The Animal Genetics Market includes products such as live animals and genetics used for genetic trait selection, testing, and breeding. Genetic testing is performed on animal livestock and companion animals to evaluate traits such as disease resistance, product quality, feed utilization efficiency, and reproductive performance. Advancements in technologies for genetic testing and selection allow breeders to identify animals with desirable traits faster and more accurately.
The global Animal Genetics Market is estimated to be valued at US$ 6.6 billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The opportunity in genetic selection is estimated to drive significant growth of the Animal Genetics Market. Genetic selection helps breeders identify animals with desirable traits that improve production efficiency, health, and quality of livestock and companion animals. Livestock breeders can select genetically superior animals as parent stock to produce high quality offspring with improved production traits. Advancements in genetic testing and genomic selection technologies now allow identification of genetic markers and selection of offspring with optimal genetic talent. This is expected to boost the efficiency of livestock production systems and profitability of breeders. Rising demand for meat and dairy products globally will further increase focus on genetic selection of higher yielding and healthier livestock, thereby supporting growth of the Animal Genetics Market over the forecast period.
Threat of new entrants: The animal genetics market requires significant investments in R&D which acts as a barrier for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established companies offering a variety of animal genetics products and services.
Bargaining power of suppliers: A few global companies dominate the supply of animal genetics products which gives them stronger bargaining power over buyers.
Threat of new substitutes: Limited substitute products exist for animal genetics as it offers critical solutions for livestock management.
Competitive rivalry: The market is dominated by global leaders with the resources to invest heavily in R&D and compete on quality and service.
Strengths: Established global players have extensive R&D expertise and product portfolios.
Weaknesses: High reliance on developments in animal healthcare and husbandry practices.
Opportunities: Growth in demand for animal protein and untapped markets in developing nations.
Threats: Stringent regulations can increase compliance costs.
The global animal genetics market is expected to witness high growth over the forecast period supported by increasing meat consumption worldwide. The global Animal Genetics Market is estimated to be valued at US$ 6.6 billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regionally, North America dominates the market currently owing to advanced animal husbandry practices and high consumption of dairy and meat products in the region. Europe is another major regional market for animal genetics.
Key players operating in the animal genetics market are BS Global (US), Groupe Grimaud (France), Zoetis (US), Hendrix Genetics (Netherlands), Topigs Norsvin (Netherlands), CRV Holding (Netherlands), and Neogen (US). Leading companies are investing heavily in R&D to develop new genetic solutions and services to aid the livestock industry. The market is expected to be consolidated with the top players accounting for a major share.