May 23, 2024

Animal Genetics Market is Estimated to Witness High Growth Owing to Advancements in Genomics

The animal genetics market involves the genetic testing of veterinary animals to screen for genetic diseases and traits. Genetic testing helps breeders select genetically elite parents for breeding programs. It allows selection of disease-resistant or high production animals at the DNA level. Genetic biomarkers, DNA tests, and genetic performance estimations are some commonly used animal genetics products and services.

The Global Animal Genetics Market is estimated to be valued at US$ 6.6 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the animal genetics are BS Global (US), Groupe Grimaud (France), Zoetis (US), Hendrix Genetics (Netherlands), Topigs Norsvin (Netherlands), CRV Holding (Netherlands), and Neogen (US). The expanding scope of genomics and DNA testing and the need for genetically higher quality and disease-resistant livestock are fueling market opportunities. Advancements in genomic selection tools, DNA tests for trait identification, and data analytics platforms for performance tracking are driving technological advancements in the animal genetics space.

Market drivers
The growing global population is increasing the demand for animal-derived food products such as meat and dairy. Genetic testing enables breeding recessive trait alleles that make livestock breeds more resistant to diseases and better adapted to extreme climates and environments. This is augmenting meat and dairy yields per animal. As livestock becomes more productive and hardy, it can meet the escalating food demands of arising global population in an economically and environmentally sustainable way.

Challenges in the Animal Genetics Market
The animal genetics market faces various challenges. Rapid changes in technology is one of the major challenge as it require constant upgradation in terms of products, services and overall operations. Rising demand for non-genetically engineered food also poses a challenge to the growth of this industry. Another key challenge is increasing regulations in many countries regarding genetic engineering of animals for food which restricts the scope of development for players in this market.

SWOT Analysis

Strength: The animal genetics market has strong focus on research and development which enables continuous product innovations. Strong presence of major players also ensures availability of wide range of products and service offerings.

Weakness: High initial investment and long research cycles associated with development of new animal breeds increases cost of operations. Requirement of skilled workforce is also a challenge faced.

Opportunity: Increasing meat consumption globally presents an opportunity for growth. Growing demand for high quality dairy and meat products from animals with superior genetic traits also offers scope. Adoption of new technologies like gene editing can further expand applications.

Threats: Stringent regulations around world regarding genetic modifications and food safety poses significant regulatory challenges. Threat from substitutes especially plant-based proteins is also increasing.

Geographical Regions
In terms of value, the animal genetics market is currently concentrated in North America and Europe. The U.S. and major European countries have strong presence of leading players and farmers in these regions have higher acceptance and affordability for advanced animal genetics products.

The Asia Pacific region is expected to be the fastest growing market for animal genetics during the forecast period. This is attributed to rising meat consumption, growing livestock population and increasing investments by international players to tap opportunities in developing nations like China and India.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2.      We have leveraged AI tools to mine information and compile it