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(Medical-NewsWire.com, February 05, 2024 ) The report "Animal Genetics Market by Product (Live Animal (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine, Equine), Embryo (Bovine, Equine)) Genetic Testing Service (Disease, Genetic Traits - Bovine, DNA Typing))- Global Forecast to 2028", is anticipated to reach USD 9.5 billion by 2028 from USD 6.6 billion in 2023, at a CAGR of 7.4% during the forecast period. Factors such as better accessibility to technologies and well-established distribution channels drive growth in the developed markets across Europe and North America. Moreover, the growing demand for livestock food products has driven the need for genetic materials and live animals, as breeders and the animal food products industry seek higher productivity standards.
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Live animals segment accounted for the largest share of the animal genetics market.
The animal genetic products segment is categorized into live animals and genetic materials. In 2022, the live animals segment commanded the largest share of the animal genetics market. This is attributed to the high demand for live animals to breed generations with high-productivity traits, high maternity ability, high growth rates, and feed efficiencies. Also, growing demand for animal proteins, the rising awareness of the benefits of genetic improvement in livestock, and the technological advancements in animal breeding are further boosting the market growth. The key players in the live animal genetics market are Genus plc, EW Group, , Cobb-Vantress, Topigs Norsvin, and Hendrix Genetics.
The poultry segment accounted for the largest share of the animal genetics market.
The live animal segment is segmented into canine, poultry, porcine, bovine, and other live animals. The poultry segment accounted for largest share of the live animal market in 2022. The high demand for poultry meat and eggs in developed countries and the increasing demand for the same in developing countries due to the growing population and rapid urbanization drive the growth of the poultry segment.
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Europe accounted for the largest share of the animal genetics market.
The global animal genetics market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, Europe accounted for the largest share of the animal genetics market, followed by North America and Asia Pacific. Market growth is driven by the need to improve livestock productivity, growing demand for animal food products, and the high intake of animal-derived proteins.
Some of the major market players in the animal genetics market include Neogen Corporation (US), Genus (Uk), Urus (US), EW Group Gmbh (Germany), Groupe Grimaud (France).
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