Report : Europe 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 6.2% CAGR, the Europe Animal Genetics Market is Speculated to be worth US$ 2,710.09 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe animal genetics market was valued at US$ 1,884.57 million in 2022 and is expected to reach US$ 2,710.09 million by 2028, registering a CAGR of 6.2% 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 Europe animal genetics market expansion.
Phenotype selection is a modern approach in animal genetics, which is expected to offer considerable opportunities in the market by providing successful tools for the long-term improvement of livestock efficiency. Rapid genetic selection through these services is expected to improve the quality of dairy cattle as well as animals that are rich sources of proteins. Phenotyping of animals can also improve animal efficiency in terms of health and body resilience to be minimally affected by environmental disturbances. Automated high-throughput phenotyping with sensors, imaging, and other on-farm technologies has generated huge amounts of largely utilized data for research purposes. In the future, sequencing and other genomics technology will also facilitate the ability for deep phenotyping of livestock at the molecular level. Services such as data science and training services needed to manage, record, and analyze data to generate knowledge and advances in animal genetics and related disciplines have considerable prospects in the future. Market players in the animal genetics market have adopted several strategies to adopt these innovative phenotyping services. In July 2020, Vytelle IVF and GrowSafe Systems Ltd partnered to accelerate genetic advances in bovine biotechnology. The companies will operate together to produce high-quality protein with sustainability and offer profit potential for cattle producers. These companies also offer phenotyping services to fast forward generational advances in animal genetics. Thus, such advances in phenotyping services will bring significant opportunities for players in the animal genetics market. Further, evolution in genetics has enabled the use of CRISPR-Cas-based tools, transcription-activating nuclease (TALEN), and zinc finger nucleases (ZFN), offering wider growth opportunities for market growth. These technologies will allow the selection of animals based on their genomics and help understand animal biology properly. Thus, these benefits are anticipated to expand the animal genetic practice and foster market growth in the coming years. This is expected to drive the Europe animal genetics market during the forecast period.
On the contrary, lack of skilled professionals in veterinary research hurdles the growth of Europe animal genetics market.
Based on type, the Europe animal genetics market is bifurcated into services and product. The services segment held 73.9% market share in 2022, amassing US$ 1,392.08 million. It is projected to garner US$ 2,029.87 million by 2028 to expand at 6.5% CAGR during 2022–2028.
Based on animal, the Europe animal genetics market is categorized into porcine, poultry, bovine, canine, and others. The porcine segment held 26.6% share of Europe animal genetics market in 2022, amassing US$ 501.15 million. It is projected to garner US$ 732.52 million by 2028 to expand at 6.5% CAGR during 2022–2028.
Based on genetic material, the Europe animal genetics market is bifurcated into embryo and semen. The embryo segment held 59.0% share of Europe animal genetics market in 2022, amassing US$ 1,112.15 million. It is projected to garner US$ 1,577.01 million by 2028 to expand at 6.0% CAGR during 2022–2028.
Based on country, the Europe animal genetics market has been categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 27.5% share of Europe animal genetics market in 2022. It was assessed at US$ 518.45 million in 2022 and is likely to hit US$ 771.61 million by 2028, exhibiting a CAGR of 6.9% during 2022–2028.
Key players operating in the Europe animal genetics market are Neogen Corp; Genus Plc; Topigs Norsvin Nederland B.V; Zoetis Inc; Hendrix Genetics B.V; Inotiv Inc; Animal Genetics Inc; Alta Genetics Inc; GROUPE GRIMAUD LA CORBIERE; and Charles River Laboratories International Inc, among others.
- In June 2022, Hendrix Genetics partnered with Australia’s national science agency, CSIRO, to test the viability of an innovative point of lay sex sorting technology for the egg laying industry.
- In Nov 2021, Inotiv, Inc. Completed Purchase of Envigo.
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