“Unlocking the Genetic Code: Animal Genetics Market Set to Revolutionize Livestock Breeding and Conservation Efforts, Projected to Achieve 6.5% Compound Annual Growth Rate (CAGR) by 2028.”
Animal genetics is a field of study that focuses on understanding the genetic makeup of animals, including their appearance and function. It involves genetic trait testing, DNA typing, and genetic disease testing to gain insights into animal genetics. The global animal genetics market is expected to experience significant growth in the coming years.
According to a report by The Insight Partners, the animal genetics market is projected to reach $8.94 billion by 2028, growing at a CAGR of 6.5% during the forecast period. Key players in the market include Neogen Corp, Genus Plc, Zoetis Inc, and Hendrix Genetics B.V, among others. These companies are adopting various strategies to expand their market presence and tap into new business opportunities.
For instance, in September 2022, Topigs Norsvin opened a new nucleus farm in Canada to position itself as a global supplier of genetics. This investment aims to meet the growing demand for Topigs Norsvin genetics, particularly in the US. Similarly, Neogen Corp acquired Delf Ltd, a UK-based manufacturer and supplier of animal hygiene and industrial cleaning products, in December 2021.
The growing demand for animal-derived food products is driving the global animal genetics market. As the population increases and urbanization progresses, there is a higher preference for meat, dairy products, and eggs. Genetically modified animals, such as cows that produce more milk and are less susceptible to diseases, are helping meet this demand. Animal-derived proteins play a crucial role in nutrition, body tissue synthesis, and biological functions.
North America is the leading region in the global animal genetics market, with the US holding the largest share. The growth in this region is attributed to investments in animal genetics projects, genetically engineered animals, and initiatives to protect and preserve livestock animals. The US also has a high demand for dietary protein, which is met through animal production for various applications.
In conclusion, the animal genetics market is expected to grow significantly in the coming years due to the increasing demand for animal-derived food products. Companies in this market are actively adopting strategies to expand their market presence and meet the growing demand.