1. Growing Focus on Identifying Disease Resistant Superior Breeds Expected to Drive Market
With the use of strategic breeding, selection of traits for adaptability to a particular condition or disease resistance in an animal can be accomplished. The population of these superior disease resistant animals over generations will become stronger and robust thus, improving the overall reliability of farmed conditions.
According to a report published by the Food and Agriculture Organization of the United Nations in 2016, it has been estimated that 20 million cattle, 11 million pigs, 11 million goats and nine million sheep are affected by foot and mouth disease every year. It is estimated that the costs incurred due to highly pathogenic avian influenza were USD 21.3 billion. Production of superior disease-resistant animals will help reduce the huge economic burden caused due to livestock diseases. This prospect of animal genetics will help the market growth with a substantial CAGR in the forecasted years.
2. Animal Genetics for Live Animals Expected to Lead the Market
The live animals segment commanded the largest fraction of the market. The animal genetics market for live animals is primarily, driven by the increasing demand of animal-derived products, growing adoption of advanced genetic technologies for larger-scale production, and increasing awareness about genetic diseases and disorders.
3. North America Expected to Lead the Market
Europe represents the largest regional market currently, followed by North America and Asia-Pacific. However, Asia-Pacific is the fastest-growing region for the animal genetics market, primarily due to the increasing population, rapid urbanization, and rising demand for animal products. Increasing awareness of animal welfare in developing countries and development of cutting-edge technologies in animal genetic testing is further propelling market growth.
4. Leading Companies to Watch
The report also examines the role of the leading market players involved in the industry. Some of the key players listed in the study are:
Alta Genetics Inc.
Animal Genetics Inc.
CRV Holding B.V.
Envigo (Harlan Laboratories, Inc.)
EW Group GmbH
About the Animal Genetics Market
The animal growth promoters market is poised to grow at a CAGR of 8% during the forecast period of 2018 – 2023. The growth of the overall animal growth promoters market owes to rising global meat demand, need for non-antibiotic growth promoters, the rise in animal epidemic outbreaks, and demand for low-cost meat.
Mordor Intelligence is a market intelligence and advisory firm operating in 14 industry segments, serving over 600 clients worldwide.