The global animal genetics market is fragmented in nature with different major players in each product category.
In order to maintain their leadership, many players pursue the strategies of acquisitions; and agreements, partnerships, and collaborations. Some of the major players aspire to expand their geographic presence to garner greater market shares. While expansions have been followed by some companies, most of the top players adopted acquisitions; and agreements, partnerships, and collaborations as their key growth strategy.
The demand of animal protein is driven by the growing global population and rapid urbanization. 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 leads to the increasing demand of animal protein for consumption. 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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Key strategies adopted by major players include acquisitions; agreements, partnerships, and collaborations; and expansions. For instance, in April 2016, Hendrix Genetics entered into an agreement with Interaves/Globoaves (Brazil) to acquire distribution activities of Hisex layers.
The genetic materials segment is expected to grow at the highest CAGR during the forecast period.
This growth is mainly driven by the increasing need for raising highly productive animals to meet the growing demand for meat and other animal-derived products in the global market. In addition, the increasing adoption of advanced genetic technologies such as artificial insemination, embryo transfer, and sexed semen for larger-scale production and quality breeds are contributing to the high growth of this segment.
Geographically, APAC and Latin America are expected to grow at high CAGRs during the forecast period, due to growth in the overall animal health industry, improved economy, increasing population, urbanization, rise in per capita income and increasing per capita spending on animal care, and increasing awareness about technologically advanced products in these regions.
During the forecast period, a majority of the growth in the global animal genetics market will be driven by the rising urban global population, which demands animal protein products. Emerging markets such as Brazil, Russia, India, and China are the fastest-growing markets as urbanization is increasing in these countries.
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