The global animal genetics market is expected to witness significant growth over the forecast period. The growing urban population and increasing consumption of animal proteins are expected to accelerate the growth of this market in near future. Moreover, advancement of genetic technologies and the improvement of animal welfare are another major factor driving the market. However, stringent regulatory framework regarding genetic engineering, lack of skilled professionals and the high cost of animal testing are likely to restrain the growth in near future.
On the basis of animal genetic products, the market is segmented into genetic materials and live animals. The live animals is further bifurcated into poultry, bovine, porcine, canine and others. The genetic materials is sub-segmented into semen and embryo. The high demand for animal products such as pork, mutton, and rapid urbanization is expected to fuel the market demand for live animals in near future. Increasing adoption of artificial insemination especially in cattle, sheep, pigs, and goats fuel the further growth of the market.
On the basis of services, the animal genetics market is bifurcated into genetic disease tests, DNA typing, gene trait tests, and others. Increasing awareness of animal health and the growing number of genomic disease testing to prevent the loss of large-scale production are expected to provide this market with lucrative growth opportunities. The increase in the number of various animal genetic diseases and the growing prevalence of the zoonotic disease is expected to fuel the demand for genetic trait tests and various diagnostic testing. Moreover, the growing livestock population and advancement in DNA typing and genetic testing tools are further driving the market.
North America held the largest market share for animal genetics. Increasing adoption for pet ownership, advanced animal health care base and adoption of latest diagnostic technologies make this continent a major contributor for this market. Increasing demand for safe livestock production and high R&D investment by the key players in this region are further growth propelling factor for North America market. Asia Pacific regional market is anticipated to witness lucrative growth over the forecast period due to the presence of immense opportunities in this region. The growing economy and development of the healthcare sector in some countries such as China, India make this market highly promising in near future.
The prominent market players includeNeogen Corporation, URUS, Genus,EW Group, Zoetis,Alta Genetics Inc. etc. Companies are adopting new strategies such as merger and acquisitions, new product launch, regional expansion etc. for increasing their market share. For instance, in 2018, Neogen acquired Livestock Genetic Services in a probe to improve its product portfolio. In 2018, NOVOGEN SAS launched their NOVOgen White commercial layers in Libya in a probe for regional expansion.
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