Report : Asia Pacific Animal Genetics Market Forecast to 2028 - Regional Analysis - by Type (Services [DNA Typing, Genetic Trait Tests, Genetic Disease Tests, and Others] and Product), Animal (Porcine, Poultry, Bovine, Canine, and Others), and Genetic Material (Embryo and Semen)
At 7.0% CAGR, the Asia Pacific Animal Genetics Market is Speculated to be worth US$ 1,868.11 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific animal genetics market was valued at US$ 1,246.33 million in 2022 and is expected to reach US$ 1,868.11 million by 2028, registering a CAGR of 7.0% from 2022 to 2028. Growing preference for animal-derived food products and rising adoption of progressive genetic practices are the critical factors attributed to the Asia Pacific animal genetics market expansion.
Animal genetics emphasizes the inheritance and genetic variations in wild and domestic animals. This science is used commercially to test genetic disorders, genetic traits, and DNA type. Further, superior animal breeds are developed using genetic engineering to obtain large-scale production of modified breeds. Animal genetics uses genetic practices such as artificial insemination (AI), embryo transfer, and cytological studies for hybridization. AI can reduce various risks in animal breeding and disease transmission. It is found that female cattle born through AI yields more milk than cattle born via natural breeding. In addition, the use of antibiotic-containing semen extensors is effective in preventing bacterial diseases, making the entire AI process more hygienic than natural mating.
The market players focus on partnerships, collaborations, and acquisitions to develop genetically modified breeds in order to strengthen their position in the market. In April 2023, VikingGenetics strategically collaborated with an Indian distributor, Bulls-n-more, to supply future-friendly genetics in India. VikingGenetics has a wide range of tools and technology that assists universities, research organizations, and experts across the world in the selection of bulls. Further, the collaborations by the companies benefit farmers with advanced technologies that allow them to improve the genetics of their herds. The farmers can also benefit from AI advantages such as maintaining breed and cawing records, better record-keeping, and preventing the spread of certain diseases. Thus, the increasing adoption of progressive genetic practices such as AI and embryo transfer benefits the market growth. This is expected to drive the Asia Pacific animal genetics market during the forecast period.
On the contrary, lack of skilled professionals in veterinary research hurdles the growth of Asia Pacific animal genetics market.
Based on type, the Asia Pacific animal genetics market is bifurcated into services and product. The services segment held 73.8% market share in 2022, amassing US$ 920.03 million. It is projected to garner US$ 1,398.36 million by 2028 to expand at 7.2% CAGR during 2022–2028.
Based on animal, the Asia Pacific animal genetics market is categorized into porcine, poultry, bovine, canine, and others. The porcine segment held 26.7% share of Asia Pacific animal genetics market in 2022, amassing US$ 332.50 million. It is projected to garner US$ 506.64 million by 2028 to expand at 7.3% CAGR during 2022–2028.
Based on genetic material, the Asia Pacific animal genetics market is bifurcated into embryo and semen. The embryo segment held 59.0% share of Asia Pacific animal genetics market in 2022, amassing US$ 734.91 million. It is projected to garner US$ 1,086.23 million by 2028 to expand at 6.7% CAGR during 2022–2028.
Based on country, the Asia Pacific animal genetics market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.3% share of Asia Pacific animal genetics market in 2022. It was assessed at US$ 377.54 million in 2022 and is likely to hit US$ 592.11 million by 2028, exhibiting a CAGR of 7.8% during 2022–2028.
Key players operating in the Asia Pacific animal genetics market are Neogen Corp, Genus Plc, Topigs Norsvin Nederland B.V, Zoetis Inc, Hendrix Genetics B.V, Inotiv Inc, Alta Genetics Inc, GROUPE GRIMAUD LA CORBIERE, and Charles River Laboratories International Inc, among others.
- In Sep 2020, Groupe Grimaud partners with animal nutrition firm Nasekomo.
- In June 2023, Charles River Expands Triple-Immunodeficient Mouse Model Portfolio.
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