The Global Livestock Genetics Market is estimated to value over USD 6.1 billion by 2027 end with a CAGR of over 5.8% during the forecast period 2020 to 2027.
Rise in the demand for animal protein and other livestock genetic services, increased acceptance of advanced genetic practices like embryo transfer and animal insemination across the world are some of the key factors driving the livestock genetics market growth. Animal genetics is commercial used for services like genetic trait testing, DNA typing and genetic disease testing. In order to define genetic hybridization, the genetic testing practice use hybrid population, ontogenetic and cytological studies. Furthermore, according to a report published by the Meat and Livestock Australia, 2015, cows that are genetically modified are immune to different cattle related diseases and produce more milk that cows that are not genetically modified. Such factors bolster the growth of the market.
Rise in the population of livestock animals is another important factor responsible for the growth of the market. Moreover, rising acceptance of novel genetic technologies along with the execution of regulations for animal welfare are other growth driving factors of the market. Conversely, strict rules and regulations over the implementation of animal genetic engineering, a dearth of skilled labour and high expenditure of livestock testing are some factors that impede the market growth.
A rise in the number of research and development initiatives for producing healthy dairy and food products from livestock animals using genetic engineering produce ample opportunities for the market to proliferate. As per the British Nutrition Foundation, 2018, cows that are genetically modified are anticipated to produce allergy-free milk, thereby making it suitable for people with lactose intolerance. Furthermore, as per the National Institute of Health in 2017, over 7% of the U.K population were identified with lactose intolerance. These livestock genetics market trends are set to provide lucrative opportunities for the market growth.
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Livestock Genetics Market Segmentation:
By Products & Services
- Live Animals
- Genetic Material
- Bovine Semen
- Porcine Semen
- Equine Semen
- Canine Semen
- Bovine Embryos
- Equine Embryos
- Other Animal Embryos
- Animal Genetic Testing Services
- Genetic Disease Tests
- Genetic Trait Tests
- DNA Typing
- Other Genetic Services
- North America
- Rest of the world
The global market is fragmented into product & services and region. The live animal type segment is further categorised into porcine, bovine, canine and poultry. The porcine segment is predicted to hold the largest livestock genetics market share during the forecast period and this can be credited to a rise in the consumption of pork meat and products based on pork meat, advancements in genetic engineering, low animal maintenance and limited requirement of land. Similarly, the poultry segment is predicted to showcase significant growth during the forecast period, and this is mainly due to a significant number of people shifting from red meat to white meat. Moreover, a lower rate of disease transmission through poultry products and the products being economically viable are some other factors reinforcing the growth of the segment.
The genetic material segment is bifurcated into embryos and semen. The embryos are predicted to lead the market, and this is mainly owing to the efficiency of embryos in augmenting the rate of reproduction as compared to semen. Furthermore, the embryo transfer procedure is inexpensive, and it is possible to change the breed of an animal within one generation, thereby bolstering the demand for this procedure.
The North America region is expected to lead the global market, and this is mainly due a rise in the research activities on animal genetics and the increased acquisition and collaborative activities by key market players in the region. For example, in 2018, Neogen acquired Livestock Genetic Services, one of the leaders when it comes to genetic evaluations and database management required for cattle breeding institutes. The Asia Pacific region is anticipated to exhibit a significant growth over the forecasted timeframe. Increase in the number of veterinary hospitals, growth in the animal welfare services are the factors that shall increase the growth rate of the market in the region.
Some of the leading players of the market are Zoetis, Inc., Genus Plc, Topigs Norsvin, Groupe Grimaud La Corbiere SA, Hendrix Genetics BV, Neogen Corporation, CRV Holding B.V, Envigo Corporation., VetGen.
FutureWise Key Takeaways:
- Growth prospects
- SWOT analysis
- Key market trends
- Key data-points affecting market growth
Objectives of the Study:
- To provide with an exhaustive analysis on the global livestock genetics market product & services and region.
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and the overall market
- To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
- To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions
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