Animal Genetics Market to Show Vigorous Growth by 2024
Posted by BIS RSRCH on December 15th, 2020
The livestock industry contributes more than 40% to the global value of agricultural output and supports food security and the livelihood of a billion people across the globe. Advancements in the animal breeding, genetics, and genomics are supporting the growth of the animal genetics industry, leading to major companies expanding their businesses. Genetic improvement and evaluation programs are driving the growth of high-performance breeding stock, which is helping farmers to take advantage of the advanced animal breeding technologies to produce a better quality of livestock.
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The market research study offers a wide perspective of the animal genetics market and analyzes its impact on the end users by providing critical insights into the direction of its future expansion. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
The global food economy is being affected by the gradual change in food consumption patterns of animal-based products. The demand for animal protein is surging rapidly, and as per the Food & Agriculture Organization (FAO) statistics, the trend is expected to continue over the upcoming years. Animal genetic resources are an important part of biological diversity, which is inclusive of the breeds and strains of domesticated animals. With the increasing global demand for animal products, the production level of livestock has slightly reduced. Thus, to narrow the demand and supply gap, livestock producers across the globe are increasingly adopting animal genetics practice. Moreover, the global animal genetics market is also strongly prompted by the substantial support of the government in terms of investments, initiatives, and trade policies. In spite of the global presence, the market for animal genetics is relatively small as compared to other industrial input suppliers.
Animal genetics is a division of science which is related to the production of the animal with the required traits. The number of cattle has decreased over the past decade; however, the total production of beef and milk has increased. The increase in the production was because of the genetic advancements, which have led to increased animal genetic activities, resulting in increased production.
Genetic engineering in the animal genetics industry is mostly done for poultry animals, which are followed by cattle and swine. Increasing population and rapid urbanization, increasing demand for animal protein, rapid adoption of genetic services and practices such as artificial insemination and embryo transfer for large-scale production and quality breeds are the factors supporting the growth of animal genetics market.
Supported by increasing investments and technological developments, companies across the globe are working upon creating genetically modified animals with desirable characteristics, which can help in producing high-quality meat and milk, more efficiently and sustainably. The animal genetics market is witnessing gradual adoption of several upcoming technologies such as artificial insemination, sperm sexing, embryo transfer, and others, which are further propelling growth in the industry. The advent of IoT in communication technologies is expected to drive the market during the forecast period.
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The major solutions offered in the animal genetic industry include products and services. The product segment is further classified into live animals and genetic materials. The buyers of all products in the animal genetics industry are food manufacturers, dairy producers, beef traders, and suppliers of animal genetics stock to animal agriculturists. The services sector in the industry works in close coordination with the product sector, since the services offered in the animal genetics industry play a crucial role in executing efficient production process. The sector encapsulates services such as disease testing and trait testing for an animal agriculturist.