(PRWEB) April 09, 2015

The global animal genetics market is poised to grow at a CAGR of 8-9% from 2014 to 2020. Increasing animal protein consumption, increasing adoption of advanced genetic technologies for larger-scale production and quality breeds and development of cutting-edge technologies in animal genetic testing are major factors driving the growth of the animal genetics market.

The demand of animal protein is mainly driven by growing global population and rapid urbanization. According to Genus Plc., the global urban population is expected to increase from 4 billion in 2015 to 6.3 billion in 2050. This rapid increase in urban population continuously leads to increased demand for animal protein. To cater to the rising demand of animal proteins, farmers are increasingly adopting advanced genetic technologies for larger-scale production and quality breeds.

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The live animal accounted for the largest share of animal genetics market in 2014. Recent technological advancements in breeding technology such as efficient statistical methods for estimating the genetic merit of animals, advanced artificial insemination, focused selection on objective traits such as milk yield and increasing demand of animal protein products are driving the growth of the live animal segment.

Geographically, in 2014, the global animal genetics market was dominated by North America. This was primarily attributed to growing demand of animal derived products, highly developed animal healthcare system and presence of large number of genetic testing and animal breeding companies in the region. On the other hand, emerging markets such as Brazil, Russia, India and China are fastest growing market as urbanization is increasing in these countries. Similarly, the European market is largely driven by highly developed animal breeding and genetics systems and large number of animal breeding companies.

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