Animal Genetics Market to Reach US$ 8,022.7 Mn by 2026
Posted by Aniket Ankushrao on May 17th, 2019
Expansion of the economies of emerging markets, such as Asia Pacific and Latin America, is projected to offer considerable opportunity to the animal genetics market. The opportunity that these markets offers is attributable to the rise in affordability of the urban middle-class population in these markets, which boosts the per-capita meat consumption, thereby driving the demand for more efficient livestock production. Moreover, increase in awareness about the importance of healthy livestock, feed additives, and other supplies of companion animals along with increasing pet ownership are major factors that are expected to provide opportunities to animal breeders in emerging markets during the forecast period.
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The global animal genetics market was valued at around US$ 4,740.5 Mn in 2017 and is anticipated to reach US$ 8,022.7 Mn by 2026, expanding at a CAGR of 6.0% from 2018 to 2026. High demand for animal products and increased focus toward genetic management of diseases in animals are anticipated to drive the market during the forecast period. Globalization and climate change led to outbreaks of animal diseases; some of these are transmissible to humans. According to International Federation for Animal Health (IFAH), rise in global temperature leads to the appearance of new diseases and helps other diseases to reappear. Most human infections with zoonoses come from livestock. Zoonotic diseases account for 61% of the total animal diseases. Rising prevalence of diseases among animals fuel the demand for genetically modified or genetically improved breed, which in turn is projected to drive the demand for animal genetics market.
Companion animal ownership is a rising trend in the animal health care market. The spending capacity on companion animals is also increasing. According to the American Pet Products Association’s 2011-2012 National Pet Owners Survey, 62% households in the U.S. owned a companion animal (excluding horses), equating to around 72.9 million homes with companion animals. Asia Pacific and Latin America are among the top regions with a high growth rate in terms of companion animal ownership and spending. According to Animal Health Alliance (Australia) Ltd., almost half, i.e., 48%, of the population of Australia would like to either own a pet or own another pet.
The global animal genetics market has been segmented based on product type and region. In terms of product type, the animal genetics market has been divided into live animals, genetic material and genetic testing. The live animals segment has been further divided into bovine, porcine, poultry, canine, piscine and others. The genetic material has been further sub-segmented into semen, embryo and others. The live animals segment accounted for a prominent share of the market, in terms of revenue, in 2017. The segment is also expected to expand at a CAGR of 6.1% during the forecast period.
In terms of region, North America, which is a cumulative market for the U.S. and Canada, held a major share of the global market in 2017, primarily due to high consumption of animal products such as meat and dairy products. Moreover, strong research and development activities in the region, promoting the development of livestock breeds, have contributed to the significant share held by the region in the global animal genetics market. The contribution of revenue from developed Western European economies, such as the U.K., Germany, France, and Italy, is responsible for the prominent share held by Europe in the global market. Increasing demand for well-bred animals with good quantitative genetic traits and rising domestic demand for livestock and poultry products is anticipated to drive the animal genetics market in Europe during the forecast period.
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The report provides profiles of major players operating in the global animal genetics market. Major players include Genus plc, CRV Holding B.V., Neogen Corporation Zoetis, Inc., Groupe Grimaud, Topigs Norsvin, VetGen, Animal Genetics Inc., and Hendrix Genetics BV.
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About the AuthorAniket Ankushrao
Joined: April 25th, 2019
Articles Posted: 338
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