Many research and developments are going on in the direction of genetic modification practices. Modified breed of animals are being produced which attracts end users and compels them to invest. Animal genetic technology is embraced by farmers to increase the production of different livestock products like milk and meat. Livestock farmers are adopting strategic breeding for greater returns. These strategies are expected to enhance the end-user base of the global animal genetics market.
Government encourages development of animal therapeutics
Government authorities in animal health industry have become active to work upon the high rates of transmission of animal-borne disease to humans. They are focused to develop effective animal therapeutics. Animal testing is also widely practiced due to the high prevalence of animal genetics applications. Factors like costly animal testing and lack of knowledgeable professionals is expected to inhibit the growth rate of animal genetics market. Fact.MR report projects global animal genetics market to amount around US$8Bn by the end of year 2026.
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Genetic enhancements in bovine animals in very popular and is expected to stay popular during the forecast period owing to the enhanced sales of dairy products. Livestock farmers are projected to increase the adoption of animal genetics to deal with animal’s high susceptibility to respiratory diseases. Financial aids provided by government also acts as encouragement. Demand for poultry products has surged in recent times due to factors like growth in population and urbanization. Different poultry products like meat and eggs are demanded for their nutritional content and this encourages the farmers to increase their production capacity. Various poultry by-products such as eggshells and manures are used to feed poultry farm animals like pigs. All these aspects of poultry animals have amped up livestock farmer’s economic value.
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Cheap embryo import benefits farmers
Genetic modifications of living animals is based on embryo. These embryos have increased the profitability of livestock farmers. Moreover, embryo’s cheap import is also largely responsible for its popularity. Embryos lead as genetic materials and its growth rate is expected to be ̴6% CAGR for the forecast period.
Asia Pacific has emerged as a prominent region in global animal genetics market. Various macroeconomic factors like growth in urban life along with increasing population drive the food producers to increase rate of production for livestock animals in order to meet growing nutritional demand. Players in the animal genetic market are developing effective testing procedures to grab maximum opportunities of animal genetics’ application. Food industry holds a prominent position in Asia Pacific and is led by innovations. Major stake holders are strategizing to innovate in order to gain competitive edge. All these factors make Asia Pacific, a land of opportunities for the players who eye to expand their geographical presence.
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FactMR report predicts North America to dominate the global market in forecast period owing to accelerated demand for poultry and beef products. Players in this region are competing in terms of technological advancements and licensing agreements.