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.
Northbrook, IL 60062 -- (SBWIRE) -- 11/22/2022 -- According to the new market research report "Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Traits Testing)) - Global Forecast to 2026", 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 this market is driven by the increasing consumption of animal-derived protein, growing global population & rapid urbanization, growing focus on identifying superior breeds, increased adoption of genetic services to prevent genetic diseases & business loss, and increased adoption of advanced genetic technologies
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Key Market Player
The major players in the global animal genetics market include 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), Animal Genetics (US), 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), and Eurogene AI Services (Ireland).
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The growth of this market is majorly attributed to the increasing consumption of animal-derived protein, growing global population & rapid urbanization, growing focus on identifying superior breeds, increased adoption of genetic services to prevent genetic diseases & business loss, and increased adoption of advanced genetic technologies. On the other hand, the shortage of skilled professionals in veterinary research is a key factor restraining market growth.
Neogen Corporation (US) was the largest player in the animal genetics services market in 2020. The company's major strength is its vast product portfolio of genomic services catering to a wide range of animal categories. The company focuses on constant innovation and development to launch new services that are cost efficient and at par with the latest genomic technologies. The company also focuses on upgrading its existing product lines to match the current market standards and requirements. Along with product launches and upgrades, the company also adopted strategies like geographical expansions, acquisitions and partnerships & collaborations with government and private organizations to expand its global presence. For instance, the company acquired Livestock Genetic Services (US) in September 2018, Delta Genomics (Canada) in January 2019, and Cell BioSciences (Australia) in March 2020.
Genus (UK) is the largest player in the global animal genetics products market. The company has a strong product portfolio of live bovines as well as bovine semen. The company has a strong geographic footprint and a base of more than 50,000 customers, including world-leading milk and meat producers. The company continuously focuses on organic and inorganic growth strategies, like product launches, acquisitions, and partnerships, to create new opportunities for market growth. For instance, the company recently collaborated with Otrada (Russia), Beijing Capital Agribusiness (China), and Møllevang (Denmark) to extend its reach.
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Europe dominates the Animal Genetics market during the forecast period.
Europe accounted for the largest share of the market in 2020. Better accessibility to technologies and well-established distribution channels, the growing demand for livestock food products, high intake of animal-derived proteins, and increasing animal welfare activities are the major factor contributing to this.
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