Increased animal protein consumption has led to the growth of the animal genetics market, which is predicted to grow at a CAGR of nearly nine per cent
The animal genetics market globally was estimated to cost US$2.5bn in 2014, and will grow at a CAGR of nine per cent during the forecast period of 2014 to 2020, said a MarketsandMarkets report. Specifically, the Asia Pacific market is expected to grow the fastest, mainly due to increasing population, urbanisation and demand for animal products.
In this report, the animal genetics market is segmented by products, testing services, and region. Based on the type of product, the market is mainly segmented into live animals and genetic materials. The live animal segment is further segmented into canine, equine, poultry, porcine (pig) and bovine (cow).
On the other hand, the genetic material segment is segmented into semen and embryo. Animal genetics market is segmented into various testing services such as DNA sexing, DNA typing, genetic disease tests, and others in the report.
The increase in animal protein consumption is being driven by rising adoption of advanced genetic technologies for larger-scale production and quality breeds. In addition, there is also growing awareness on veterinary genetic diseases and disorders, which has enabled farmers and animal rearers to make informed decisions about livestock.
The report also cited reasons such as rising livestock population, implementation of animal welfare laws and development of cutting-edge technologies in animal genetic testing that’s increasing the emphasis on animal genetics.
Major players in the global animal genetics market include Animal Genetics, Inc., Genus Plc, Topigs, Harlan Laboratories, Inc., Hendrix Genetics BV, Aviagen Group, Neogen Corporation, Alta Genetics, VetGen and Zoetis,Inc. among others, said the report.
