Global animal genetics market is projected to grow at a CAGR of 6.5%

NEW YORK, Dec. 18, 2018 /PRNewswire/ -- Global animal genetics market is projected to grow at a CAGR of 6.5%
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. 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.

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By product & service, animal genetics products market is expected to hold the largest market share in 2018
The animal genetics products segment is expected to dominate the animal genetics market during the forecast period.This is primarily attributed to the high global demand for live animals generated by farmers and animal breeders, as well as the animal food industry, and the high adoption of genetic materials by breeders to carry out large- scale artificial insemination and embryo transfer practices.

This is primarily triggered by the growing global demand for animal protein, growing population and rapid urbanization in the emerging countries. Besides, technological advancements pertaining to the application of various biotechnology approaches for genetic material transfer such as semen sexing, artificial insemination, and in vitro fertilization are also contributing to the growth of this market.
• By services, the genetic disease tests market is expected to hold the largest share in 2018

The genetic disease tests segment is expected to dominate the animal genetics market.This can be attributed to the increasing adoption of these tests by animal breeders and owners to prevent economic losses and loss of productivity caused due to the incidence of the genetic diseases in animals.

Genetically inherited infectious diseases in farm animals are a major concern because of the production costs and the possible consequences to public health.Infected breeds in farms can lead to multiplication of the infection, if not tested before breeding.

This can lead to huge economic losses to the farm. The cost of infections in farm animals is mainly the opportunity cost arising from production losses, as infected animals can reduce average farm productivity drastically.
North America is expected to hold the largest share during the forecast period (2018–2023)
North America is expected to dominate the animal genetics market during the forecast period.This is attributed to the better accessibility to advanced genomic technologies and well-established distribution channels across the region.

Besides, the presence of prominent livestock sector, and a number of leading players in this region, along with the growing demand for animal food products is also expected to propel the growth in this region.

Break of supply side primary participants was as mentioned below:
• By Company Type – Tier 1–55%, Tier 2–20% and Tier 3–25%
• By Designation – C-level–35%, Director Level–25%, Others–40%
• By Region –North America–45%, Europe–30%, Asia-Pacific–20%, Middle East & Africa–3%, Latin America - 2%

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).

Research Coverage:
The animal genetics market in this report is segmented by product & service, and regions.It provides detailed information regarding major factors influencing the growth market (drivers, restraints, opportunities, and industry-specific challenges).

The study tracks and analyzes competitive developments (such as partnerships, agreements, collaborations, mergers & acquisitions, product developments, geographical expansions, and R&D activities) and strategically profiles the key players and comprehensively analyzes their market ranks and core competencies in the animal genetics market.

Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analysis—market share analysis of top players, company profiles which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the animal genetics market; high-growth regions; and market drivers, restraints, and opportunities. The report provides the latest statistics and industry trends, allowing buyers to identify the high growth product segment and potential customers and suppliers hence driving revenue growth and profitability.

The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on animal genetic products and services offered by the top players in the global animal genetics market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the global animal genetics market
• Market Development: Comprehensive information about lucrative emerging markets–the report analyzes the markets for global animal genetics market across regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global animal genetics market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global animal genetics market

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