The animal genetics market experienced a valuation of USD 5.02 billion in 2022 and is projected to achieve a revenue CAGR of 7.1% throughout the forecast period. The market's revenue growth is primarily propelled by the growing need for animal protein products and a heightened focus on animal health and welfare. Advancements in genetic testing technologies and the increased adoption of advanced breeding techniques by livestock farmers also contribute to the market's revenue growth.
One of the primary drivers behind the revenue growth in the animal genetics market is the increasing demand for animal protein products, including meat, milk, and eggs. The rising global population and growing disposable incomes in emerging economies have resulted in a higher consumption of animal protein products. Consequently, there is a significant demand for genetically superior livestock breeds capable of producing greater yields of meat, milk, and eggs. Additionally, the increasing desire for organic and naturally sourced animal protein products is fostering the adoption of advanced breeding techniques.
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Major Companies and Competitive Landscape:
The global animal genetics market is highly competitive, with a large number of players operating in the market. Major companies are engaged in various strategic activities such as mergers and acquisitions, partnerships, collaborations, and new product launches to expand their market share and strengthen their position in the market. Some major companies included in the global animal genetics market report are:
- Neogen Corporation
- Genus plc
- Hendrix Genetics BV
- Zoetis Inc.
- Topigs Norsvin
- Grimaud Frères
- Groupe Grimaud
- Semen Cardona S.L.
- Alta Genetics Inc.
- Alltech
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Driving Factors of the Animal Genetics Market:
- Increasing Demand for Animal Protein Products: The growing global population, along with rising disposable incomes, has led to an increased consumption of animal protein products such as meat, milk, and eggs. This drives the demand for genetically superior livestock breeds that can produce higher yields of these products.
- Focus on Animal Health and Welfare: There is a rising emphasis on improving animal health and welfare, which drives the adoption of genetic technologies in animal breeding. By enhancing the genetic traits of livestock, such as disease resistance and overall well-being, the market experiences growth.
- Advancements in Genetic Testing Technologies: The continuous advancements in genetic testing technologies have made it easier and more efficient to identify desirable genetic traits in animals. This has facilitated the selection of superior breeding stock, contributing to the growth of the animal genetics market.
- Adoption of Advanced Breeding Techniques: Livestock farmers are increasingly adopting advanced breeding techniques, such as artificial insemination and embryo transfer, to improve the genetic makeup of their herds. These techniques enable the propagation of desirable genetic traits, resulting in higher productivity and profitability.
Restraints of the Animal Genetics Market:
- Regulatory Challenges: The animal genetics market is subject to various regulations related to animal welfare, genetic engineering, and biosecurity. Compliance with these regulations can be complex and time-consuming, posing challenges to market players.
- Ethical and Moral Concerns: Genetic manipulation and selective breeding raise ethical and moral concerns in some communities. There are debates surrounding the potential consequences and impacts of altering the genetic makeup of animals, which can create resistance and restrain market growth.
- High Costs of Genetic Technologies: Implementing genetic technologies in animal breeding can be expensive, including the costs associated with genetic testing, specialized equipment, and skilled personnel. These high costs can hinder the widespread adoption of advanced genetic techniques, particularly among small-scale farmers.
- Limited Infrastructure and Resources: In certain regions, especially in developing countries, there may be limited infrastructure and resources for implementing genetic technologies. The lack of access to necessary facilities and expertise can act as a restraint on the growth of the animal genetics market in these areas.
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