Animal Genetics Market by Product (Live Animal (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine, Equine), Embryo (Bovine, Equine)) Genetic Testing Service (Disease, Genetic Traits - Bovine, DNA Typing)) & Region - Global Forecas

Wearable Sensors Market by Type (Accelerometers, Pressure & force sensors, Gyroscopes, Medical based sensors), Application (Wristwear, Eye-wear, Footwear, Neckwear, Bodywear), Vertical and Region - Global Forecast to 2028

The global animal genetics market is projected to reach USD 9.5 billion by 2028 from USD 6.6 billion in 2023, at a CAGR of 7.4% during the forecast period. The increasing consumption of animal products, adoption of advanced genetic testing methods, animal welfare activities, and demand for companion animals are fueling the growth of this market.

To meet the growing demand for animal food products, companies are increasingly focusing on developing superior sires with good quantitative traits such as high milk yields and meat quality, high genetic value, improved meat production, high maternity ability, high growth rates, and better feed efficiencies.

“Genetic disease tests segment accounted for a larger share of the animal genetic testing services market”

In 2022, the genetic disease tests accounted for a larger share of the animal genetic testing services market. The overall demand for genetic disease tests is mainly driven by the growing need to increase the productivity of livestock animals and prevent the occurrence of genetic diseases. Due to the growing population and urbanization, the demand for animal food products has increased in recent years. This escalation has drawn the attention of breeders towards genetic disease testing to ensure better animal productivity.

“The genetic materials segment will grow at highest CAGR during the forecast period”

The genetic materials segment is estimated to grow at the highest during the forecast period. The growing demand for animal food products, especially dairy and meat products, is a major factor driving the adoption of genetic materials. Technological advancements and the use of biotechnology in genetic material transfer also contribute to the growth of this market. However, strict government regulations on genetically modified animals and foods in EU countries are expected to restrict the growth of the animal genetic materials market to a certain extent. Some of the major players operating in this market are Genus (UK), URUS (US), CRV Holding (Netherlands), Semex (Canada), LIC (New Zealand), and Accelerated Genetics (US)

“Asia Pacific will grow at highest CAGR during the forecast period”

In 2022, Asia Pacific will grow at highest CAGR during the forecast period. The rising demand for livestock animals due to the growth in population, raising per capita income, and rapid urbanization are key factors driving the Asia Pacific animal genetics market growth. Moreover, Southeast Asian countries are important exporters of livestock and animal products, thus indicating strong opportunities in future. In 2022, China accounted for a larger share of the animal genetics market in the Asia Pacific. Factors such as the increasing companion animal population, growing prevalence of animal diseases and increasing awareness about technologically advanced genetic products and testing services are expected to drive the demand for animal genetics in China.

The break-up of the profile of primary participants in the animal genetics market: Supply-side

By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%

By Designation: C Level – 25%, Director Level – 55%, Others-20%

By Region: North America – 40%, Europe – 25%, Asia Pacific – 20%, Middle East – 10%, and Latin America – 5%

The break-up of the profile of primary participants in the animal genetics market: Demand-side

By type: Products – 60%, and Services – 40%

By Designation: Veterinarians – 35%, Researchers – 27%, Professors - 22% Others - 16%

By Region: North America – 17%, Europe – 39%, Asia Pacific – 28%, Middle East – 8%, and Latin America – 8%

The prominent players in the animal genetics market include Neogen Corporation (US), Genus (Uk), Urus (US), EW Group Gmbh (Germany), Groupe Grimaud (France).

Research Coverage:

The report analyzes the animal genetics market and aims at estimating the market size and future growth potential of this market based on segments such as product & service and region. The report also includes a product portfolio matrix of various animal genetics products available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.

Reasons to Buy the Report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall animal genetics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

This report provides insights into the following pointers:

Analysis of key drivers (increasing consumption of animal-derived protein and dairy products, growing global population and rapid urbanization, increased adoption of advanced genetic technologies), restraints (emergence of alternatives such as lab-based meat), opportunities (untapped market potential in developing countries, innovations in phenotyping services), and challenges (need for specific breeding programs for breeds with inferior economic performance, economic sustainability in local breeds) influencing the growth of the animal genetics market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the animal genetics market

Market Development: Comprehensive information on the lucrative emerging markets by type, usage, end user and region.

Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global animal genetics market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players like Neogen Corporation (US), Genus (Uk), Urus (US), EW Group Gmbh (Germany), Groupe Grimaud (France) in the global animal genetics market.