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|Title||Animal Genetics Market to Grow at a CAGR of 7.1% to reach USD 7.7 billion from 2021 to 2026|
|Category||Fitness Health --> Animal|
|Meta Keywords||Animal Genetics Market|
The Global Animal Genetics Market is projected to reach USD 7.7 billion by 2026 from USD 5.5 billion in 2021, at a CAGR of 7.1% during the forecast period. The growth in the animal genetics market is mainly driven by the rising consumption of animal-derived protein and increasing global population & rapid urbanization. Additionally, growing focus on identifying superior breeds, increased adoption of genetic services to prevent genetic diseases & business loss, and increased adoption of advanced genetic technologies also contribute to the growth of the market.
Key Market Players
The major players in the global animal genetics market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Hendix Genetics (Netherlands), and Animal Genetics (US). Some other players in the market include VetGen (US), DanBred (Denmark), Tropical Bovine Genetics (India), Trans Ova Genetics (US), Inguran LLC dba ST Genetics (US), Semex Alliance (Canada), Genetic Veterinary Sciences (US), Cobb-Vantress (US), Milk Source (US), Eurogene AI Services (Ireland).
Covid-19 Impact on the Animal genetics Market
With the aim to contain the COVID-19 outbreak, the government in many countries had implemented restrictions to transportation and travel leading to impediments for international trade and transportation. Thus, the supply chain of animal genetic products was disrupted, temporarily leading to a slightly negative impact in product demand. Limited access to current and potential customers has affected the market players’ ability to sell new animal genetic products and to implement previously sold products, thereby slightly reducing the growth rate in 2020. However, it is expected that the supply chain disruption would be minimized in 2021 and the market is expected to grow at a higher growth rate during the forecast period.
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Animal genetics Market Dynamics
Driver: Increasing consumption of animal-derived protein and dairy products
Livestock and poultry are major sources of protein and calcium for humans. Animal food products such as beef, veal, dairy products, and eggs are some of the most-consumed food products and are expected to see significant demand increases. The production of meat in developed countries is projected to increase significantly, mainly due to the high growth in Canada and the US. Over the next ten years, pork is set to account for a large share of the total increase in meat production, along with being the fastest-growing meat in terms of consumption. The global consumption of fresh dairy products is expected to rise significantly in the next decade due to rising population and income growth in India and Pakistan. In some regions that are not self-sufficient in terms of dairy products—like Africa, Southeast Asia, and the Middle East—consumption is expected to surpass production, which will lead to increased dairy imports. This increase is expected to be met with milk powders—cheaper to export than liquid milk.
Challenge: Need for specific breeding programs for breeds with inferior economic performance
Currently, improving the productivity parameters of such animal species while maintaining their genetic superiority for secondary traits is one of the key challenges faced by the animal genetics industry. Animals with inferior economic performance need special breeding programs to improve their economic performance by producing high milk and meat yields. These animals are increasingly losing their significance in the livestock industry, as farmers have not shown any interest in breeding these animals due to their poor economic performance. Owing to this, currently, there is a greater need to identify logical breeding objectives and strategies to achieve increased economic performance from such species.
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· In January 2021, Genus ABS and The Bair Ranch collaborated to use sex-skewed semen and terminal genetics to demonstrate the impact of a cow-calf management system.
· In February 2020, Neogen partnered with Gencove, a genetic testing company, to develop Neogen’s next generation of animal genomic tests.
· In October 2020, Hendrix Genetics and Solidaridad partnered to provide sustainable poultry in Mozambique and Zambia, Africa.
· In February 2018, Neogen partnered with the Brown Swiss Association (US) to offer its Igenity Dairy Heifer Program and SeekSire parentage product lines.
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