Animal Genetics Market Size, Share, Industry Trends and Forecast to 2030

Animal Genetics Market Size & CAGR in 2021

The global animal genetics market had a market size of USD 4.2 billion in 2021, with a Compound Annual Growth Rate (CAGR) of 7.8% from 2021 to 2028. The market is expected to reach USD 6.9 billion by 2028.

COVID-19 Impact on the Animal Genetics Market

The COVID-19 pandemic had a significant impact on the animal genetics market. The disruption in the supply chain, the closure of animal breeding facilities, and the focus on essential services led to a temporary slowdown in the market. However, the market quickly recovered as the demand for high-quality animal products remained strong, leading to a surge in the adoption of advanced animal genetics technologies.

Animal Genetics Dynamics

The animal genetics market is driven by factors such as the increasing demand for high-quality animal protein, advancements in genetic engineering technologies, and the growing awareness about the benefits of genetically superior animals. The market is also influenced by regulatory frameworks, environmental sustainability concerns, and the need to enhance animal health and welfare.

Segments and Related Analysis

The animal genetics market is segmented based on products, services, and animal types. Product segments include live animals, genetic materials, and animal genetics testing services. Animal types include poultry, swine, cattle, and others. The market analysis indicates a growing demand for genetic testing services and a rising adoption of genetically superior animals in the livestock industry.

By Region Analysis

The animal genetics market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America currently dominates the market, driven by technological advancements, high adoption rates of genetic technologies, and a strong focus on animal welfare. The Asia Pacific region is also witnessing rapid growth due to the increasing demand for quality animal products.

Key Market Players and Competitive Landscape

Key players in the animal genetics market include Genus PLC, Hendrix Genetics, Neogen Corporation, Zoetis Inc., and CRV Holding BV. The market is highly competitive, with companies focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge. The growing investments in research and development are driving the market forward.

Recent Happenings in the Animal Genetics Market

In recent years, the animal genetics market has witnessed several notable developments. Companies are focusing on developing innovative genetic technologies, enhancing their product portfolios, and expanding their global presence. For example, Genus PLC announced the launch of a new line of genetically superior pigs, while Zoetis Inc. introduced a novel genetic testing service for livestock. These advancements are propelling the market towards further growth and evolution.