Animal Genetics Market worth $5.8 billion by 2023, at a CAGR of 6.5% Says marketsandmarkets

(IT-NEWSWIRE.COM, October 10, 2019 ) Factors such as rising consumption for animal-derived protein, growing population and rapid urbanization across the globe, increased adoption of genetic services and advanced genetic technologies for larger-scale production and quality breeds, and growing focus on identifying superior breeds are likely to boost the growth of the Animal Genetics Market.

What the Market Looks Like?

Predicted to grow at a CAGR of 6.5% during the forecast period, the Global Animal Genetics Market is estimated to reach $5.8 billion by the end of 2022. North America dominated the market in 2017; this trend is expected to continue during the forecast period.

On the basis of type, the semen market is categorized into bovine semen, porcine semen, canine semen, equine semen and semen for other animals such as sheep, goat, and cat. Bovine semen is expected to grow at the highest CAGR during the forecast period. This is attributed to the growing demand for meat and milk across the globe, and the increasing need to produce high yielding cattle to cater to the growing global demand. This is also propelled by the huge amount of bovine semen being traded internationally for the artificial insemination of cows subsequent to the opening of trade regulations across the global animal genetics market.

Based on animal genetic services, the genetic disease test segment is expected to grow at the highest CAGR during the forecast period. This is attributed to the increasing adoption of genomic disease tests to prevent economic losses and loss of productivity of farm owners.

Based on genetic material type, the semen segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the growing adoption of artificial insemination (AI) and semen sexing in the breeding of cattle, pigs, sheep, goats.

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What Drives the Animal Genetics Market?

The growth of the Global Market for Animal Genetics is primarily influenced by the following factors:

• Increasing Consumption of Animal-Derived Protein
• Growing Global Population and Rapid Urbanization
• Growing Focus on Identifying Superior Breeds
• Increased Adoption of Genetic Services to Prevent Genetic Diseases and Business Loss
• Increased Adoption of Advanced Genetic Technologies

Geographical growth scenario of Market:

APAC is expected to grow at the highest CAGR during the forecast period. Asia Pacific countries, particularly China India, Japan, and Australia offer significant growth opportunities for players in the market owing to the large-scale livestock production and the growing demand of animal protien in these regions due to the rapid growth in urbanization and disposable income in these countries. Moreover, growing exports of livestock and animal products from Southeast Asian countries to the global market are expected to improve the productivity of the livestock population in this region, thereby contributing to the growth of the Animal Genetics Market in the coming years.

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Leading market players and strategies adopted:

The prominent players in the Animal Genetics Market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Hendrix Genetics (Netherlands), Animal Genetics (US), and vetGen (US). Collaborations, partnerships and agreements, and acquisitions are the major growth strategies adopted by these players to strengthen their position in the market.

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Animal Genetics Market worth $5.8 billion by 2023, at a CAGR of 6.5% Says marketsandmarkets