July 22, 2024
Animal Genetics Market

Animal Genetics Market: Increasing Demand for Genetic Testing and Breeding to Drive Market Growth

The global Animal Genetics Market is estimated to be valued at US$ 6.80 billion in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The animal genetics market involves the study and modification of animal genes for the purpose of improving desirable traits in animals. This market is driven by the increasing need for genetic testing and breeding to enhance the overall productivity and quality of livestock. Animal genetics aids in the selection of animals with superior traits such as growth rate, meat quality, disease resistance, and milk production. The market offers various products and services including DNA testing, genetic trait testing, and genetic disease testing.

Market Key Trends:
One key trend in the animal genetics market is the increasing adoption of genomic selection in livestock breeding. Genomic selection utilizes genomic information to predict the genetic merit of animals, allowing breeders to make informed decisions about breeding programs. This technology has revolutionized breeding practices by enabling faster genetic improvement and more accurate selection of animals for breeding purposes. Genomic selection has also contributed to the reduction of genetic diseases and the improvement of animal health and welfare. Overall, the adoption of genomic selection in livestock breeding is expected to drive market growth in the coming years.

Unlocking Growth Potential: An In-depth Analysis of the Global Animal Genetics Market

Porter’s Analysis:

Threat of New Entrants: The animal genetics market exhibits a moderate threat of new entrants due to the high capital investment required for research and development, stringent regulatory requirements, and well-established networks. However, the increasing demand for improved animal products and the adoption of advanced breeding technologies could attract new entrants.

Bargaining Power of Buyers: Buyers in the animal genetics market possess moderate bargaining power. As the market players continuously innovate and introduce novel solutions, buyers have a wide range of options to choose from. Nonetheless, the reputation, quality, and reliability of animal genetics providers greatly influence the decision-making process.

Bargaining Power of Suppliers: The bargaining power of suppliers in the animal genetics market is relatively high. Suppliers such as breeders, technology providers, and research institutions hold significant bargaining leverage due to their specialized expertise and limited availability. However, market players often collaborate with suppliers to ensure a consistent supply of high-quality genetic materials.

Threat of New Substitutes: The threat of substitution in the animal genetics market is relatively low as genetic improvement plays a vital role in enhancing animal productivity, disease resistance, and overall performance. Nevertheless, continuous advancements in alternative technologies, such as gene editing and cloning, have the potential to disrupt the market in the long run.

Competitive Rivalry: The animal genetics market is characterized by intense competition among key players. Zoetis, Topigs Norsvin Holding B.V., Genus Plc, and other prominent market players consistently invest in research and development to maintain their market share. Mergers, acquisitions, and collaborations are common strategies to enhance market position and strengthen product portfolios.

Key Takeaways:

The global animal genetics market is poised for significant growth, with a projected CAGR of 7.2% during the forecast period of 2023-2030. This growth can be attributed to increasing consumer demand for high-quality animal products, the rising focus on genetic improvement, and the need for sustainable livestock production.

In terms of regional analysis, North America and Europe are expected to be the fastest-growing and dominating regions due to the high adoption rate of advanced breeding technologies, well-established infrastructure, and stringent regulations governing animal welfare and genetic improvement.

Key players operating in the animal genetics market include Zoetis, Topigs Norsvin Holding B.V., Genus Plc, Envigo Corporation, CRV Holding B.V., Hendrix Genetics BV, VetGen, Neogen Corporation, Alta Genetics Inc., and Animal Genetics, Inc. These key players leverage their strong R&D capabilities, extensive distribution networks, and strategic collaborations to maintain their market dominance.

In conclusion, the animal genetics market presents vast opportunities for growth and innovation, driven by the increasing global demand for improved animal products. Key players and new entrants need to focus on technological advancements, product differentiation, and strategic partnerships to capitalize on the market’s potential and cater to the evolving needs of the industry.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it