According to SPER Market Research, the Animal Genetics Market is estimated to reach USD 9.94 billion by 2030 with a CAGR of 6.8%.
Growing global population and rapid urbanization, increasing consumption of animal-derived protein and dairy products, increasing customer awareness, increased demand for companion animals, Genetic services to prevent genetic diseases and business loss, and increased adoption of advanced genetic technologies; are the key to the expansion of the animal genetic market.
Need for specific breeding programs for breeds with inferior economic performance, Economic sustainability in local breeds, African swine fever outbreak in China and further spread, and Shortage of skilled professionals in veterinary research. People’s demand is shifting for quality products, like lab-based or cultured meat. These preferences and attitudes of consumers in the direction of meat consumption regarding its impact on animal welfare, health, environment, and global greenhouse gas emissions, may reduce the demand for animal protein; which are the challenges to the market.
Unexploited market potential in developing countries, innovations in phenotyping services, significant investments in research & development, and expansions by key players.
Europe dominated the prime share of the animal genetics market; it is due to the advanced technologies, the concentration of top market players, proper distribution channels, increasing demand for livestock food products, ingestion of animal protein, and animal welfare schemes.
The Asia Pacific is the fastest-growing market; this is due to the well-known livestock sector, rising porcine industry, growing population and urbanization, increasing per capita incomes and rising per capita spending on animal care, and growing alertness concerning technologically advanced animal genetics.
The global Animal Genetics Market study provides market data by the competitive landscape, revenue analysis, market segments, and detailed analysis of key market players such as; Neogen Corporation Animal Genetics Market, Genus, URUS Animal Genetics Market, EW Group, Groupe Grimaud, CRV Holding, Topigs Norsvin, Zoetis Animal Genetics Market, Envigo Animal Genetics Market, Hendix Genetics, and Animal Genetics Market. Some other players in the market include VetGen Animal Genetics Market, DanBred, Tropical Bovine Genetics, Trans Ova Genetics Animal Genetics Market, Inguran LLC dba ST Genetics Animal Genetics Market, Semex Alliance, Genetic Veterinary Sciences Animal Genetics Market, Cobb-Vantress Animal Genetics Market, Milk Source, Eurogene AI Services.
SPER Market Research study aims to provide market dynamics, demand, and supply with a yearly forecast to 2030. This report provides data for growth estimates and forecasts for the Product segment- Based on the Product, Animal Genetics Market is segmented as; Animal Genetics Products {Live Animals (Poultry, Porcine, Bovine, Canine, Other live animals) Genetic Materials (Semen, Embryos)}, Animal Genetic Testing Services (Genetic Disease Tests, Genetic Trait Tests, DNA Typing).
This report also provides the data for key regional segments of North America, Europe, Asia-Pacific, and the Rest of the World.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.