Genetics Market: Regional Overview
The global animal genetics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Production and Consumption of Meat to Drive Growth in the North America Region
As of 2022, the market in the North American region has the largest share of 36.26%, and it is estimated to garner a significant revenue over the forecast period on account of rising demand for premium breeds as well as increased consumption and production of different types of meat, primarily pork. As of 2021, approximately 25,000 million pounds of pork were produced in the U.S., up from almost 24,000 million pounds in 2018. Further, the growing awareness among people regarding protein intake and a healthy lifestyle is estimated to boost the market growth in the region.
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Rising Pet Population to Drive Growth in the Europe Region
On the other hand, the market in Europe region is estimated to gain noteworthy market share over the forecast period owing to increasing pet population in the region. According to one of the surveys, in Europe nowadays, 38% of households have a pet. 88 million households, in total. Further, the easy availability of better medical facilities, backed by the favorable medical policies for veterinary treatment in the region are estimated to elevate the market growth.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Animal Genetics Market, Segmentation by Animal Type
- Canine
- Bovine
- Porcine
- Poultry
- Others
The porcine segment has the biggest market share of these, accounting for 31.15% in 2022. The increasing number and demand for pigs around the world can be attributed to the segment's rise during the forecast period. For instance, China had the most pigs with over 400 million heads, whereas in the United States, it was anticipated that there would be close to 70 million heads in 2022. In addition to this, the growing liking of pork consumption around the world, backed by rising food industry across the globe is estimated to boost the segment growth.
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Global Animal Genetics Market, Segmentation by Genetic Testing
- Genetic Trait
- DNA Typing
Among these, the genetic trait segment is estimated to hold significant market share over the forecast period. This segment of genetic testing looks for changes, sometimes called mutations or variants, in the DNA. Genetic trait testing is useful in many areas of medicine and can change medical care for animals as it can test the disease in the initial stage. Moreover, the rising rate of infection and diseases among and due to animals is estimated to boost the segment growth. As per the World Health Organization, globally, it is estimated that zoonoses cause about a billion cases of disease and millions of fatalities each year. Zoonoses account for over 60% of new infectious illnesses that are reported globally.
Global Animal Genetics Market, Segmentation by Genetic Material
- Embryo
- Semen
- Others
Few of the well-known market leaders in the global animal genetics market that are profiled by Research Nester are Hendrix Genetics BV, Genus plc, Animal Genetics Inc., Crv Holding B.V., Vetgen LLC, Neogen Corporation, Topigs Norsvin, Zoetis Inc., GROUPE GRIMAUD LA CORBIERE, Royal Agrifirm Group, and others.
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Recent Developments in the Global Animal Genetics Market
- In June 2022, Hendrix Genetics BV will work with CSIRO, Australia's national science organization. This partnership has been established to carry out research on cutting-edge sex-sorting technologies for the egg-laying sector.
- In October 2020, Tropic Biosciences, a pioneering agricultural-biotechnology business, and Genus Plc, a global leader in animal genetic improvement, have established a partnership to investigate the use of Tropic's Gene Editing induced Gene Silencing technology in porcine and bovine genetics.
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