Report : Middle East & Africa 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 5.2% CAGR, the Middle East & Africa Animal Genetics Market is Speculated to be worth US$ 336.85 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa animal genetics market was valued at US$ 249.11 million in 2022 and is expected to reach US$ 336.85 million by 2028, registering a CAGR of 5.2% 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 Middle East & Africa animal genetics market expansion.
Gene banking is a popular way of managing human genetics and other organisms for research, development, and preservation of stem cells. Building a gene bank for animal genetics is expected to be a powerful tool for managing animal genetic resources for food and agriculture (AnGR). AnGr strategy was proposed in the 2000s under the Global Plan of Action for Animal Genetic Resources by the Food and Agriculture Organization of the United Nations (FAO). A substantial investment is required to cryopreserve genetic material so that it can be stored infinitely. Thus, the high investments have restricted the building of gene banks for animal genetics. Nevertheless, the advantages of gene banks and cryopreservation objectives, including supporting in vivo conservation, developing breeds, improving the management of not-at-risk breeds, have encouraged many countries to invest in the AnGr strategy. As a part of the Global Plan of Action for Animal Genetic Resources, many countries have initiated investments in national gene banks for the AnGr strategy. Also, there is an increase in demand for loans from farmers to manage their livestock, poultry, and fish. The Saudi Agricultural Bank provides interest-free loans to farmers to purchase machinery and related equipment to manage livestock, poultry keeping, and fish farming. In addition, the goals of the AnGr strategy ensure to protect extinction breeds or catastrophic loss and support the in-situ populations across species and breeds, which have enabled increasing investments in gene banks. Similarly, private companies are investing to accelerate animal genetics and help advance genetics in livestock. Increased investments enable companies to expand their business and benefit farmers and researchers with their advanced tools useful in animal genetics. In April 2023, Vytelle raised US$ 20 million in Series B funding. With this investment, Vytelle aims to expand its global operations and accelerate genetics in cattle. Vyttelle has served its customers with its solutions, including Vytelle ADVANCE, an in vitro fertilization (IVF) technology; Vytelle SENSE, a capturing system for animal performance; and Vytelle INSIGHT, an artificial intelligence-based genetic analytics engine. Such innovative tools are increasing animal genetics efficiently. Thus, the above-mentioned factors are anticipated to foster the growth of the market during the forecast period. This is expected to drive the Middle East & Africa animal genetics market during the forecast period.
On the contrary, lack of skilled professionals in veterinary research hurdles the growth of Middle East & Africa animal genetics market.
Based on type, the Middle East & Africa animal genetics market is bifurcated into services and product. The services segment held 74.0% market share in 2022, amassing US$ 184.23 million. It is projected to garner US$ 252.62 million by 2028 to expand at 5.4% CAGR during 2022–2028.
Based on animal, the Middle East & Africa animal genetics market is categorized into porcine, poultry, bovine, canine, and others. The porcine segment held 26.5% share of Middle East & Africa animal genetics market in 2022, amassing US$ 65.99 million. It is projected to garner US$ 90.71 million by 2028 to expand at 5.4% CAGR during 2022–2028.
Based on genetic material, the Middle East & Africa animal genetics market is bifurcated into embryo and semen. The embryo segment held 59.1% share of Middle East & Africa animal genetics market in 2022, amassing US$ 147.23 million. It is projected to garner US$ 196.32 million by 2028 to expand at 4.9% CAGR during 2022–2028.
Based on country, the Middle East & Africa animal genetics market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 31.7% share of Middle East & Africa animal genetics market in 2022. It was assessed at US$ 79.06 million in 2022 and is likely to hit US$ 103.56 million by 2028, exhibiting a CAGR of 4.6% during 2022–2028.
Key players operating in the Middle East & Africa 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, Topigs Norsvin entered into strategic partnership with Acuity swine genetics company.
- In April 2020, Zoetis and Angus Australia entered into partnership on genomics.
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