Report: Global animal genetics market to reach nearly $6 billion by 2023

The global animal genetics market is expected to reach $5.8 billion by 2023, reports research firm MarketsandMarkets.

This is an increase from the 2018 value, which the firm pins at $4.2 billion.

What will drive the increase? The research firm points out a rising demand for animal protein products that goes hand-in-hand with increasing world population and urbanization.

Especially slated to increase, the firm says, is the bovine market, particularly the cattle semen and embryo segments. As the demand for meat and milk grows around the globe, higher quality cattle become necessary for efficient production.

Asia Pacific countries are expected to make the biggest leap in the animal genomics and genetics market, largely Japan, China, India and Australia.

The booming genetics and genomics market has allowed focus to center on larger scale production and the development of higher quality animals. The only thing holding the market back, the research firm says, is a “shortage” of skilled professionals performing genomic and genetic services.

What are the benefits?

Under the umbrella of genetic services for the animal protein industry is the field of genomics. Genomic testing of an animal allows scientists to look at its entire DNA, or genome, and report important genetic information to producers. From there, the producer can identify which of their animals have economically advantageous traits. This includes things like:

  • High fertility
  • Efficient feed conversion
  • Meat quality
  • Disease resistance
  • Ability to adapt to different climates and environments

If the current trend of increased consumer demand for beef keeps up, using genomic testing will only become more important as producers race to craft herds that are productive and sustainable.

Neogen is a leading global provider of genomics services for animals, food, aquaculture, agronomy and other industries. See our website for more information. For more information about animal genomics, check out our primer on the topic.

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