Demand for Animal Genetics Market to Grow at a CAGR of 6% Through 2026
Recent advancements in genomic technology are extending the frontiers of innovation in livestock production. Easy availability of molecular tools and enzymes, such as Digital Polymerase Chain Reaction (dPCR), to extract vital information about livestock species, is increasing the possibilities to develop embryos of desired gender and traits.
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The livestock revolution trend is found to complement the growth of the food industry. Given the shift from conventional protein sources to animal-derived proteins, lucrative opportunities await players in the animal genetics market to meet the unmet nutrition demand of humans. Growth opportunities are also projected to arrive from the growing significance of pet culture, especially found in developed regions, and gradually moving towards the developing ones. The quest for best-of-breed livestock animals will increase reliance on animal genetics to produce attractive animals, and, in turn, improve the probabilities of pet adoption.
Recalibrating the relevance of these trends, analysts at Fact.MR maintain an optimistic outlook of the animal genetics market growth, with an anticipated CAGR of ~6% during the forecast period (2020-2026).
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Animal Genetics Market – Assessment of Segmentation
The global animal genetics market is segmented based on product and geography.
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Numerous players are involved in the advancement of genetics by collaborating with independent laboratories or by entering into license agreements to leverage technology to develop better breeds. For instance, in January 2019, Neogen Corporation, a prominent player in the global animal genetics market, acquired the Canadian animal genomics laboratory – Delta Genomics Centre – in an attempt to strengthen its hold in the North American market, especially in Canada. Another key player, Genus IntelliGen Technologies, announced the transfer of its sexed genetics technology to Geno, a leading producer of bovine genetics in Norway. This transaction will enable Geno to develop sexed Norwegian Red genetics.
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