Global Animal Genetics Market - Segmented by Type and Geography - Growth, Trends, and Forecast (2018 - 2023)
The animal growth promoters market is poised to register a CAGR of 8%, during the forecast period of 2018 - 2023. The growth of the overall animal growth promoters market can be contributed to the rising global meat demand, need for non-antibiotic growth promoters, rise in animal epidemic outbreaks, and demand for low-cost meat. However, increasing awareness among consumers regarding the hazards of using antibiotic growth promoters and the ban on the use of antibiotic growth promoters in some European countries, such as the U.K., Sweden, and Denmark are likely to hamper the growth of the market.
Growing Focus on Identifying Superior Breeds
Through strategic breeding, the animals that adapt best to the conditions where they have to be kept can be selected as parents for subsequent generations. The population will, over generations, be stronger, more robust and have improved overall performance in farmed conditions. The aim of animal genetics is to produce animals with the most desirable traits. A genetically modified cow might be able to produce more milk and can be less prone to common cattle diseases, such as bovine respiratory disease complex, clostridial disease, etc., therefore, effectively increasing overall profit of the cattle raisers. This prospect of animal genetics has been widely recognized and will lead to the overall growth of the animal genetics market. Other factors that will affect the growth of the market include increasing consumer demand for animal-derived protein, growing global population, and rapid urbanization, increasing disposable incomes in developing countries and increased adoption of advanced genetic technologies for larger-scale production and quality breeds.
Shortage of Skilled Professionals in Veterinary Research
It is well documented that the number of veterinarians in US is inadequate to meet societal needs in biomedical research and other fields important to animal health. The areas with the greatest demand need include animal genetics, veterinary pathology, laboratory-animal medicine, emerging and infectious diseases, public health, academic medicine, and many of the veterinary clinical specialties. This lack of veterinary research professionals will lead to expensive labor and therefore deter large organizations from taking up projects related to animal genetics. This will in turn lead to the slowdown of the growth of the animal genetics market.
Europe to Dominate the Market
Europe represents the largest regional market currently, followed by North America and Asia-Pacific. However, Asia-Pacific is the fastest-growing region for the animal genetics market, primarily due to the increasing population, rapid urbanization, and rising demand of animal products in this region. Increasing awareness of animal welfare in developing countries and development of cutting-edge technologies in animal genetic testing are further propelling market growth in this region.
Key Developments in the Market: