Albany, New York, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Genetic diversity plays an important role in providing the raw material for the improvement of breed of the livestock population. It also helps in improving their adaptability to changing demands as well as changing environment. The advancements in the study of genetics have helped researchers to use the data and the developed tools to a wide range of aspects of livestock species. The global Animal Genetics Market has experienced steady growth over the past couple of decades, especially in developing nations where there has been a significant rise in the consumption of animal-based food.
Another important driving factor for the global animal genetics market has been the improving purchasing power of people. Middle and lower-income groups have a very strong influence on the overall trends of consumption. As an effect, the impact on the diet patterns and livestock consumption is highest in these groups. Growing per capita income in the developing nations is a big driving factor for the rise in consumption of livestock products, meat in particular. Dairy and poultry products have been known to exhibit greater income elasticity of demand compared to other animal-derived food products. In simpler terms, the levels of consumption are more reactive to changes in the income levels. This effect is especially prominent among the lower-income groups.
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Technology to Play a Big Role in Market Development
In addition to this, the global animal genetics market is looking for viable alternatives to tackle animal suffering and diseases. Initiatives include the use of data-driven insights and health-centric breeding indices. Also, exploring new and innovative technologies such as gene editing is expected to have a significant impact of the development of the global animal genetics market. Use of other technologies such as in-vitro fertilization (IVF) and semen sexing is also on the rise. These technologies are also expected to help the animal genetics market to grow over the course of the given forecast period.
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Naturally, with such distinctive factors, the global animal genetics market is on course to achieve an eye-catching growth in the near future. As per the latest report published by Transparency Market Research, the animal genetics market will exhibit a healthy CAGR of 6.0% over the course of the given forecast period of 2018 to 2026. With this rate of development, the market is expected to jump from an initial valuation of US$4,740.5 mn in 2017 to US$8,022.7 mn by 2026.
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Leading Companies are Bringing New Products to Stay Ahead of the Curve
The competition in the global animal genetics market is expected play an important role in its development in the near future. The vendor landscape of the market is expected to intensify over the forecast period as leading players are adopting strategies such as mergers, acquisitions, and joint ventures to strengthen their market presence. The leading companies are also concentrating on bringing innovative products in the market to enhance the breeding quality of livestock. For instance, in April 2019, Neogen Corporation announced that its latest product Neogen Viroxide Super has been successfully approved by DEFRA for Diseases of Poultry (DoP) Order. The product also satisfies the General Order and conforms the requirements of disinfectants mark for egg plantation issued by the British Lion Quality.
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Some of the key names in the global animal genetics market include Animal Genetics Inc., Hendrix Genetics BV., Groupe Grimaud, VetGen, Topigs Norsvin, CRV Holding, and Genus Plc. among others.
This review is based on the research report published by Transparency Market Research titled, “Animal Genetics Market (Product Type - Live Animals (Bovine, Porcine, Poultry, Canine, Piscine), Genetic Material (Semen, Embryo), Genetic Testing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”
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