Suite 430, Northbrook, IL 60062 -- (SBWIRE) -- 09/03/2020 -- The study involved four major activities to estimate the current Animal Genetics Market size for animal genetics products and services. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

According MarketsandMarkets Research – The 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.

Major Veterinary Genetics Market Growth Drivers:

- Increasing Consumption of Animal-Derived Protein
- Growing Global Population and Rapid Urbanization
- Growing Focus on Identifying Superior Breeds
- Increased Adoption of Genetic Services to Prevent Genetic Diseases and Business Loss
- Increased Adoption of Advanced Genetic Technologies

Growth Opportunities:

- Untapped Market Potential in Developing Countries
- Innovations in Phenotyping Services
- Significant Investments in R&D and Expansions Undertaken By Key Players

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Live porcine is expected to grow at the fastest CAGR during the forecast period.

Based on live animal type, the porcine segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the large consumer base of pork and pork products, and the increasing penetration of advanced veterinary genetic research into this segment.

The semen segment is expected to grow at the fastest CAGR during the forecast period.

Based on genetic material type, the semen segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the growing adoption of artificial insemination (AI) and semen sexing in the breeding of cattle, pigs, sheep, goats.

Recent Developments:

- In 2018, NOVOGEN, a subsidiary of the Grimaud Groupe, and Mahathath Almarae launched NOVOgen White commercial layers in Libya.

- In 2018, Hy-Line International inaugurated one of the world's largest layer hatchery opened by its distributor, Huayu Agricultural Technology Co., Ltd.

- In 2018, Neogen acquired Livestock Genetic Services, an animal genetic firm that specializes in genetic evaluations and data management for cattle-breeding organizations. The acquisition enhances Neogen's in-house
genetic evaluation capabilities and expands the company's global network of animal genomics laboratories.

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Geographically, animal genetic market has been studies for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the animal genetics market during the forecast period. This is attributed to the presence of a large number of leading players of the market in this regions, along with the high adoption of the latest technologies in animal genetics. Besides, the established livestock sector, and the growing demand for animal protein is expected to drive the North American market.

Key Market Players;

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).