Genetic engineering in the animal genetics industry is mostly done for poultry animals, which are followed by cattle and swine. Increasing population and rapid urbanization, increasing demand for animal protein, rapid adoption of genetic services and practices such as artificial insemination and embryo transfer for large-scale production and quality breeds are the factors supporting the growth of animal genetics market.
Among all the countries, the U.S. generated the highest revenue of $2.20 billion in 2018. The U.S. is one of the leading countries in the North America animal genetics market, constituting a share of 73% in 2018. The U.S. is one of the most flourished economies of the world with enormous food making capability. The consumers of the U.S. constantly demand for highly enriched food. Hence, the products of livestock breeding industry such as eggs and meats from genetically engineered poultry and pork, respectively, have gained popularity in the country in the past few years.
The competitive landscape for the animal genetics market demonstrates an inclination toward companies adopting strategies such as mergers and acquisitions, business expansion and contracts, partnerships, collaborations and joint ventures, and product launches. The major established players in the market are focusing on business expansion and contracts to increase their customer base and enhance their business and regional products segment, whereas the relatively less adoptive strategies comprise mergers and acquisitions. Hendrix Genetics BV, Cobb-Vantress, Semex, H&N International GmbH, Hubbard, Viking Genetics, Aviagen Group, and Mars Petcare are some of the prominent players in the animal genetics market.
Supported by increasing investments and technological developments, companies across the globe are working upon creating genetically modified animals with desirable characteristics, which can help in producing high-quality meat and milk, more efficiently and sustainably. The animal genetics market is witnessing gradual adoption of several upcoming technologies such as artificial insemination, sperm sexing, embryo transfer, and others, which are further propelling growth in the industry. The advent of IoT in communication technologies is expected to drive the market during the forecast period.
The global animal genetics market was valued at $6.25 billion in 2018 and is projected to reach $8.89 billion by 2024, growing at a CAGR of 6.24% from 2019 to 2024. Increasing consumption of animal derived protein, growing population and rapid urbanization, increasing adoption of genetic services to overcome genetic diseases in animals, coupled with increased adoption of genetic technologies, are some of the factors driving the growth of animal genetics market.
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The major solutions offered in the animal genetic industry include products and services. The product segment is further classified into live animals and genetic materials. The buyers of all products in the animal genetics industry are food manufacturers, dairy producers, beef traders, and suppliers of animal genetics stock to animal agriculturists. The services sector in the industry works in close coordination with the product sector, since the services offered in the animal genetics industry play a crucial role in executing efficient production process. The sector encapsulates services such as disease testing and trait testing for an animal agriculturist. The product type market is majorly driven by the increasing implementation of technological processes such as artificial insemination, artificial embryo transfer, upgraded bioinformatics with connected computer networks in the farm agriculture. This has helped in attaining transparency during the complete transfer of the data into producing efficient and enhanced production of genetically modified animals.
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