Animal Genetics Market to Reach US$ 8,022.7 Mn by 2026, Growth Propelled by Advances in Animal Care, notes TMR Study

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Jul 11, 2022, 11:30 ET

Demand for genetically improved livestock breeds underpins massive opportunities in the animal genetics market; needs for identifying zoonotic diseases and preventing outbreaks create lucrative avenues
Asia Pacific and Latin America present vast revenue streams for firms in animal genetics market; growing R&D in genetics for companion animals pivots profitable avenues

WILMINGTON, Del., July 11, 2022 /PRNewswire/ -- Worldwide need for livestock improvement has spurred animal genetics research for domesticated animals in developing and developed regions. Demand for genetic testing services among pets and companion animals has gathered traction especially in Asia Pacific and Latin America. The revenues of the global animal genetics market are projected to reach US$ 8,022.7 Mn by 2026.

Continued trend of domestication of livestock over the decades has led to rise in risks of zoonotic diseases, creating a need for development of genetically improved animals. The demand for food and other animal products is likely to grow unabated, and will fuel ongoing trends of the animal genetics market development. Companies in the animal genetics market are focusing on increasing the accuracy of genetic tests.

Breeders are increasingly utilizing quantitative genetics tools for understanding genetic differences between animals for identifying the traits of interest in whole population. Expanding science of animal genetics will pave the way to new avenues in animal genetics industry development. Companies in the animal genetics market have in recent years benefitted from growing access to genomic data. Furthermore, growing spate of ontogenetic studies are enriching the value chain of players in the animal genetics market.

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Key Findings of Animal Genetics Market Study

Live Animals Genetics to Generate Substantial Revenue Potential: Live animal genetics is a remarkably lucrative segment companies in the animal genetics market have tapping into in recent decades. It held a prominent share of the global market in 2017, and has been anticipated to advance at CAGR of 6.1% during the forecast period of 2018–2026. Increasing application of animal genetics for breeding programs is fueling revenue growth.
Robust Investments on Livestock Improvement Steering Market Growth: Animal breeders around the world are leveraging animal genetics methods and techniques for improvement of livestock. Rise in consumer spending on animal products in a number of emerging economies has spurred demand for animal genetics. Emphasis of breeders on developing genetically improved breeds of animals have invigorated profitable opportunities in the animal genetics market.
Rising Demand for Poultry Products Spurs Lucrative Opportunities: Massive demand for safe and nutritious poultry products has bolstered the revenue potential in the animal genetics market. New methods of poultry breeding have generated substantial revenue streams. Efforts to successfully adopt these methods of animal genetics for other domesticated animals have unlocked considerable lucrative avenues.

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Animal Genetics Market: Key Drivers

Evolving regulatory frameworks for animal welfare has driven steady investment in livestock improvement. This underpins the growth of animal genetics market.
Increased prevalence of zoonotic diseases, coupled with the growing trend of pet ownership in several industrialized nations, is a key driver of the animal genetics market. Growing body of research into genetic management of disease in livestock and companion animals have catalyzed growth prospects.

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Animal Genetics Market: Regional Growth Dynamics

North America held a leading share of the global animal genetics market in 2017. The revenue streams are propelled by intense focus on livestock improvement on the back of rise in consumption of animal products. The U.S. and Canada are lucrative country markets.
Latin America and Asia Pacific have recently emerged as vastly lucrative regions in the global animal genetics market. Rise in companion animal ownership and growing pet spending in these regions have steered revenues in the regional markets.

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Animal Genetics Market: Key Players

Some of the key players in the animal genetics market are Hendrix Genetics, Animal Genetics Inc., VetGen, Topigs Norsvin, Groupe Grimaud, Zoetis, Inc., Neogen Corporation, CRV Holding B.V., and Genus plc.

Animal Genetics Market Segmentation

Product Type

Live Animals

Bovine
Porcine
Poultry
Canine
Piscine
Other

Genetic Material

Semen
Embryo
Other

Genetic Testing

Region

North America

U.S.
Canada

Europe

Germany
U.K.
France
Spain
Italy
Rest of Europe

Asia Pacific

Australia & New Zealand
Japan
China
India
Rest of Asia Pacific

Latin America (LATAM)

Brazil
Mexico
Rest of Latin America

Middle East & Africa (MEA)

GCC
South Africa
Rest of Middle East & Africa

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Genetic Testing Services Market: The global genetic testing services market was valued at US$ 41.2 Bn in 2018 and is anticipated to expand at a CAGR of 7.3% from 2019 to 2027.

Animal Health Care Market: The animal healthcare market in India is anticipated to exceed US$ 1.36 Bn by the end of 2031. The market in the country is projected to expand at a CAGR of 6.9% from 2022 to 2031.

Animal Healthcare Market: The global animal healthcare market is expected to cross the value of US$ 63.2 Bn by the end of 2028. It is estimated to expand at a CAGR of 7.2% from 2021 to 2028.

Animal Drug Compounding Market: The animal drug compounding market is projected to climb a revenue growth from US$ 1 Bn in 2019 and cross US$ 1.7 Bn by 2030.

Companion Animal Diagnostics Market: The global companion animal diagnostics market is set to expand at a high CAGR of ~9%, to be valued at ~US$ 5 Bn by the year 2027.

Animal Parasiticides Market: The global animal parasiticides market was valued at US$ 5,606.8 Mn in 2017 and is projected to surpass US$ 8,963.9 Mn by 2026, expanding at a cumulative annual growth rate (CAGR) of more than 5.5 % from 2018 to 2026.

Animal Blood Plasma Products and Derivatives Market: The global animal plasma products and derivative market was valued at US$1.04 bn in 2015 and is estimated to attain the value of US$1.92 bn by the end of 2024 at a CAGR of 7.10% over the forecast period from 2016 to 2024.

Molecular Diagnostics Market: The global molecular diagnostics market is expected to reach the value of US$ 37.19 Bn by the end of 2028. It is estimated to expand at a CAGR of 11.1% from 2021 to 2028.

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