CHICAGO, December 11, 2018
CHICAGO, December 11, 2018 /PRNewswire/ --
According to the new market research report "Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Disease Testing)) - Forecast to 2023", published by MarketsandMarkets™, the global Animal Genetics Market is projected to reach USD 5.8 billion by 2023 from USD 4.2 billion in 2018, at a CAGR of 6.5 % during the forecast period.
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Factors such as rising consumption for animal-derived protein, growing population and rapid urbanization across the globe, increased adoption of genetic services and advanced genetic technologies for larger-scale production and quality breeds, and growing focus on identifying superior breeds are likely to boost the growth of the market. However, shortage of skilled professionals in veterinary research and technicians for performing advanced genetic services is a major factor restraining the growth of this market.
By semen type, bovine semen segment is expected to grow at the highest CAGR during the forecast period.
On the basis of type, the semen market is categorized into bovine semen, porcine semen, canine semen, equine semen and semen for other animals such as sheep, goat, and cat. Bovine semen is expected to grow at the highest CAGR during the forecast period. This is attributed to the growing demand for meat and milk across the globe, and the increasing need to produce high yielding cattle to cater to the growing global demand. This is also propelled by the huge amount of bovine semen being traded internationally for the artificial insemination of cows subsequent to the opening of trade regulations across the globe.
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229 - Tables
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241 - Pages
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By embryo type, bovine embryo segment is expected to dominate during 2018-2023.
On the basis of type, the embryo market is categorized into bovine embryo, equine embryo and other animal embryo (sheep, goat and pigs). The bovine embryo segment is expected to hold the largest share in the animal genetics in 2018. This is attributed to the increasing penetration of advanced genetic technologies into this segment, and the growing popularity of bovine embryo transfer practices with seedstock and beef producers enabling rapid multiplication of genetically elite animals.
APAC holds high growth potential in the Animal Genetics Market.
APAC is expected to grow at the highest CAGR during the forecast period. Asia Pacific countries, particularly China India, Japan, and Australia offer significant growth opportunities for players in the market owing to the large scale livestock production and the growing demand of animal protien in these regions due to the rapid growth in urbanization and disposable income in these countries. Moreover, growing exports of livestock and animal products from Southeast Asian countries to the global market are expected to improve the productivity of the livestock population in this region, thereby contributing to the growth of the Animal Genetics Market in the coming years.
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The prominent players in the Animal Genetics Market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Hendrix Genetics (Netherlands), Animal Genetics (US), and vetGen (US). Collaborations, partnerships and agreements, and acquisitions are the major growth strategies adopted by these players to strengthen their position in the market.
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