Animal genetics is concerned with the genetic manipulation of animals in order to generate superior breeds. Furthermore, research in animal genetics has made genetic testing of diseases and their treatment more accessible. The new animal breeds with high protein content and other attributes are the main reasons for their increasing market demand.
The growing population has increased demand for high-protein dairy products and meat. The newest trend of embracing a vegan diet is expected to be one of the primary market limitations. Veganism fully eliminates animal products from the diet, and as a result, demand for animal and dairy products is expected to fall dramatically, negatively hurting the market.
The practise of artificial insemination into embryo for the generation of modified breeds has become popular in recent years and is expected to account for a sizable market share. Adoption of superior or hybrid breed dogs has grown in popularity in recent years. This is a critical factor in driving market expansion and has a favourable impact on the CAGR.
New research and development studies in animal genetics is expected to boost the global animal genetics market growth over the forecast period. For instance, in June 2018, Topigs Norsvin established a research center in Canada to increase breeding and to attain maximal genetic progress of Z line and TN Tempo (breed name of the pigs). Approximately 2,600 pigs are being admitted here annually on which tests are going to be conducted.
In addition, in April 2019, Hendrix Genetics BV signed a Memorandum of Understanding (MoU) with the Bangladesh Shrimp and Fish Foundation (BSFF) on the evolution of black tiger shrimp. Hendrix Genetics BV is a European genetic animal breeding enterprise, while the BSFF is a non-profit organisation dedicated to animal genetic engineering research (mainly shrimps and fish). With the support of BSFF's shrimp studies, Hendrix Genetics BV will work on the genetics of black tiger shrimp. Such collaborations are projected to boost the global animal genetics market's growth.
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