Dublin, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The "Global Animal Genetics Market Size & Forecast to 2032" report has been added to ResearchAndMarkets.com's offering.
The global animal genetics market is set to soar, with an estimated value of USD 8.53 Billion in 2023 and a compelling CAGR of 5.8% during the forecast period from 2023 to 2032.
The market has experienced consistent growth in demand over the years, driven by the increasing need for enhanced genetics in livestock due to rising demands for dairy products, meat, and other animal-derived goods. Farmers and breeders are increasingly aware of the advantages of genetic selection and cutting-edge breeding techniques, leading to a surge in the demand for animal genetics services.
Additionally, the discovery of genome editing technologies like CRISPR-Cas9 has opened new avenues in the animal genetics industry, enabling the creation of animals with desirable features such as disease resistance, enhanced production, and better meat quality. Consequently, the market for animal genetics is expected to expand, driven by the growing demand for animal-derived products and the adoption of advanced breeding techniques.
Market Segmentation
The animal genetics market is segmented based on species type, genetic material, genetic testing services, and region.
- Among the species type, live animals such as bovine, porcine, and poultry are expected to hold a significant share in the market. The demand for poultry meat and eggs is particularly high in both developed and emerging countries due to population growth and rapid urbanization.
- In terms of genetic material, the semen segment is anticipated to hold a notable share due to increased consumer demand for enhanced animal productivity and efficiency, and the use of sexed semen in developing markets.
- Regarding genetic testing services, the genetic disease tests segment is expected to grasp a significant share due to the rising need to improve livestock animals' productivity and prevent genetic illnesses.
- Geographically, the North American market is projected to hold a significant share due to a large number of animals with genetic abnormalities and the involvement of key companies in animal genetics research and development.
- Similarly, the European region is expected to hold a substantial share in the global animal genetics market due to the rising incidence of disease resistance in animals, leading to increased demand for high-quality breeds.
- The Asia Pacific region is anticipated to experience the fastest growth, driven by increased public awareness about animal health, a large animal population, and growing spending on animal healthcare. Additionally, the region's rapidly growing economies, including China and India, are contributing to the rising demand for high-quality animal products and advanced genetic technologies.
In summary, the global animal genetics market is witnessing robust growth, fueled by the need for enhanced genetics in livestock and the adoption of cutting-edge breeding techniques. With the emergence of innovative genome editing technologies and a growing demand for animal-derived products, the animal genetics market is poised for significant expansion in the coming years.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 309 |
| Forecast Period | 2019-2032 |
| Estimated Market Value (USD) in 2019 | $6.82 Billion |
| Forecasted Market Value (USD) by 2032 | $14.2 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1. Market Abstract
Chapter 2. Market Introduction
Chapter 3. Key Related Data
Chapter 4. Impact Factor Analysis
Chapter 5. Market Development Analysis
Chapter 6. Global Animal Genetics Market, by Species Type
Chapter 7. Global Animal Genetics Market, by Genetic Material
Chapter 8. Global Animal Genetics Market, by Genetic Testing Services
Chapter 9. Global Animal Genetics Market, Regional Analysis
Chapter 10. Global Animal Genetics Market, Competitive Intelligence
Chapter 11. Global Animal Genetics Market, Company Analysis
Chapter 12. Appendix
A selection of companies mentioned in this report includes:
- Animal Genetics, Inc. (US)
- Australian Animal Genetics (Australia)
- Bovine Genetics (UK)
- CRV Holding (Netherlands)
- Danbred (Denmark)
- Generatio GmbH (Germany)
- Genus (UK)
- Genus Breeding (India)
- Groupe Grimaud (France)
- Hendrix Genetics B.V. (Netherlands)
- Inguran LLC DBA Stgenetics (US)
- Milk Source (US)
- Neogen Corporation (US)
- Semex (Canada)
- Topigs Norsvin (Netherlands)
- Trans Ova Genetics (US)
- Tropical Animal Genetics (P) Ltd. (India)
- Viking Genetics (Denmark)
- Zoetis Services LLC (US)
For more information about this report visit https://www.researchandmarkets.com/r/s64ha
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