Increasing R&D initiatives in order to produce healthy food products from animals by developed through genetic modifications are expected to support the growth of the market over the forecast period. Moreover, an increased adoption of advanced genetic technologies and implementation of the animal welfare regulations are supporting the growth of the market. In addition, extensive government initiatives and appropriate regulatory environments are also a prerequisite for the sustained growth of this market. Various government and private research institutes are putting in substantial efforts to identify the benefits of animal genetic services by implementing favorable trade policies.
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Lack of knowledge among consumers regarding the breed of livestock which have produced eggs, milk, and other animal products offered at supermarkets affects the operating companies due.to unaware consumers trending to buy products from non-preferred species of animals. This resulted in the onset of demand for uniform animals as a safer alternative to attain profitable returns. Surging demand for genetically engineered animals led the companies to find a single source destination in order to fill the supply chain gaps, targeting a mutually beneficial business alliance.
The companies operating in the animal genetics market are capitalizing on opportunities to produce and sell more genetically bred animals and related products to a wider target group. This has driven the sales of animal genetics solutions across each region of the globe, driving the global animal genetics industry. The need for standard animal genetic resources has led the major manufacturers to invest in animal genetics services too.
The animal genetics market comprises major companies providing both products and services. The product type category companies include companies providing live animals and genetic materials. The service type category is inclusive of companies providing disease and trait testing. This varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry. This chapter details the latest strategies and developments adopted by the key market players in the animal genetics market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing product offerings.
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The result of the emerging strategies and developments are already surging the market in the form of business expansions and contracts. Moreover, the growing demand to attain food security and sustainability is further expected to increase the involvement of companies across different segments of the value chain. The key players actively taking part in the animal genetics market are Hendrix Genetics BV, Cobb-Vantress, Semex, H&N International GmbH, Hubbard, Viking Genetics, Aviagen Group, and Mars Petcare, among others.
Key players in the animal genetics market are coming up with business expansion and contracts in order to grow and sustain in the competition by retaining present customers along with attracting new ones. This is done either by expanding the product and services portfolio or by entering into new contracts so as to attract better prospects. This strategy has been widely adopted by the players in this market. The key players include PHW-Gruppe/LOHMANN & CO. AG, Hendrix Genetics BV, Cobb-Vantress, Aviagen Group, Samwell Genetics, and Hubbard.
