According to the MarkNtel Advisors’ research report, “Global Animal Genetics Market Analysis, 2021,” the market is likely to grow at a CAGR of 6.4% in the forecast period of 2021-26 due to the surging advancements in continuous genetic alteration practices resulting in the growing production of animals with modified breeds and massive investments by numerous end-user industries. Animal producers are gaining huge milk & meat production by leveraging the technology of animal genetic alterations. With the help of strategic breeding, farmers can yield more substantial gains, which shall expand the end-user base and the overall market growth.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, The Netherlands|
|Asia-Pacific: China, India, Japan, South Korea, Australia and Others|
|South America: Brazil|
|Middle East & Africa: GCC, South Africa|
|Key Companies Profiled||Animal Genetics Inc., AquaGen AS, Aviagen Group, Coöperatie Koninklijke CRV u.a., Genetic Veterinary Sciences Inc., Genus Plc, Hendrix Genetics BV, Neogen Corp., Topigs Norsvin, Zoetis Inc.|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The COVID-19 pandemic brought a wide range of the most comprehensive challenges for various end-users and producers of the industry across the globe. The pandemic negatively impacted the market of several developing countries due to the restrictions on imports and trade while there was an imposition of lockdown globally. The trade disruptions brought significant deficiencies in dairy & meat supplies, leading to price hikes. However, with the gradual upliftment of restrictions by governments globally, the market is reviving and shall regain its usual pace in the forthcoming years.
Poultry Segment Registers the Fastest Market Growth
Based on the Animal Type, the Poultry segment registers for the fastest market growth. It accounted for higher than USD 1.4 billion in recent years and is likely to continue the pace. The prominent factors for the market growth are the rise in the requirement for better quality food products, like meat, eggs & milk, and the flooding population & urbanization across regions. Hence, it shall continue to propel the demand and attain the fastest market growth in the forecast period.
Canine Likely to Attain the Largest Market Share
Based on the Animal Type, the Canine segment in the animal genetics market shall attain the largest market share in the forecast years. It owes to the rapidly increasing research for high-quality breeding among dogs. Furthermore, the genetic research on canines is expanding the discovery of diverse genes implicating in the size, personality traits, and fur color. These factors are leading to the exponential demand for animal genetics to enhance the overall market share., states MarkNtel Advisors in their research report, “Global Animal Genetics Market Analysis, 2021.”
The Asia Pacific likely to Witness Rapid Growth in Investments
Various microeconomic and macroeconomic characters are burgeoning exponential extensions for the APAC market. Factors like high population density and urban sprawl are enduring the demands of food producers to satisfy nutritional needs by increasing livestock production. Moreover, the animal healthcare ecosystem has been on a constant development path and is creating several opportunities for market leaders to bring effective testing procedures.
The Global Animal Genetics Market has a vast opportunity due to the constant launches and developments of new products and strategies. Various companies adopt these practices to extend their brand and product globally in the animal genetics industry.
With the swiftly surging population, their main objective is to meet the growing demands of different people. Moreover, producers operating in the market adopted different approaches of product innovation to cater to the rapidly changing customer demands.
According to MarkNtel Advisors, the major leading players in the Global Animal Genetics Market are Animal Genetics Inc., AquaGen AS, Aviagen Group, Coöperatie Koninklijke CRV u.a., Genetic Veterinary Sciences Inc., Genus Plc, Hendrix Genetics BV, Neogen Corp., Topigs Norsvin, Zoetis Inc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The measuring units of market size/industry size or the market value are USD Million and thousand units.
A. The Global Animal Genetics Market is forecast to grow at a CAGR of 6.4% during 2021-26.
A. Neogene Corporation, URUS, Genus, Groupe Grimaud, EW Group, Zoetis, Envigo, Topigs Norsvin, Hendrix Genetics, vetGen, and Animal Genetics are a few leading players in the Global Animal Genetics Market.
A. Livestock Segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Asia-Pacific continues to grow at the highest CAGR in the forecast years of 2021-26, presenting immense opportunities for market players of the Global Animal Genetics Market.