Market Research Report
Animal Genetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Animal Genetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: March 1, 2021
Mordor Intelligence Pvt Ltd
Content info: 125 Pages
Delivery time: 2-3 business days
The Animal Genetics Market is valued at approximately USD 4,789 million in 2020 and is expected to witness a revenue of USD 6,728 million in 2026, with a CAGR of 5.8% over the forecast period.
The COVID-19 pandemic is expected to have an indirect impact on the animal genetics market. According to the research article published in Frontiers in Veterinary Science, 2020, many of the meat processing units were shut down during the COVID-19 pandemic and as a result, there was huge pressure on the poultry and pig industries in the United States. This resulted in a reduction in the number of livestock and cattle being slaughtered per day, which lead to an increased number of animals on farms. Hence, the cattle breeders were encouraged to slow down the breeding procedures to minimize the crowd on the farm. Thus, owing to the aforementioned factors, the animal genetics market is expected to be significantly impacted during the current COVID-19 crisis.
Animal genetics aims to produce animals with the most desirable traits. The selection of traits for adaptability to a particular condition or disease resistance in an animal can be obtained through the employment of strategic breeding, A genetically modified cow might be able to produce more milk and can be less prone to common cattle diseases, such as bovine respiratory disease complex, clostridial disease, etc., therefore, effectively increasing the overall profit of the cattle raisers. Hence, this aspect of animal genetics has been widely recognized, which is predicted to result in the overall growth of the animal genetics market. Other factors that will affect the growth of the market include increasing consumer demand for animal-derived protein and increased adoption of advanced genetic technologies for larger-scale production and quality breeds. According to the research article published in Heredity, 2019, most of the advanced breeding programs for livestock and aquaculture species are aimed at genomic selection of the individual species with high resistance to infectious diseases. Hence, given the aforementioned factors, the animal genetics market is expected to grow significantly over the forecast period.
However, the lack of skilled professionals to carry out genetics-related techniques in veterinary research is expected to hamper the studied market growth over the forecast period.
The porcine segment is expected to witness tremendous growth during the forecast period, owing to increased demand for porcine meat around the world, particularly in major countries, such as the United States and most European countries. Pork is the most widely-eaten meat in the world accounting for over 35% of the world's meat intake. Owing to this factor, the production of huge amounts of pork has increased, which is expected to positively impact this segment in the forecast period.
The Porcine production has been significantly impacted during the COVID-19 pandemic. According to the research article published in Frontiers in Veterinary Science, 2020, the pork production sector was the most affected sector in meat production during the pandemic with a drop of around 8 percent in 2020 and the total pork production in 2020 was 101.0 million tons and in 2019 it was 109.8 million tons globally. Additionally, the study revealed that nearly 10 million hogs were removed from the supply chain within the period of April and September 2020.
According to the United States Department of Agriculture (USDA), Livestock and Poultry: World Markets and Trade, 2021 report, The total pork production in 2020 in the United States accounted for 12,778 thousand metric tons, whereas it was 12,543 thousand metric tons in 2019 and the total port exported from the United States accounted to 3,333 thousand metric tons in 2020, whereas it was 2,867 thousand metric tins in 2019. Hence, the high demand for pork worldwide surges the demand for high-quality meat and the development of breeds that are resistant to infectious diseases. Thus, this factor is expected to drive the studied segment growth over the forecast period.
The animal genetics market holds the largest share in the North American region due to increasing government initiatives and increased adoption of advanced genetic technologies, along with high consumption of animal-derived proteins. The major drivers for the growth of the studied market in the region include improved breeding strategies to produce healthy, vigorous animals, capable of using nutrients for efficient growth and reproduction. Also, the increasing incidence of infectious diseases among the animal population especially poultry and porcine is expected to surge the demand for advanced biotechnological strategies to develop high-quality breeds. According to the United States Department of Agriculture (USDA), Livestock and Poultry: World Markets and Trade, 2021 report, the total cattle stocks in the United States accounted for 94,413 thousand in 2020, 94,805 thousand in 2019, and 94,298 thousand in 2018. Thus, the high cattle production in the country is expected to boost the studied market growth.
The COVID-19 is expected to highly impact the poultry and livestock industry in the region owing to the difficulty in transportation and trade of live animals and processed meat during the lockdown period. However, with moderate relaxation of the lockdown conditions, the sector is expected to grow gradually, which in turn increases the demand for animal genetics in the region during the COVID-19 pandemic.
Furthermore, increased awareness of animal welfare and the development of cutting-edge technologies in animal genetic testing are further propelling market growth in this region.
The Animal genetics market is moderately competitive and consists of few key players. The global players in the animal genetics market are Animal Genetics Inc, CRV Holding, Genus plc, Hendrix Genetics BV, Neogen Corporation, Topigs Norsvin Holding B.V., URUS, Vetgen, and Zoetis Services LLC among others. The companies are evolving through various strategies such as acquisitions, collaborations, and product launches, along with investment in research and development activities to secure the position in the competitive landscape.