Animal Genetics Market Is Estimated A Value Of US$ 8 Bn By The Year 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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Key Takeaways of Animal Genetics Market Study
- Quest of livestock farmers to improve food-producing capacities of bovine and poultry animals is influencing players to increase investments in R&D activities to develop genetically-modified livestock animals.
- Bovine is likely to remain the preferable live animal for genetic modification during 2020-2026, projected to account for one-fourth of the total share of the animal genetics market by 2020. The significance of bovine in the food industry as meat- and milk-producing animals is anticipated to upkeep their demand in the future.
- Government initiatives taken towards ensuring a healthy food chain by controlling the transmission of animal-borne diseases through genetic modification technologies are expected to complement growth of the animal genetics market.
- The high cost of animal testing adversely impacts the desired RoI of market players, which requires these players to squeeze their profit margins. This could impede the animal genetics market from realizing its true revenue potential.
- The scarcity of skilled professionals is yet another restraint observed in the animal genetics market, on account of which, the channelization of knowledge regarding genetic modification is limited.
- Significant advancements in the animal healthcare industry in North America have been instigating market players to improve their disease-testing competencies through animal genetics. Moreover, the high consumption of meat and ongoing technological developments in the region will increase the regional market share during the forecast period.
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Technological Collaborations to Underpin R&D Initiatives of Market Players
The primary focus of players operating in the animal genetics market is to address demand from industries such as animal healthcare and food. Leading and prominent players approach growth strategies – regional expansion, mergers and acquisitions, collaborations, and investments in R&D activities – to foster advancements in the field. Among these strategies, the expansion of portfolios through R&D activities holds high potential to gain exposure in the animal genetics market.
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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