Market Highlights:
The Animal Genetics Market is expected to witness tremendous
growth owing to as increased adoption of genetic services to prevent genetic
diseases and business loss, and rising acceptance of advanced genetic
technologies. Other key factors such significant investments in R&D and expansions
undertaken by key players are contributing towards the growth of the market.
However, challenges such as need for specific breeding programs for breeds with
inferior economic performance, and economic sustainability in local breeds is
likely to curb the market growth during the forecast period.
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Regional Analysis:
The Americas is the largest in
the market owing to the high acceptance of animal genetics in research, the
development in research expenditure along with the increasing acquisition by
the market players are also accountable for the growth of the animal genetics
market. For instance, in 2018, Neogen completed the acquisition of Livestock
Genetic Services, a firm that specializes in genetic evaluations and data
management for cattle-breeding organizations. This strategy enhances the
company’s in-house genetic evaluation capabilities and further expands the
company’s global network of animal genomics laboratories.
The European region is the second largest animal genetics market over the
forecast period due to high consciousness about animal wellbeing coupled with
increased expenditure on veterinary services in the region. As per a report by
the European Pet Food Industry Federation, more than 75 million households in
Europe own a pet.
The Asia Pacific region is likely to develop at the uppermost CAGR for
the animal genetics market in the years to come. Moreover, the rising
veterinary care services both at the veterinary hospital and at community level
are expected to influence the market in a positive way.
The Middle East and Africa accounts for the least share due to low per
capita income and lack of availability of well-trained healthcare
professionals. However, there has been an increasing demand for test accuracy
and consistency among end-users and the government in this region that is
enhancing the adoption of animal genetic technology in this region.
Segmentation:
The Global Animal Genetics
Market is segmented into animal genetic products, services, and end-user. The
Animal Genetics Market, by animal genetic products, the market is segmented
into genetic materials and live animals. The live animals are further
bifurcated into poultry, bovine, porcine, canine and others. The genetic
materials are sub-segmented into semen and embryo. On the basis of services,
the animal genetics market is bifurcated into genetic disease tests, DNA
typing, gene trait tests, and others. On the basis of end-user, the market is
segmented into veterinary hospitals & clinics, diagnostic centers, research
centers and institutes, and others
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Key Players:
Some of the key players in the
global animal genetics market are Neogen Corporation (US), Genus (UK),
URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding B.V. (The
Netherland), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US) Hendrix
Genetics BV (The Netherland), Animal Genetics (US), Alta Genetics (US), vetGen
(US), and others.
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