Albany, New York, March 14, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) has published a new report titled ‘Animal Genetics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’. According to the report, the global animal genetics market was valued at US$ 4,740.5 Mn in 2017. It is projected to expand at a CAGR of 6.0% from 2018 to 2026. Increase in meat consumption, demand for high quality proteins, and rise in purchasing power are likely to drive the animal genetics market from 2018 to 2026.
Genetic diversity provides the raw material for breed improvement and for the adaptation of livestock populations to changing environments and changing demands. Developments in genomic tools have allowed scientists to apply genome-wide information in the investigation of various aspects of livestock species. The animal genetics industry has witnessed robust expansion in the last two decades, particularly in developing countries where consumption of animal source food increased rapidly.
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Purchasing power is considered to be a key driver for livestock products. Lower-and middle-income consumers have a strong influence on consumption trends, as the effect of increased income on diet is greatest in this group. Increasing income in developing countries is an important factor that drives the consumption of livestock products, particularly meat. Poultry and dairy products have been found to have higher income elasticities of demand than other animal-source foods, i.e., the consumption levels are more responsive to income. This effect is particularly strong in low-income populations. Furthermore, the animal genetics industry is pursuing alternative solutions in the fight against animal disease and suffering. These include using data and health-focused breeding indices and exploring breakthrough technology, including gene editing, which is likely to have a significant impact on farming and animal well-being. Adoption of semen sexing technology and IVF (in–vitro fertilization) is rising rapidly across dairy and beef herds. Access to such technology helps farmers to accelerate genetic progress in their herds.
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Live animals segment to account for major share
In terms of product type, the live animals segment accounted for a dominant share of the market in 2017. Growing urban population coupled with changes in consumer preference resulted in greater demand for assured food safety and quality. These developments favored large-scale production and processing of live animals. Moreover, increasing demand for meat has further propelled the segment. According to the Food and Agriculture Organization (FAO) of the United Nations, demand for food is expected to double food production in order to feed the global population, which is estimated to reach around 9.1 billion by 2050. Cost-effective production of safe, high-quality, animal protein is necessary to cater to this surge in demand.
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Market in Asia Pacific to expand at a significant pace
North America held a major share of the global market, in terms of revenue. It is expected to maintain its position during the forecast period. North America is home to several key market players, such as Zoetis, Inc., Neogen Corporation, and VetGen, who have their headquarters in the U.S., where they generate significant sales. Hence, North America is a leading market for animal genetics, globally. High awareness about latest technologies and higher purchasing power are anticipated to boost the animal genetics market in North America. The animal genetics market in Asia Pacific is expected to expand at a rapid pace, primarily due to increasing disposable income, rising population and increasing urbanization. Asia Pacific is home to major pork producing countries such as China, Russia, and Japan.
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Key players such as Genus plc, CRV Holding B.V., and Neogen Corporation to lead the market
The report also provides profiles of other major players operating in the global animal genetics market. Major players include Zoetis, Inc., Groupe Grimaud, Topigs Norsvin, VetGen, Animal Genetics Inc., and Hendrix Genetics BV.
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