With growing population and income levels globally, demand for high quality animal proteins like dairy, eggs and meat has been rising significantly. Animal genetics helps improve animal health, production efficiency and product quality in farm animals. Technologies like genetic marker assisted selection, genomic selection and reproductive biotechnologies help farmers and breeders select elite animals with desirable traits and accelerate genetic improvement. Products in this space include live animals (poultry and cattle), semen (bovine and porcine), and embryos (bovine and equine). Demand for high performance breeding stock and genetic testing and identification services is also growing. The global animal genetics market is flourishing with innovative products to meet these needs of industrial livestock farming.
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:
Adoption of advanced reproductive technologies is one of the key trends driving growth of the global animal genetics market. Technologies like in-vitro fertilization, multiple ovulation and embryo transfer (MOET) help producers generate more offspring from elite females in less time. This allows faster multiplication of superior genetics. Growing need for food security is also boosting demand for genetically superior livestock that yield more milk, eggs and meat efficiently. Breeders are focusing on breeding livestock with desired production and disease resistance traits suitable for industrial farming through strategies like genomic selection. Rising focus on animal welfare and sustainability is further steering livestock breeding towards improving animal health and Well-being.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/animal-genetics-market-2607
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the animal genetics market is moderate. New entrants need substantial capital investments in RD, infrastructure, and brand building.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, customers can switch to substitutes easily based on pricing and discounts offered by competing brands.
Bargaining power of suppliers: The bargaining power of suppliers is low as the market has many raw material suppliers and buyers source from multiple suppliers.
Threat of new substitutes: The threat of substitutes is moderate as techniques like artificial insemination face competition from natural mating and growth promoters.
Competitive rivalry: The rivalry in the animal genetics market is high owing to the presence of global and regional players catering to a wide range of livestock species.
Key Takeaways
The global animal genetics market is expected to witness high growth over the forecast period supported by rising consumption of animal-based products, increasing focus on animal welfare and growing demand for hybrid animals.
Regional analysis: North America dominates the global market owing to high demand for genetic testing services and presence of major players in the US. Asia Pacific market is projected to witness the fastest growth on account of rising population and increasing middle-class income in China and India raising meat consumption.
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). Zoetis is a leading player with wide geographic presence and strong portfolio of animal genetics products for various livestock species. Topigs Norsvin specializes in pig genetics offering advanced breeding programs.
